Or. Admin. Code § 629-029-0040 - Bid Security

(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.

Notes

Or. Admin. Code § 629-029-0040

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

Stat. Auth.: ORS 526.041

Stats. Implemented: ORS 530.050