46 USC 57514: Qualifications of bidders
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46 USC 57514: Qualifications of bidders Text contains those laws in effect on August 17, 2024
From Title 46-SHIPPINGSubtitle V-Merchant MarinePart F-Government-Owned Merchant VesselsCHAPTER 575-CONSTRUCTION, CHARTER, AND SALE OF VESSELSSUBCHAPTER II-CHARTERS
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§57514. Qualifications of bidders

(a) Considerations.-In deciding whether to award a charter to a bidder, the Secretary of Transportation shall consider-

(1) the bidder's financial resources, credit standing, and practical experience in operating vessels; and

(2) other factors a prudent business person would consider in entering into a transaction involving a large capital investment.


(b) Disqualifications.-The Secretary may not charter a vessel to a person appearing to lack sufficient capital, credit, and experience to operate the vessel successfully over the period covered by the charter.

( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1666 .)

Historical and Revision Notes
Revised

Section

Source (U.S. Code)Source (Statutes at Large)
57514 46 App.:1203. June 29, 1936, ch. 858, title VII, §713, 49 Stat. 2010 ; Pub. L. 97–31, §12(115), Aug. 6, 1981, 95 Stat. 164 .