Common use of Acceptance of Clause in Contracts

Acceptance of. the Ship and the related Delivery Documents by the Buyer under this Clause 1: (i) shall signify that the Buyer has taken possession and the risk of loss of the Ship and the related Delivery Documents as of the time and date set out in the protocol of delivery and acceptance and that the Builder may terminate the Insurances; and (ii) shall not be deemed to constitute a waiver of or otherwise prejudice any of the Buyer’s rights under Clause 2 with respect to any Defect, whether known or unknown, and whether or not noted in any document delivered in connection with delivery and acceptance of the Ship, which may exist in the Ship at the time it is accepted by the Buyer, and any such Defect may be reported to, and shall be corrected at the sole and direct risk and expense of, the Builder as provided in Clause 2.