Common use of Owners’ default Clause in Contracts

Owners’ default. In relation to any Listing Agreement, if the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchaser is entitled to the return of all or substantially all of the deposit, the Owner shall pay the Broker the Agreed Commission in full on the Asking Price.

Owners’ default. In relation to any Central/Sole Listing AgreementAgreements, if the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchaser is entitled to the return of all or substantially all of the deposit, the Owner shall pay the Broker the Agreed Commission in full on the Asking Price.

Owners’ default. In relation to any Listing Agreement, if the Owner has entered into a Sale and Purchase Agreement in relation to the Vessel but subsequently, in breach of that agreement, fails to complete the purchase in circumstances in which the purchaser is entitled to the return of all or substantially all of the deposit, the Owner shall pay the Broker the Agreed Commission in full on the Asking Price.