Surety deposit required of successful purchaser
The State Forester may require the successful purchaser at a forest products sale to provide a surety bond, cash deposit, assignment of surety, irrevocable letters of credit or other securities as determined acceptable by the State Forester for the purpose of securing performance by the purchaser. The required amount of a bond, deposit, assignment, letter of credit or other security may not be more than $500,000. Claims by any person against the bond, deposit, assignment, letter of credit or other security shall be made to the State Forester for determination. If the claim is disputed, the State Forester may request settlement of the claim through compromise or mediation or require that the claim be litigated. Unless there is a claim awaiting determination, the State Forester shall return any unexpended amount from the bond, deposit, assignment, letter of credit or other security no later than 180 days after the earlier of the completion of operations under the sales contract or the termination date in the sales contract. [2014 c.47 §2]
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