Page:United States Statutes at Large Volume 89.djvu/905

 PUBLIC LAW 94-158—DEC. 20, 1975

89 STAT. 845

APPLICATION

SEC. 4. (a) Any person, nonprofit agency, institution, or govern- 20 USC 973. ment desiring to make an indemnity agreement for eligible items under this Act shall make application therefor in accordance with such procedures, in such form, and in such manner as the Council shall, by regulation, prescribe. (b) An application under subsection (a) 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 3(a);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) Upon receipt of an application under this section, the Council shall, if such application conforms with the requirements of this Act, 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. I N D E M N I T Y AGREEMENT

SEC. 5. (a) Upon receipt of an application meeting the requirements 20 USC 974. of subsections (a) and (b) of section 4, the Council shall review the estimated value of the items for which coverage by an indemnity agreement is sought. If the Council agrees with such estimated value, for the purposes of this Act, the Council shall, after approval of the application as provided in subsection (c) of section 4, make an indemnity agreement. (b) The aggregate of loss or damage covered by indemnity agreements made under this Act shall not exceed $250,000,000 at any one time. (c) No indemnity agreement for a single exhibition shall cover loss or damage in excess of $50,000,000. (d) Coverage under this Act shall only extend to loss or damage in excess of the first $15,000 of loss or damage resulting from a single exhibition. REGULATIONS

SEC. 6. (a) The Council shall prescribe regulations providing for 20 USC 975. prompt adjustment of valid claims for losses which are covered by an agreement made pursuant to section 5, including provision for arbitration of issues relating to the dollar value of damages involving less than total loss or destruction of such covered objects. (b) In the case of a claim of loss with respect to an item which is covered by an agreement made pursuant to section 5, the Council shall certify the validity of the claim and the amount of the loss to the Speaker of the House of Representatives and the President pro tempore of the Senate.

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