§ 201.26. Expenditure of marine insurance loss payments.
82 words·~1 min read·
/us/cfr/t22/s§ 201.26·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless otherwise authorized by USAID, any marine insurance loss payment under a marine insurance policy financed pursuant to this part 201 received by the importer, either directly or indirectly, shall be used by the importer as follows:
(a)To procure from a source specified in the implementing document which originally provided the USAID funds, commodities which have been designated by USAID to the borrower/grantee as eligible for USAID financing; or
(b)To cover the cost of repairs to commodities damaged during shipment.