Common use of Condition of Vessel Clause in Contracts

Condition of Vessel. If the true condition of a vessel is not known, the Ship Valuation Committee, in determining the stated valuation of the vessel, may assume that it is in a condition that would entitle it to the highest classification of the American Bureau of Shipping, or the equivalent if the vessel is a foreign-flag vessel, with all required certificates, including but not limited to, marine inspection certificates of the United States Coast Guard, the United States Public Health Service, and the Federal Communica- tions Commission, with all outstanding requirements and recommendations necessary for retention of class accom- plished, without regard to any grace period; and, so far as due diligence can make her so, the vessel is tight, staunch, strong, and well and suffi- ciently tacked, appareled, furnished, and equipped, and in every respect sea- worthy and in good running condition and repair, with clean swept holds and