Or. Admin. R. 808-003-0612 - Entity Name Required on Bond, Letter of Credit or Cash Deposit

(1) The name of the entity as it appears on the bond, letter of credit or cash deposit must be the same as the name on the landscape contracting business license application or license of record with the agency and the same entity name filed at the Oregon Corporation Division (if applicable).

(a) If the entity is a sole proprietorship, the bond, letter of credit or cash deposit must include the name of the sole proprietor;

(b) If the entity is a partnership, or joint venture, the bond, letter of credit or cash deposit must include the names of all partners (except limited partners);

(c) If the entity is a limited liability partnership, the bond, letter of credit or cash deposit must be issued in the name of all partners and the name of the limited liability partnership;

(d) If the entity is a limited partnership, the bond, letter of credit or cash deposit must be issued in the name of all general partners and the name of the limited partnership and any other business names(s) used. Limited partners do not need to be listed on the bond, letter of credit or cash deposit;

(e) If the entity is a corporation or trust, the bond, letter of credit or cash deposit must be issued showing the corporate or trust name; or

(f) If the entity is a limited liability company, the bond, letter of credit or cash deposit must be issued in the name of the limited liability company.

(2) The inclusion or exclusion of business name(s) on a bond, letter of credit or cash deposit does not limit the liability of a landscape contracting business. Claims against a licensed landscape contracting business will be processed regardless of business names used by an entity.

(3) If the bond, irrevocable letter of credit or deposit is reduced to less than the amount required by ORS 671.690 or OAR 808-003-0113, the landscape contracting business shall immediately file a replacement bond, a replacement irrevocable letter of credit, a rider on the existing bond, an amended irrevocable letter of credit, or increase the deposit permitted by ORS 671.690(3), if applicable, so that the amount on deposit is equal to or greater than the amount required by ORS 671.690 or OAR 808-003-0613.

Notes

Or. Admin. R. 808-003-0612

LCB 7-2009, f. & cert. ef. 10-28-09

Stat. Auth.: ORS 670.310 & 671.670

Stats. Implemented: ORS 671.690