To authorize the Secretary of the Interior to grant market-related contract extensions of certain timber contracts between the Secretary of the Interior and timber purchasers, and for other purposes.

Authorizes the Secretary of the Interior, through the Director of the Bureau of Land Management (BLM), upon a written request from a timber purchaser, to make a one-time modification to the term of the purchaser's qualifying contract by adding three years to the contract expiration date if the request: (1) is received within 90 days of enactment of this Act; and (2) contains a provision releasing the United States from all liability, including further consideration or compensation, as a result of the modification made to the contract.

Defines qualifying contract as a contract that was awarded during the period beginning on January 1, 2005, and ending on December 31, 2008, that has not been terminated by BLM for the sale of timber from BLM lands for which there is unharvested volume remaining, for which the contract is not a salvage sale, and for which there is not an urgent need to harvest because of deteriorating timber conditions that developed after the contract was awarded.

Requires the Secretary to submit to Congress a report on a plan and timeline for the promulgation of new regulations authorizing BLM to extend and renegotiate timber contracts because of changes in market conditions.

Bars this Act from having the effect of surrendering any claim by the United States against any timber purchaser arising under a timber sale contract, including a qualifying contract, before the date on which the contract's term is adjusted as described in this Act.