W. Va. Code R. § 175-5-15

Current through Register Vol. XLII, No. 1, January 3, 2025

Section 175-5-15 - Bonding Requirements

15.1. Each purchase option applicant or applicant submitting a bid or bids for a retail license under the provisions of this rule, shall furnish to the Commissioner a bond at the time of the purchase option or bidding. The bond shall guarantee the payment of twenty-five percent (25%) of the total price of the purchase option or the bid for each retail license. In the event that a winning bid is not paid, the bond will be forfeited to the State.

15.2. A four-page (4) "Approved Format for an Irrevocable Letter of Credit" will be provided by the Commissioner.