14 U.S.C. § 947 — Vessel construction bonding requirements

submitted 36 years ago by Pub. L. 101-595 to r/title-14-COAST-GUARD · 85 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section permits specified bonds or other financial instruments for Coast Guard vessel contracts when required by law or when the bond would not block responsible competition.

The Secretary or the Commandant may require bid, payment, performance, payment and performance, or completion bonds or other financial instruments from contractors for construction, alteration, repair, or maintenance of Coast Guard vessels if— (1) the bond is required by law; or (2) the Secretary or Commandant determines after investigation that the amount of the bond in excess of 20 percent of the value of the base contract quantity excluding options, would not prevent a responsible bidder or offeror from competing for award of the contract.

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

(1)

the bond is required by law; or

(2)

the Secretary or Commandant determines after investigation that the amount of the bond in excess of 20 percent of the value of the base contract quantity excluding options, would not prevent a responsible bidder or offeror from competing for award of the contract.

Source credit: (Added Pub. L. 101–595, title III, § 306(a), Nov. 16, 1990, 104 Stat. 2985, § 667; renumbered § 947, Pub. L. 115–282, title I, § 107(b), Dec. 4, 2018, 132 Stat. 4205.)

history & why it existsrecord from the source credit

1990Enacted · Pub. L. 101-595 · 104 Stat. 2985
2018Amended · Pub. L. 115-282 · 132 Stat. 4205

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-595 on 1990-11-16.

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