Or. Admin. R. 629-029-0125 - Payment Bond

(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.

Notes

Or. Admin. R. 629-029-0125

FB 1-1997, f. 9-4-97, cert. ef. 1-1-98

Stat. Auth.: ORS 526.041

Stats. Implemented: ORS 530.050