Common use of Loss of Vessel Clause in Contracts

Loss of Vessel. Should the Vessel be lost, this Charter shall terminate and Hire shall cease at noon on the day of her loss, or if such date of loss is unknown, at the time when the Vessel was last heard from. Should the Vessel be a constructive total loss, this Charter shall be deemed to terminate at noon on the date on which the Vessel’s underwriters agree that the Vessel is a constructive total loss and Hire shall cease at noon on the day that the Charter terminates. Should the Vessel be missing, this Charter shall terminate and Hire shall cease at noon on the day on which she was last heard of. Any Hire paid in advance and not earned shall be returned to Charterer and Owner shall reimburse Charterer for the value of the estimated quantity of bunkers on board at the time of termination, at the price paid by Charterer at the last bunkering port. If the Vessel should be missing when a payment of Hire would otherwise be due, such payment shall be postponed until the safety of the Vessel is ascertained.

Loss of Vessel. Should the Vessel be lost, this Charter Agreement shall terminate and Hire payment of the Fees shall cease at noon on the day of her loss, or if such date of loss is unknown, at the time when the Vessel was last heard from. Should the Vessel be a constructive total loss, this Charter Agreement shall be deemed to terminate at noon on the date on which the Vessel’s underwriters agree that the Vessel is a constructive total loss and Hire the payment of Fees shall cease at noon on the day that the Charter this Agreement terminates. Should the Vessel be missing, this Charter Agreement shall terminate and Hire payment of the Fees shall cease at noon on the day on which she was last heard of. Any Hire Fees paid in advance and not earned shall be returned to Charterer Customer and Owner Contractor shall reimburse Charterer Customer for the value of the estimated quantity of bunkers on board at the time of termination, at the price paid by Charterer Customer at the last bunkering port. If the Vessel should be missing when a payment of Hire Fees would otherwise be due, such payment shall be postponed until the safety of the Vessel is ascertained.