A national marine fisheries inspection bond is a type of financial assurance required by the Marine Fisheries Division of the National Oceanic and Atmospheric Administration (NOAA). The surety bond is one of the compliance requirements that fall under the authority the Agricultural Marketing Act of 1946 and the Fish and Wildlife Act of 1956. The USDC Seafood Inspection Program provides product inspection services on a contractual basis to producers under these federal statutes.
Pursuant to Chapter 13 of the Seafood Inspection Manual, "To establish uniform requirements and procedures for handling guarantee of payment requirements posted by contracting operators, prior to the initiation of services the Chief of the regional inspection office which serves the area in which inspection services are to be performed must receive a marine fisheries inspection bond in an amount not less than three (3) months cost for providing the contracted inspection services. The particular fees guaranteed by the surety bond may be accessed here.
The marine fisheries inspection bond must be executed on the approved Department of Commerce bond form NOAA form 89-801. Upon receipt of the same, the regional office will review the surety bond to determine that is has been properly executed, sealed and a power of attorney attached that authorizing its attorney-in-fact to issue the bond. The national marine fisheries bond remains can be issued for a specific term or may remain in full force and effect as a 'continuous' obligation until such time as the surety provides thirty (30) days written notice to Seafood Inspection Division that is will be terminating the bond. The regional office will notify the principal that a new surety bond will be required and will specify the date (deadline) for its replacement. The Division provides an excellent publication on the entire inspection program:
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