46 U.S.C. § 57514 — Qualifications of bidders

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 85 words · no verdicts yet

in plain englishAI-generated · not legal advice

Before awarding a charter, the Secretary weighs a bidder's money, credit, and operating experience. The Secretary also weighs other factors a careful business person would consider before this large investment. The Secretary cannot charter a vessel to someone who seems to lack enough capital, credit, or experience.

(a) Considerations. Before awarding a charter, the Secretary of Transportation must weigh the bidder's financial resources, credit standing, and practical experience operating vessels, along with any other factor a prudent business person would consider before making a large capital investment. (b) Disqualifications. The Secretary may not charter a vessel to anyone who appears to lack enough capital, credit, and experience to run the vessel successfully for the whole length of the charter.

the actual law source: uscode.house.gov ↗public domain

(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.

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

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1666

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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