Utah Admin. Code R850-75-600 - 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 wildland plants and seeds 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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