### Question
Can you define what binding offer means?


### Answer
**Binding offer** is defined as the following in *42 U.S.C. § 6241*:

> a bid submitted by the State of Hawaii for an assured award of a specific quantity of petroleum product, with a price to be calculated pursuant to paragraph (2) of this subsection, that obligates the offeror to take title to the petroleum product without further negotiation or recourse to withdraw the offer

#### Citation:
  - *42 U.S.C. § 6241*
  - Heading: **CHAPTER 77-ENERGY CONSERVATION > SUBCHAPTER I-DOMESTIC SUPPLY AVAILABILITY > Part B-Strategic Petroleum Reserve**

