Laserfiche WebLink
Page 2 of 4 <br /> Adjustments <br /> ADJUSTMENT TYPE AUTHORITY AMOUNT <br /> Determination by the Authorized Officer of the quantity of materials taken is binding on Purchaser subject to <br /> appeal only as provided in Sec. 14.All materials in the contract area in excess of the estimated quantity <br /> listed above are reserved by Government. <br /> Sec.3.Payments,passage of title,and risk of loss. Title to materials sold hereunder passes to Purchaser <br /> immediately before excavation and upon proper payment for such materials. No part of the material sold <br /> hereunder may be severed,extracted,or removed by Purchaser until payment for such materials has been <br /> made in accordance with the following: <br /> a.Unless materials sold under this contract are paid for in full in advance,payment for materials must be <br /> made in <br /> installments of not less than$N/A each. The first installment must be paid upon approval of this <br /> contract. <br /> b.Each additional installment is due and payable as billed by the Authorized Officer in advance of <br /> removal of the remaining material. The first installment will be retained as additional security for the full <br /> and faithful performance of this contract by Purchaser,and will be applied in whole or in part to the payment <br /> of the last installment required hereunder to make the total payment equal the total price set forth in Sec.2, <br /> above. <br /> The total purchase price must equal the sum of the total quantities severed,extracted,or designated therefor, <br /> multiplied by their respective unit prices. The balance due where less than a full installment remains to be <br /> paid upon the total price will be the value of material remaining to be severed or extracted. Each installment <br /> will be held in suspense until the quantity of material covered thereby has been determined. The total <br /> purchase price must be paid at least 60 days before the expiration date of the contract. <br /> Upon termination,if the total payments made under the contract exceed the total value of the actual materials <br /> removed,the excess will be returned to Purchaser,except as noted in 36 CFR 228.66. <br /> c.Risk of loss shall be borne by the party holding title to the mineral material at the time of loss except <br /> that nothing herein shall be construed to relieve either party from liability for breach of contract or any <br /> wrongful or negligent act. <br /> Sec.4.Stipulation and reserved items. The rights of Purchaser are subject to the regulations in 36 CFR 228, <br /> Subpart C,which are made a part of this contract,and to the stipulation,if any,which are attached hereto and <br /> made a part hereof as Exhibit A. <br /> Sec.5.Bonds. <br /> (a)Purchaser must file with the Authorized Officer and must maintain at all times the bond required <br /> under the regulations to be furnished as a condition to the award of this contract in the amounts established <br /> by the Authorized Officer and to furnish additional bonds or security as the Authorized Officer may require. <br /> (b)If all terms of this contract are not faithfully and fully performed by Purchaser,the bond in the sum <br /> of$(DRMS held)filed at the time of the signing of this contract will be forfeited to the amount of damages <br /> determined by the Authorized Officer. If damages exceed the amount of the bond,Purchaser hereby <br /> acknowledges liability for such excess. Upon satisfactory performance of this contract,the bonds will be <br /> canceled,or if cash or United States securities were furnished in lieu of a security bond,such cash or <br /> securities will be returned to Purchaser. <br /> https://iweb.fs.usda.gov/utils/processPermit.jsp?refFile=/miwebfiles/infradocs/temp/amyjtitt... 8/l/2022 <br />