46 USC 57514 - Qualifications of bidders

U.S Code last checked for updates: Nov 23, 2024

§ 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.)

cite as: 46 USC 57514