46 USC 57514: Qualifications of bidders
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46 USC 57514: Qualifications of bidders Text contains those laws in effect on January 3, 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.