; (B) the governing body of the affected unit of general local government; and (C) if the site is located on a reservation, the governing body of the affected Indian Tribe. (2) Contents The consent agreement shall— (A) contain the terms and conditions on which each State, local government, and Indian Tribe, as applicable, consents to host the repository; and (B) express the consent of each State, local government, and Indian Tribe to host the repository. (3) Terms and conditions The terms and conditions under paragraph (2)(A)— (A) shall promote the economic and social well-being of the people living in the vicinity of the repository; and (B) may include— (i) financial compensation and incentives; (ii) economic development assistance; (iii) operational limitations or requirements; and (iv) regulatory oversight authority. (4) Binding effect The consent agreement— (A) shall be binding on the parties, subject to section 401(e); and (B) shall not be amended or revoked except by mutual agreement of the parties. (f) Submission of license application On determining that a site is suitable under subsection (d) and ratification of a consent agreement under subsection (e), the Administrator shall submit to the Commission an application for a construction authorization for the repository. 307. Licensing nuclear waste facilities The construction and operation of a storage facility or repository under this Act shall be subject to— (1) all applicable standards for the protection of the general environment from offsite releases of radioactive material; (2) the licensing and regulatory jurisdiction of the Commission, including all applicable criteria and requirements issued by the Commission under section 121(b) of the Nuclear Waste Policy Act of 1982 ( 42 U.S.C. 10141(b) )