Utah Admin. Code R850-70-810 - Financial Guaranties
1. The
agency may require a purchaser to provide a financial guaranty to the agency to
ensure compliance with the sales contract including performance, payment, and
reclamation. The financial guaranty must be in a form and in an amount
acceptable to the agency.
2. The
agency may seek payment under the financial guaranty if the purchaser fails to
harvest the amount of forest products sold under a sales contract.
3. If a purchaser assigns a contract, the
agency is not obligated to release the financial guaranty of the assignor until
the assignee submits an equivalent replacement financial guaranty or all lease
obligations, including reclamation, have been satisfied.
Notes
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