Utah § 73-3d-403 Security requirements.

Utah Statutes

§ 73-3d-403 — Security requirements.

Utah·Title 73 Water and Irrigation·Ch. 73-3d Water Preferences During Emergencies·Part 73-3d-4 Compensation

(1)As a condition of participating in mediation or arbitration under Section 73-3d-402, a person specified in the executive order declaring a temporary water shortage emergency shall post with the department a corporate surety bond, irrevocable letter of credit, trust fund agreement, or any other security agreement considered reasonable in an amount not less than $100,000.

(2)The bond or other security posted shall be conditioned upon:

(2)(a) the faithful performance in mediation or arbitration; and

(2)(b) the payment of amounts owed under Section 73-3d-402.

(3)If the department determines that the conditions of Subsection (2) are not met, the commissioner of the department shall bring an action upon the bond or other security.

Free access — add to your briefcase to read the full text and ask questions with AI

(1) As a condition of participating in mediation or arbitration under Section 73-3d-402, a person specified in the executive order declaring a temporary water shortage emergency shall post with the department a corporate surety bond, irrevocable letter of credit, trust fund agreement, or any other security agreement considered reasonable in an amount not less than $100,000.
(2) The bond or other security posted shall be conditioned upon:

(2)(a) the faithful performance in mediation or arbitration; and
(2)(b) the payment of amounts owed under Section 73-3d-402.
(3) If the department determines that the conditions of Subsection (2) are not met, the commissioner of the department shall bring an action upon the bond or other security.

Utah § 73-3d-403 (Security requirements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.