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 629-029-0125 - Payment Bond
Universal Citation: OR Admin Rules 629-029-0125
Current through Register Vol. 63, No. 9, September 1, 2024
(1) State may require payment bond security. This may be in the form of a Timber Payment Bond or a Blanket Payment Bond. Payment bond security shall be in the form of:
(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.
(2) At no time shall the amount of the payment bond(s) be less than the value of timber removal and not paid for by PURCHASER, and shall at a minimum be in an amount equal to the standard installment, or the aggregate amount of installments when a blanket bond is used. Surety bonds must be executed on a standard State form.
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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