Surety bond, depository agreement, escrow agreement.

CFR · 2024-01-01 · US · Title 14

(a) Before selling or offering to sell, soliciting or advertising any charter flight, a charter operator shall comply with one of the three following requirements: (1) The charter operator shall furnish a surety bond in an amount not less than the maximum fare held out for charter flights proposed to be operated during each calendar month multiplied by 90 percent of the number of available seats on such flights: (2) The charter operator shall: (i) Furnish and file with the Department a surety bond in the amount of $100,000 for the protection of the charter participants: (ii) Enter into an agreement with a bank, the terms of which shall include the following: ( ( ( ( ( ( (3) The charter operator shall: (i) Furnish and file with the Department a surety bond in the amount of $100,000 for the protection of the charter participants: (ii) Enter into an agreement with a bank, the terms of which shall include the following: ( ( (b) As used in this section, the term (c) Any bond furnished under this section shall insure the financial responsibility of the charter operator and the supplying of the air transportation in accordance with the contract between the charter operator and the (d) Any bond furnished under this section shall provide that unless the charter participant files a claim with the charter operator, or, if he is unavailable, with the surety, within sixty (60) days after termination of the charter, the surety shall be released from all liability under the bond to such cha

official document · source cfr-2024 · id 14:§ 372.24