Financial Security of National Forest System Timber Sale Contracts

概要

The Forest Service is adopting final policy and procedure related to timber sale contract financial security. The final policy will increase the amount of the bid guarantee, revise the method for determining damages for failure to consummate a contract, eliminate the performance bond ceiling, and limit the applicability of the sale discounting procedures. The intent of the final policy is to better protect the public's interest in the sale of National Forest System timber by reducing the opportunity for speculative bidding and defaulting contract obligations. This policy is being issued to guide Forest Service personnel as Amendment No. 2400-93-____ to the Forest Service Manual (FSM) chapter 2430, Amendment No. 2400-93-____ to FSM chapter 2450 and Amendment No. 2409.18-93-____ to chapter 50 of FSH 2409.18, the Timber Sale Preparation Handbook.