Common use of Normal Deterioration Clause in Contracts

Normal Deterioration. The purchase price of the Obsolete Vessel shall be based upon the condition of the Obsolete Vessel “AS IS, WHERE IS” on the date the Buyer's proposal is submitted. Any material changes in the Obsolete Vessel resulting from normal deterioration after the Buyer's proposal was submitted and prior to the transfer of title shall be at the risk of the Buyer. The Government reserves the right to perform any work on the Obsolete Vessel or affect any material change to the Obsolete Vessel or its contents deemed necessary by the Contracting Officer to protect the environment or to maintain the Obsolete Vessel in a safe and seaworthy condition at no cost to the Buyer. The Buyer shall not be entitled to assert any claim against the Government or the Administrator with respect to such modifications. Risk of loss of the Obsolete Vessel shall be with the Buyer from the moment title to said Obsolete Vessel vests in the Buyer as provided in the Xxxx of Sale referred to in ARTICLE I of this Contract. The Buyer agrees to hold the Government and the Maritime Administration, its officers, employees, agents, attorneys, heirs, successors and assigns free and harmless from and against any and all claims and to indemnify, protect, and defend the Government and MARAD against any claims in excess of the insurance coverage provided for under ARTICLE X of this Contract

Normal Deterioration. The purchase price of the Obsolete Vessel shall be based upon the condition of the Obsolete Vessel “AS IS, WHERE IS” on the date the Buyer's proposal is submitted. Any material changes in the Obsolete Vessel resulting from normal deterioration after the Buyer's proposal was submitted and prior to the transfer of title shall be at the risk of the Buyer. The Government reserves the right to perform any work on the Obsolete Vessel or affect any material change to the Obsolete Vessel or its contents deemed necessary by the Contracting Officer to protect the environment or to maintain the Obsolete Vessel in a safe and seaworthy condition at no cost to the Buyer. The Buyer shall not be entitled to assert any claim against the Government or the Administrator with respect to such modifications. Risk of loss of the Obsolete Vessel shall be with the Buyer from the moment title to said Obsolete Vessel vests in the Buyer as provided in the Xxxx of Sale referred to in ARTICLE I of this Contract. The Buyer agrees to hold the Government and the Maritime Administration, its officers, employees, agents, attorneys, heirs, successors and assigns free and harmless from and against any and all claims and to indemnify, protect, and defend the Government and MARAD against any claims in excess of the insurance coverage provided for under ARTICLE X of this Contract.