Common use of NATIONALITY OF THE VESSEL Clause in Contracts

NATIONALITY OF THE VESSEL. The VESSEL shall be registered by the BUYER at its own cost and expense under the laws of either Greece or Cyprus or Bahamas or Xxxxxxxx Islands or Panama or Liberia with its home port of either Piraeus or Limassol or Nassau or Majuro or Panama or Monrovia at the time of its delivery and acceptance hereunder provided that the BUYER may in its sole discretion declare the VESSEL’S flag and registration within four (4) months after the signing of the CONTRACT. In the case that the BUYER declares the VESSEL’S flag and registration to the Greece, the BUYER should pay the extra cost.