§ 57514. Qualifications of bidders

Type Statute

Publication 2024-07-31

State In force

Department United States Congress

Source OLRC

§ 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
RevisedSection	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.

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