Minerals Management Service
Gulf of Mexico OCS Region

Agenda - Electronic Funds Transfer of the 1/5th Bonus Payment

I. Discussion of the EFT process for Sale 168

A. What worked well

B. What could be improved

II. Bid Submission EFT options for Sale 169

A. Require lump sum check(s) to secure the EFT deposit of the 1/5th bonus payment. The MMS will return the lump sum check from the Gulf of Mexico Region once the EFT deposit is confirmed. [NOTE: These procedures are similar to those used for Sale 168.]

B. Suspend requirement for the lump sum check securing the 1/5th bonus payment EFT deposit. (The Notice of Sale would contain language advising potential bidders that the submission of a valid bid constitutes a contractual obligation by the bidder to deposit the 1/5th bonus.)

III. After Sale 169

IV. General Discussion

A. Safeguards against nuisance bidding

B. Default procedures

C. Other concerns