Common use of BID DEPOSIT/ADVANCE PAYMENT Clause in Contracts

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 45,000 submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 50,000.00 submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 17,000 submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 2.5% of minimum total value submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-three- week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p 11.P of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.

BID DEPOSIT/ADVANCE PAYMENT. The deposit of $90,000 25,000 submitted with the bid for this timber shall be held by the STATE as a guarantee that all periodic payments as called for by the Timber Sale Officer shall be made in advance of cutting of timber referable thereto and for the satisfactory performance by the PURCHASER of all the terms and conditions hereof. If the PURCHASER's bid exceeds the advertised minimum rate by 25 percent, the PURCHASER shall increase the bid deposit to 2.5 percent of the estimated total value of the bid prior to STATE approval of this Agreement. This deposit shall be applied by the STATE to any final payments called for by the Timber Sale Officer upon completion of faithful performance by the PURCHASER. No cutting shall proceed on any trees for which payments have not been made. During active operations, the Timber Sale Officer shall establish a payment schedule based on the estimated rate of cutting. Periodic payments will be required in increments of not less than the value of two weeks of cutting, and shall be based on three-week cutting projections provided to the STATE by the PURCHASER. Cutting projections shall be updated each week by the PURCHASER at the time weekly falling scale is reported, as described in Section 11.p of this Agreement. Payments shall be made when requested by the STATE. If payment is not received by the date requested, the STATE may suspend the PURCHASER's operations until payment is received. If legal action by a third party prevents the initiation of timber harvesting activities within 90 days of STATE approval of this Agreement, the PURCHASER may request and the STATE will approve the termination of the Agreement without prejudice, and the STATE will return the PURCHASER’s performance security and bid deposit(s), not including any accrued interest. The PURCHASER’s written request for termination must be submitted within the 90-day period and must reference this condition of the Agreement.