Appendix A to Part 515 - Ocean Transportation Intermediary (OTI) Bond Form [Form 48]
46:9.0.1.2.10.7.1.1.8 : Appendix A
Appendix A to Part 515 - Ocean Transportation Intermediary (OTI)
Bond Form [Form 48]
Form FMC-48 Federal Maritime Commission
Ocean Transportation Intermediary (OTI) Bond (Section 19,
Shipping Act of 1984 (46 U.S.C. 40901-40904)) __ [indicate whether
NVOCC or Freight Forwarder], as Principal (hereinafter
“Principal”), and __, as Surety (hereinafter “Surety”) are held and
firmly bound unto the United States of America in the sum of $__
for the payment of which sum we bind ourselves, our heirs,
executors, administrators, successors and assigns, jointly and
severally.
Whereas, Principal operates as an OTI in the waterborne foreign
commerce of the United States in accordance with the Shipping Act
of 1984, 46 U.S.C. 40101-41309, and, if necessary, has a valid
tariff published pursuant to 46 CFR part 515 and 520, and pursuant
to section 19 of the Shipping Act (46 U.S.C. 40901-40904), files
this bond with the Commission;
Whereas, this bond is written to ensure compliance by the
Principal with section 19 of the Shipping Act (46 U.S.C.
40901-40904), and the rules and regulations of the Federal Maritime
Commission relating to evidence of financial responsibility for
OTIs (46 CFR part 515), this bond shall be available to pay any
judgment obtained or any settlement made pursuant to a claim under
46 CFR 515.23 for damages against the Principal arising from the
Principal's transportation-related activities under the Shipping
Act, or order for reparations issued pursuant to section 11 of the
Shipping Act (46 U.S.C. 41301-41302, 41305-41307(a)), or any
penalty assessed against the Principal pursuant to section 13 of
the Shipping Act (46 U.S.C. 41107-41109).
Now, Therefore, The condition of this obligation is that the
penalty amount of this bond shall be available to pay any judgment
or any settlement made pursuant to a claim under 46 CFR 515.23 for
damages against the Principal arising from the Principal's
transportation-related activities or order for reparations issued
pursuant to section 11 of the Shipping Act (46 U.S.C. 41301-41302,
41305-41307(a)), or any penalty assessed against the Principal
pursuant to section 13 of the Shipping Act (46 U.S.C.
41107-41109).
This bond shall inure to the benefit of any and all persons who
have obtained a judgment or a settlement made pursuant to a claim
under 46 CFR § 515.23 for damages against the Principal arising
from its transportation-related activities or order of reparation
issued pursuant to section 11 of the Shipping Act (46 U.S.C.
41301-41302, 41305-41307(a)), and to the benefit of the Federal
Maritime Commission for any penalty assessed against the Principal
pursuant to section 13 of the Shipping Act (46 U.S.C. 41107-41109).
However, the bond shall not apply to shipments of used household
goods and personal effects for the account of the Department of
Defense or the account of federal civilian executive agencies
shipping under the International Household Goods Program
administered by the General Services Administration.
The liability of the Surety shall not be discharged by any
payment or succession of payments hereunder, unless and until such
payment or payments shall aggregate the penalty amount of this
bond, and in no event shall the Surety's total obligation hereunder
exceed said penalty amount, regardless of the number of claims or
claimants.
This bond is effective the __ day of __, __ and shall continue
in effect until discharged or terminated as herein provided. The
Principal or the Surety may at any time terminate this bond by mail
or email ([email protected]) written notice to the Director,
Bureau of Certification and Licensing, Federal Maritime Commission,
Washington, DC 20573. Such termination shall become effective
thirty (30) days after receipt of said notice by the Commission.
The Surety shall not be liable for any transportation-related
activities of the Principal after the expiration of the 30-day
period but such termination shall not affect the liability of the
Principal and Surety for any event occurring prior to the date when
said termination becomes effective.
The Surety consents to be sued directly in respect of any bona
fide claim owed by Principal for damages, reparations or penalties
arising from the transportation-related activities under the
Shipping Act of Principal in the event that such legal liability
has not been discharged by the Principal or Surety after a claimant
has obtained a final judgment (after appeal, if any) against the
Principal from a United States Federal or State Court of competent
jurisdiction and has complied with the procedures for collecting on
such a judgment pursuant to 46 CFR 515.23, the Federal Maritime
Commission, or where all parties and claimants otherwise mutually
consent, from a foreign court, or where such claimant has become
entitled to payment of a specified sum by virtue of a compromise
settlement agreement made with the Principal and/or Surety pursuant
to 46 CFR 515.23, whereby, upon payment of the agreed sum, the
Surety is to be fully, irrevocably and unconditionally discharged
from all further liability to such claimant; provided, however,
that Surety's total obligation hereunder shall not exceed the
amount set forth in 46 CFR 515.21, as applicable.
The underwriting Surety will promptly notify the Director,
Bureau of Certification and Licensing, Federal Maritime Commission,
Washington, DC 20573, in writing by mail or email
([email protected]), of all claims made, lawsuits filed, judgments
rendered, and payments made against this bond.
Signed and sealed this __ day of __, __. (Please type name of
signer under each signature.) Individual Principal or Partner
Business Address Individual Principal or Partner Business Address
Individual Principal or Partner Business Address Trade Name, If Any
Corporate Principal State of Incorporation Trade Name, If Any
Business Address By Title (Affix Corporate Seal) Corporate Surety
Business Address By Title (Affix Corporate Seal) [80 FR 68738, Nov.
5, 2015]