Performance bond

The Secretary of Transportation shall require a charterer of a vessel of the Secretary to deposit with the Secretary an undertaking, with approved sureties, in such amount as the Secretary may require as security for the faithful performance of the terms of the charter, including indemnity against liens on the chartered vessel. (Source: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1667.))