Section R850-70-810 - Financial Guaranties1. 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.Utah Admin. Code R850-70-810
Adopted by Utah State Bulletin Number 2024-02, effective 1/1/2024