20 U.S.C. § 973 : US Code - Section 973: Application for indemnity agreements

Search 20 U.S.C. § 973 : US Code - Section 973: Application for indemnity agreements

(a) Parties
Any person, nonprofit agency, institution, or government desiring
to make an indemnity agreement for eligible items under this
chapter shall make application therefor in accordance with such
procedures, in such form, and in such manner as the Council shall,
by regulation, prescribe.
(b) Contents
An application under subsection (a) of this section shall -
(1) describe each item to be covered by the agreement
(including an estimated value of such item);
(2) show evidence that the items are eligible under section
972(a) of this title; and
(3) set forth policies, procedures, techniques, and methods
with respect to preparation for, and conduct of, exhibition of
the items, and any transportation related to such items.
(c) Approval
Upon receipt of an application under this section, the Council
shall, if such application conforms with the requirements of this
chapter, approve the application and make an indemnity agreement
with the applicant. Upon such approval, the agreement shall
constitute a contract between the Council and the applicant
pledging the full faith and credit of the United States to pay any
amount for which the Council becomes liable under such agreement.
The Council, for such purpose, is hereby authorized to pledge the
full faith and credit of the United States.