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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 46 - Shipping |
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Chapter II - Maritime Administration, Department of Transportation |
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SubChapter C - Regulations Affecting Subsidized Vessels and Operators |
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Part 295 - Maritime Security Program (MSP) |
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Subpart C - Maritime Security Program Operating Agreements |
§ 295.22 - Commencement and termination of operations.
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§ 295.22 Commencement and termination of operations.
(a) Time frames. A Contractor that has been awarded a MSP Operating Agreement shall commence operations of the Eligible Vessel, under the applicable agreement or a subsequently renewed agreement, within the time frame specified as follows:
(1) Existing vessel. Within one year after the initial effective date of the MSP Operating Agreement in the case of a vessel in existence on that date and after notification to MARAD within 30 days of the Contractor's intent; or
(2) New building. Within 30 months after the initial effective date of the MSP Operating Agreement in the case of a vessel to be constructed after that date.
(b) Unused authority. In the event of a termination of unused authority pursuant to paragraph (a) of this section, such authority shall revert to MARAD.