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

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

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

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(b) Disqualifications.—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.