46 C.F.R. § 295.22 Commencement and termination of operations.
Title 46 - Shipping
(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.
Title 46: Shipping
PART 295—MARITIME SECURITY PROGRAM (MSP)
Subpart C—Maritime Security Program Operating Agreements
§ 295.22 Commencement and termination of operations.
