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14 U.S.C. § 947 - U.S. Code - Unannotated Title 14. Coast Guard § 947. Vessel construction bonding requirements

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - 14 U.S.C. § 947 - U.S. Code - Unannotated Title 14. Coast Guard § 947. Vessel construction bonding requirements - last updated January 01, 2024 | https://codes.findlaw.com/us/title-14-coast-guard/14-usc-sect-947/

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