§ 57514 - Qualifications of bidders

CHAPTER 575— CONSTRUCTION, CHARTER, AND SALE OF VESSELS › SUBCHAPTER II— CHARTERS

(a) In deciding whether to award a charter to a bidder, the Secretary of Transportation shall consider—

(a)(1) the bidder’s financial resources, credit standing, and practical experience in operating vessels; and

(a)(2) other factors a prudent business person would consider in entering into a transaction involving a large capital investment.

(b) 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.

Notes

Historical and Revision Notes RevisedSectionSource (U.S. Code)Source (Statutes at Large) 5751446 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.