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(a) Within 30 days after receipt by certified mail of a contract under this chapter, the purchaser of timber or material must sign and return the contract, together with any required bond. However, the director may, in his discretion, extend the period an additional 30 days. If the purchaser fails to complete the contract as required in this section his deposit under 11 AAC 71.070 will be forfeited.
(b) For competitive sales, if the successful bidder fails to comply with the requirements of (a) of this section the director may offer the sale within 45 days to the next high bidder at the price which he bid and under the same terms and conditions. If the next high bidder accepts the offer of sale at the price he bid, he must sign and return the contract, together with a required bond, within 30 days of receipt of the contract by certified mail.
History: Eff. 7/2/82, Register 83
Authority: AS 38.05.020
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Last modified 7/05/2006