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 629-029-0120 - Performance Bond
Universal Citation: OR Admin Rules 629-029-0120
Current through Register Vol. 63, No. 12, December 1, 2024
(1) Performance bond security, at the minimum shall be 20 percent of the bid, or an amount equal to the value of the project work (rounded up to the nearest thousand), whichever is greater. This requirement will be stated in the Notice documents.
(2) Form of bond security. The following forms of bond 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) Bonds shall be retained for 120 days after acceptance of operations.
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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