14 USC 947: Vessel construction bonding requirements
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14 USC 947: Vessel construction bonding requirements Text contains those laws in effect on May 2, 2024
From Title 14-COAST GUARDSUBTITLE I-ESTABLISHMENT, POWERS, DUTIES, AND ADMINISTRATIONCHAPTER 9-ADMINISTRATIONSUBCHAPTER II-MISCELLANEOUS
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§947. Vessel construction bonding requirements

The Secretary or the Commandant may require bid, payment, performance, payment and performance, or completion bonds or other financial instruments from contractors for construction, alteration, repair, or maintenance of Coast Guard vessels if-

(1) the bond is required by law; or

(2) the Secretary or Commandant determines after investigation that the amount of the bond in excess of 20 percent of the value of the base contract quantity excluding options, would not prevent a responsible bidder or offeror from competing for award of the contract.

(Added Pub. L. 101–595, title III, §306(a), Nov. 16, 1990, 104 Stat. 2985 , §667; renumbered §947, Pub. L. 115–282, title I, §107(b), Dec. 4, 2018, 132 Stat. 4205 .)


Editorial Notes

Amendments

2018-Pub. L. 115–282 renumbered section 667 of this title as this section.