46 U.S.C. § 56302: Charter terms

(a) In General.—If a vessel is requisitioned for use but not ownership under this chapter, the Secretary of Transportation, at the time of requisition or as soon thereafter as the situation allows, shall offer the person entitled to possession of the vessel a charter containing—(1) the terms the Secretary believes should govern the relationship between the United States Government and the person; and (2) the rate of hire the Secretary considers just compensation for the use of the vessel and the services required under the charter. (b) Refusal To Accept.—If the person does not accept the charter and rate of hire, the parties shall proceed as provided in section 56304 of this title.