§ 947. Vessel construction bonding requirements
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/usc/title-14/section-947A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
(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.)
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- Pub. L. 101–595, title III, § 306(a)
- 104 Stat. 2985
- 132 Stat. 4205
- section 667 of this title
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§ 947
Vessel construction bonding requirements
Pub. L.Pub. L. 101–595, title III, § 306(a)
Stat.104 Stat. 2985
Stat.132 Stat. 4205
Citesection 667 of this title
Cites 5Cited by 0 across 0 sources