Common use of Performance Bond Clause in Contracts

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after acceptance of operations under Project Nos. 1 and 2, STATE may approve reduction of the performance bond to 20 percent of the total purchase price (rounded up to an even $1,000 unit), provided no claims are pending at the time.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after acceptance of operations under Project Nos. 1, 2, and 3, STATE may approve reduction of the performance bond to 20 percent of the total purchase price (rounded up to an even $1,000 unit), provided no claims are pending at the time.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after final inspection and acceptance of operations as provided in Section 35, STATE may approve reduction of the performance bond to $5,000, provided no claims are pending at the time. The reduced bond amount shall cover slash disposal requirements.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after acceptance of operations under Project Nos. 1, 2, 3, and 4, STATE may approve reduction of the performance bond to 20 percent of the total purchase price (rounded up to an even $1,000 unit), provided no claims are pending at the time.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after acceptance of operations under Project No. 2, STATE may approve reduction of the performance bond to 20 percent of the total purchase price (rounded up to an even $1,000 unit), provided no claims are pending at the time.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations. 120 days after acceptance of operations under Project No. 1, STATE may approve reduction of the performance bond to 20 percent of the total purchase price (rounded up to an even $1,000 unit), provided no claims are pending at the time.

Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete compliance by PURCHASER with the terms and conditions of this contract and the faithful performance of all required obligations, including payments on timber. Bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. Bonds will be retained for 120 days after acceptance of operations.. A bond with a minimum of $50,000 must be kept for the duration of the license agreement with Willamette Industries, Inc.