Texas Natural Resources Code 32.109 – Acceptance and Rejection of Bids
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(a) For each tract offered for sale, lease, or commitment to a contract for development, the board must accept the best bid submitted that meets the minimum requirements set by the board or by law or reject all bids.
(b) The minutes of the board shall reflect the acceptance or rejection of a bid.
Terms Used In Texas Natural Resources Code 32.109
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC