Washington § 79.10.480 - Performance bond — Cash deposit.

Full text of Washington Revised Code of Washington § 79.10.480 — Performance bond — Cash deposit., with citation guidance and answers to common questions.

§ 79.10.480. Performance bond — Cash deposit.

The purchaser shall, at the time of executing the contract, deliver a performance bond or sureties acceptable in regard to terms and amount to the department, but such performance bond or sureties shall not exceed ten percent of the estimated value of the timber purchased computed at the stumpage price and at no time shall exceed a total of fifty thousand dollars. The purchaser shall also be required to make a cash deposit equal to twenty percent of the estimated value of the timber purchased, computed at the stumpage bid. Upon failure of the purchaser to comply with the terms of the contract, the performance bond or sureties may be forfeited to the state upon order of the department.
At no time shall the amount due the state for timber actually cut and removed exceed the amount of the deposit as set forth in this section. The amount of the deposit shall be returned to the purchaser upon completion and full compliance with the contract by the purchaser, or it may, at the discretion of the purchaser, be applied on final payment on the contract.
[ 2003 c 334 s 518; 1988 c 128 s 74; 1941 c 123 s 4; 1939 c 130 s 7; Rem. Supp. 1941 s 7879-17. Formerly RCW 79.60.090, 79.52.060.]

Notes

Intent—2003 c 334: See note following RCW 79.02.010.

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Frequently Asked Questions About Washington § 79.10.480

What does Revised Code of Washington § 79.10.480 cover?

Section 79.10.480 ("Performance bond — Cash deposit.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 79.10.480?

A common citation format is "Revised Code of Washington § 79.10.480" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 79.10.480 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.