Ownership and Flag Clause Clause Samples

Ownership and Flag Clause. Owners will not change the flag or sell the Vessel during the term of this Charter without the Charterers prior written consent, which shall not be unreasonably withheld or delayed. For the purpose of this Clause it shall always be considered unreasonable for the Charterers not to consent to such proposed flag change proposed by the Owners to facilitate continued implementation of this Charter without infringement or restriction whether under international trade sanctions, boycotts or otherwise. If such consent is granted, Charterers and Owners and the purchaser shall join in executing a novation agreement novating to the purchaser Owners rights and obligations under this Charter. The responsibility of obtaining new vettings etc. after any of these changes will be Owners and although Charterers shall do utmost to ensure that the vessel is suitable employed any time-loss due to missing vettings etc to be for Owners account.