### Question
How is the term binding offer defined?


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

> 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**

