Common use of Partial Loss of Vessel Clause in Contracts

Partial Loss of Vessel. In the event the Vessel shall be damaged by any insured cause whatsoever prior to acceptance thereof by the Owner and in further event that such damage shall not constitute an actual or a constructive total loss of the Vessel, the Builder shall repair such damage, satisfactory to the Owner and Classification requirements without remarks, exceptions or recommendations and to the provisions of this Contract without additional expense to the Owner. If the Vessel shall be so damaged by a non insured cause, the Builder may elect to repair such damage as above or treat the Vessel as a total loss in accordance with (b) below.