46 U.S.C. § 57518 — Performance bond

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 52 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary must require anyone chartering a government vessel to post security with approved backers. This guarantees the charterer follows the charter's terms and covers liens against the vessel.

The Secretary of Transportation must require anyone who charters a Secretary-owned vessel to deposit an undertaking with the Secretary, backed by approved sureties, in whatever amount the Secretary requires. This security guarantees that the charterer faithfully performs the charter's terms, and it also protects the government against liens placed on the chartered vessel.

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

The Secretary of Transportation shall require a charterer of a vessel of the Secretary to deposit with the Secretary an undertaking, with approved sureties, in such amount as the Secretary may require as security for the faithful performance of the terms of the charter, including indemnity against liens on the chartered vessel.

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1667.)

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1667

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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