Common use of Cargo retention Clause in Contracts

Cargo retention. A. In the event that liquid cargo remains on board upon completion of discharge Charterers shall have the right to deduct from hire an amount equal to the fob port of loading cost of such cargo plus its pro rata cost of freight and insurance unless such cargo is unpumpable or unreachable by the vessel’s fixed pumps. B. Nothing in this Clause deprives Owners of any defenses they have to counterclaims for cargo shortloading or damage but it is agreed that such counterclaims will not be time barred if asserted in any proceedings commenced by Owners for hire deducted under this Clause provided that the deduction was proper. C. Any action or lack of action in accordance with this provision shall be without prejudice to any rights or obligations of the parties. D. All slops throughout the charter term shall belong to Charterer.

Appears in 8 contracts

Samples: Time Charter Party (Double Hull Tankers, Inc.), Time Charter Party (Double Hull Tankers, Inc.), Time Charter Party (Double Hull Tankers, Inc.)

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