Common use of First renewal Clause in Contracts

First renewal. On the first renewal by a New Club of a vessel that was entered with it as a New Vessel, the following provisions shall have effect unless subclause 1(d) applied to the original entry: (a) the New Club shall notify the former Holding Club (and each of them, if more than one) in writing of the first renewal premium for that vessel not later than 14 working days before the renewal date; (b) any former Holding Club may within two working days after receipt of that notification apply to the Committee to determine whether that rate is unreasonably low.