Form FMC-132A Passenger Vessel Surety Bond (Performance)

What Is Form FMC-132A?

This is a legal form that was released by the U.S. Federal Maritime Commission on July 1, 2022 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form FMC-132A?A: Form FMC-132A is a Passenger Vessel Surety Bond (Performance) form.

Q: What is a surety bond?A: A surety bond is a financial guarantee provided by a surety company.

Q: What is a passenger vessel?A: A passenger vessel is a type of boat or ship that is designed to transport people.

Q: Why is a surety bond required for passenger vessels?A: A surety bond is required for passenger vessels to ensure that they fulfill their contractual obligations and provide compensation in case of non-performance.

Q: Who needs to file Form FMC-132A?A: Owners or operators of passenger vessels need to file Form FMC-132A.

Q: What information is required on Form FMC-132A?A: Form FMC-132A requires information such as the name and address of the principal, the name of the surety company, the penal sum of the bond, and the effective dates of the bond.

Q: What happens if a passenger vessel fails to comply with the terms of the bond?A: If a passenger vessel fails to comply with the terms of the bond, the surety company may be required to pay the penal sum of the bond to compensate for the non-performance.