Oregon Administrative Rules
Chapter 629 - DEPARTMENT OF FORESTRY
Division 29 - SALE OF FOREST PRODUCTS FROM LANDS OWNED OR MANAGED BY THE STATE BOARD OF FORESTRY
Section 629-029-0040 - Bid Security
Universal Citation: OR Admin Rules 629-029-0040
Current through Register Vol. 63, No. 12, December 1, 2024
(1) Bid security shall be supplied by bidder in an amount not to exceed 10 percent of the appraised value in order to guarantee bidder adequately qualifies as required by the Notice of Timber Sale.
(2) Form of bid security. The following forms of bid security may be accepted by the STATE:
(a) Cash;
(b) Cashier's check;
(c) Money order;
(d) Surety bond;
(e) Assignment of surety;
(f) Irrevocable letters of credit;
or
(g) Other securities as
determined acceptable by the STATE. Surety bonds must be executed on a standard
State form.
(3) Multiple Bids. A bidder may furnish one surety bid bond to cover deposits for more than one forest products sale bid that open on the same date.
(4) Return of bid security.
(a) The STATE may hold the bid security of
all bidders until written notice of award is made to the successful
bidder.
(b) The STATE may return
bid securities to the apparent unsuccessful bidders if they are present at the
bid opening. Otherwise, bid security refunds will be mailed to the apparent
unsuccessful bidders.
Stat. Auth.: ORS 526.041
Stats. Implemented: ORS 530.050
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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