Common use of Disposal of VESSEL Clause in Contracts

Disposal of VESSEL. (a) In the event that this Contract is rescinded by the BUILDER under the provisions of Paragraph 2(b) of this Article, the BUILDER may, at its sole discretion, either complete the VESSEL and sell the same, or sell the VESSEL in its incomplete state, free of any right or claim of the BUYER. Such sale of the VESSEL by the BUILDER shall be either by public auction or private contract at the BUILDER’s sole discretion and on such terms and conditions as the BUILDER shall deem fit.

Disposal of VESSEL. (a) In the event that this Contract is rescinded by the BUILDER under the provisions of Paragraph 2(b) of this Article, the BUILDER maymust, at its sole discretion, either complete the VESSEL and sell the same, or sell the VESSEL in its incomplete state, free of any right or claim of the BUYEROWNER. Such sale of the VESSEL by the BUILDER shall be either by public auction or private contract at the BUILDER’s 's sole discretion and on such terms and conditions as the BUILDER shall deem fit.