Common use of Overriding Objective Clause in Contracts

Overriding Objective. In construing the Agreement or on the making of any arbitral order or award regard shall be had to the overriding purposes of the Agreement namely: 2.1 to seek to promote safety of life at sea and the preservation of property at sea and during the salvage operations to prevent or minimise damage to the environment; 2.2 to ensure that its provisions are operated in good faith and that it is read and understood to operate in a reasonably businesslike manner; 2.3 to encourage cooperation between the parties and with relevant authorities; 2.4 to ensure that the reasonable expectations of salvors and owners of salved property are met and 2.5 to ensure that it leads to a fair and efficient disposal of disputes between the parties whether amicably, by mediation or by arbitration within a reasonable time and at a reasonable cost.

Overriding Objective. In construing the Agreement or on the making of any arbitral order or award regard shall be had to the overriding purposes of the Agreement namely: 2.1 to seek to promote safety of life at sea and and, the preservation of property at sea and during the salvage operations to prevent or minimise damage to the environment; 2.2 to ensure that its provisions are operated in good faith and that it is read and understood to operate in a reasonably businesslike manner; 2.3 to encourage cooperation between the parties and with relevant authorities; 2.4 to ensure that the reasonable expectations of salvors and owners of salved property are met and 2.5 to ensure that it leads to a fair and efficient disposal of disputes between the parties whether amicably, by mediation or by arbitration within a reasonable time and at a reasonable cost.

Overriding Objective. In construing the Agreement or on the making of any arbitral order or award regard shall be had to the overriding purposes of the Agreement namely: 2.1 to seek to promote safety of life at sea and sea, the preservation of property at sea and and, during the salvage operations operations, to prevent or minimise damage to the environment; 2.2 to ensure that its provisions are operated in good faith and that it is read and understood to operate in a reasonably businesslike manner; 2.3 to encourage cooperation between the parties and with relevant authorities; 2.4 to ensure that the reasonable expectations of salvors and owners of salved property are met and 2.5 to ensure that it leads to a fair and efficient disposal of disputes between the parties whether amicably, by mediation or by arbitration within a reasonable time and at a reasonable cost.