A bill to provide for the orderly termination, extension, or modification of certain contracts for the sale of Federal timber, and for other purposes.

Authorizes the Secretary of the Interior and the Secretary of Agriculture to modify any timber sales contract bid prior to January 1, 1982, upon a showing of economic hardship by the private contracting party.

Establishes a Timber Contract Relief task force to furnish information and advice to the Secretaries concerning the effectiveness of such modifications. Terminates the task force one year after enactment of this Act.

Directs the Secretaries to report to the President and Congress not later than 180 days after enactment of such Act on the effectiveness of achieving its purposes.