RISK AND INSURANCE. (a) Until the VESSEL has been delivered, the BUILDER carries the risk of the accidental destruction of the VESSEL, materials, parts, machinery, boilers and equipment. (b) The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms. (i) The insurance policies shall be taken out in the name of the BUILDER and all losses under such policies shall be payable to the BUILDER. (ii) In the event of partial damage which is covered by the insurance policies and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx (iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either: (a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, or (b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwith. (d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER. (e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 2 contracts
Samples: Memorandum of Agreement (Nordic American Offshore Ltd.), Memorandum of Agreement (Nordic American Offshore Ltd.)
RISK AND INSURANCE. RISK
11.1. The Vessel and all Materials (a) Until including, from the VESSEL has been deliveredtime of their delivery to the Shipyard, the BUILDER carries Purchaser's Supplies) shall remain at the risk of the accidental destruction Builder until Delivery.
11.2. The Builder undertakes to keep the Vessel and all Materials (including the Listed Items) in its or its Subcontractors' custody fully insured at all times and until Delivery at its own cost with first class insurers approved by the Purchaser in the amount of the VESSEL, materials, parts, machinery, boilers and equipment.
higher of (b1) The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate value of the instalments paid by the BUYER pursuant to Article II Vessel as from time to time together with constructed and (2) the aggregate of (i) the instalments of the Contract Price for the time being paid by the Purchaser to the Builder, (ii) the interest thereon payable to the Purchaser on such instalments in the event of the Purchaser's termination of this Contract and (iii) the value of any Buyer’s Suppliesthe Purchaser's Supplies delivered to the Shipyard or built into or installed in or upon the Vessel.
11.3. The BUYER policy or policies (the "Stipulated Insurances"), which shall receive copies be subject to English law and jurisdiction, shall incorporate the following clauses:-
a. the Institute of London Underwriters ("ILU") Clauses for Builder's Risks:
b. the ILU Strikes Clauses - Builder's Risks; and
c. (from the date of the policy main termsVessel's launching) the ILU War Clauses - Builder's Risks.
(i) 11.4. The insurance policies shall be taken out in the name joint names of the BUILDER Purchaser and the Builder but on terms that the Builder alone shall be responsible for all losses under premiums payable thereunder. The Builder shall furnish the Purchaser promptly with certified copies of the policies and the originals shall be made available to the Purchaser, its employees or agents for inspection at all reasonable times.
11.5. The policies taken out shall contain a provision to the effect that, in the event of an actual, constructive, arranged or compromised total loss, such policies insurance proceeds as the Purchaser is entitled to hereunder shall be payable to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies Purchaser and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied so endorsed as to enable the Purchaser by its brokers or agents or personally to collect such proceeds pursuant to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms provisions of this Contract including Clause. In addition, all such policies shall include provision that they shall not be capable of cancellation by the Contract Price as may be necessary for such reconstruction, or
insurers without not less than thirty (b30) refund immediately days' prior written notice being given to the BUYER Purchaser and that not less than ten (10) days' prior written notice of non-renewal or lapse shall be given by the amount of all instalments paid insurers to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and Purchaser before the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract same shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithtake effect.
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 2 contracts
Samples: Contract for Construction and Sale of a Dynamic Positioned Semi Submersible Drilling Vessel (Pride International Inc), Contract for Construction and Sale (Pride International Inc)
RISK AND INSURANCE. (a) Until the VESSEL has been delivered, the BUILDER carries the risk of the accidental destruction of the VESSEL, materials, parts, machinery, boilers and equipment.
(b) The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.
(i) The insurance policies shall be taken out in the name of the BUILDER and all losses under such policies shall be payable to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxxxxx.xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwith.
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 2 contracts
Samples: Memorandum of Agreement (Nordic American Offshore Ltd.), Memorandum of Agreement (Nordic American Offshore Ltd.)
RISK AND INSURANCE. (a) Until the VESSEL has been deliveredDelivery and Acceptance, the BUILDER carries Builder bears the risk of loss of or damage to the accidental destruction of the VESSELVessel, materials, parts, machinery, boilers and equipment.
(b) The BUILDER Builder will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply(which shall include Buyers Supplies) with underwriters acceptable to the Buyer on customary "All Risk" terms. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials material and equipment which the BUILDER procure Builder procures from subcontractorsSubcontractors. Except as otherwise agreed the BUILDER Builder is not obliged to insure the transport of Buyer’s Supply's Supplies. The insurance sum insured amount shall as a minimum cover the aggregate of the instalments paid by the BUYER Buyer pursuant to Article II III from time to time together with interest thereon and the value of any Buyer’s 's Supplies. By paying extra insurance premiums the Buyer may require that the building insurance is increased to cover the rebuilding value at any time. The BUYER Buyer shall receive copies of the policy main termspolicies.
(i) The insurance policies shall be taken out in the name joint names of the BUILDER Builder and all losses under such policies shall be payable to the BUILDERBuyer.
(ii) The Builder may collect directly from the insurance company any sums in respect of its own losses.
(iii) In the event of partial damage which is covered by the insurance policies to be repaired and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered which is recoverable under the insurance policies to policies, the Builder may collect advance instalments under the policy payable as the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contractwork progresses. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount The proceeds recovered under the insurance policies shall be applied to repairs satisfactory to the reconstruction Class and Regulatory Bodies, and the Buyer shall accept the Vessel under the Contract if completed thereafter in compliance with the Contract.
(iv) If prior to its delivery the Vessel sustains such heavy damages that the Builder has no obligation to rebuild the Vessel, or if the parties and the insurance company agree on total / constructive / compromised total loss then the proceeds under the insurance shall be paid as follows:
(a) The Buyer will recover directly from the insurance company an amount equal to the instalments paid together with interests in accordance with the terms of the VESSEL, provided that Contract. The Buyer will further collect direct from the Parties hereto insurance company any extra proceeds recoverable under an insurance policy taken out for Buyer's account in accordance with Article XI clause 2 (b) above. The Buyer shall have first agreed in writing to such reasonable postponement of further collect payment for Buyer's Supplies covered by the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, orinsurance policies.
(b) refund immediately to The remaining part of the BUYER the amount of all instalments insurance proceeds shall be paid to the BUILDER under this Builder.
(c) Notwithstanding the above; should the parties agree to continue with the Contract together with interest as provided for in Article IIand rebuild the Vessel, Clause 3, and the cost proceeds of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract insurance policies shall be deemed paid to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithBuilder as set out in this Article XI clause 2 (c) (iii) above. Such contract will include a possible revised Delivery Date.
(d) The BUILDER Builder shall for its own account insure the VESSEL Vessel on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL Vessel is delivered to and taken over by the BUYERBuyer.
(e) War risk insurance for the VESSEL Vessel with accessories shall be taken out only at the request of the BUYER Buyer and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx.
Appears in 1 contract
RISK AND INSURANCE. (a) Until the VESSEL has been delivered, the BUILDER carries the 25.1 The risk of loss, damage or destruction to the accidental destruction Goods or Service Deliverables shall pass to the Client on delivery thereof by ESA or any of the VESSEL, materials, parts, machinery, boilers and equipmentits designated affiliates.
(b) 25.2 The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER Client is obliged to take out comprehensively insure the goods for the duration of this agreement for not less than the replacement cost thereof against all risks with an insurance company or through an intermediary of the Client’s own choice. The Client shall comprise necessary fire ensure that ESA’s interest in the goods and transport this agreement is noted by the insurer in the policy.
25.3 The Client hereby cedes to ESA as security for the due performance of the Client’s obligations in terms of this agreement all of its rights, title and interest in any insurance of materials and equipment which the BUILDER procure from subcontractorspolicy. Except as otherwise agreed the BUILDER is not obliged If Client fails to insure transport the goods, or fails to produce to ESA written proof of Buyersuch insurance within 14 (fourteen) days from date of demand, then ESA shall be entitled to effect such insurance as it deems fit on the Client’s Supplybehalf, the premiums in respect of which shall be payable by the Client to ESA on demand. If any of the goods, supplied in terms of this agreement, are lost or stolen and not recovered within a period of 21 (twenty-one) days after such loss of theft or are damaged beyond repair, this agreement shall terminate forthwith in respect of such goods, provided that such goods may, at ESA’s election, be replaced with goods which in ESA’s reasonable discretion are of similar nature and condition to such goods in which event this agreement shall apply in every respect to such replacement goods whereupon the Client undertakes to sign a replacement equipment schedule. On termination of this agreement in pursuance to this clause the proceeds of any claim under and in terms of an insurance policy, shall be paid to ESA and shall be credited against the balance of the rentals that remain unpaid in respect of the goods lost or destroyed immediately prior to termination of this agreement. The insurance sum shall Client, however, remains liable for any outstanding payments as a minimum cover well as the aggregate of the instalments paid by payments which would have been payable had the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies agreement continued until expiry of the policy main termsInitial Rental Period stated in the schedule that may remain unpaid after the crediting of the proceeds of the insurance claim, and such rentals shall be paid on demand by ESA.
25.4 The Client confirms that it was given prior written notice of its entitlement of free choice in terms Section 43 (i1) The insurance policies shall be taken out in the name of the BUILDER Short-Term Insurance Act 53 of 1998 and all losses under such policies shall be payable had exercised that freedom of choice and was not subjected to any coercion or inducement as to the BUILDERmanner in which it exercised that choice.
(ii) In the event of partial damage which is covered by the insurance policies and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage 25.5 The Client agrees that it is determined may not sell or transfer to be an actual any other person any service deliverable(s) or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithgoods or service without prior written consent obtained from ESA.
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 1 contract
Samples: Goods Supply Agreement
RISK AND INSURANCE. (a) Until the VESSEL has been delivered, the BUILDER carries The Hirer assumes and bears the risk of loss or damage to the accidental destruction Equipment immediately upon its execution of this Contract. If the VESSELEquipment is damaged, materialslost, partsstolen or not returned to Silver Chef when required by this Contract, machinery, boilers the Hirer agrees to promptly repair the Equipment at the Hirer’s own cost or pay Silver Chef the amount described in sub-clauses 29(d) to 29(h) (as the case may be) and equipmentshall continue to pay the Rent on the Equipment in accordance with this Contract for the Term up to the Rental Expiration Date (and during any Month to Month Rental or holding over period).
(b) The BUILDER will arrange Hirer agrees and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.undertakes:
(i) The to arrange and maintain in force throughout the Term (and during any Month to Month Rental or holding over period) an insurance policy or policies shall be taken out in covering the name Equipment against loss and all other risks against which a prudent owner would insure or as notified by Silver Chef, for the full replacement value of the BUILDER Equipment, and all losses under noting Silver Chef as first loss payee (“Hirer’s Insurance Policy”). Such insurance is to include insurance on the Equipment against:
(1) damage or destruction caused by accident;
(2) any insurable risk commonly insured against in regard to equipment of a similar nature; and
(3) such policies shall be payable to the BUILDER.other insurable risks as Silver Chef may reasonably stipulate;
(ii) In the event of partial damage which is covered by the insurance policies and provided that such damage shall not constitute a total loss at Silver Chef’s request from time to time, to provide Silver Chef with evidence of the VESSEL, currency of the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxxHirer’s Insurance Policy;
(iii) If not to do any act or fail to do any act which would allow the VESSEL before insurer to refuse, settle or compromise any claim on the actual delivery date sustains such heavy damage Hirer’s Insurance Policy in relation to the Equipment without the prior written consent of Silver Chef; and
(iv) not to do any act or fail to do any act which may have the effect of voiding the Hirer’s Insurance Policy.
(c) The Hirer’s Insurance Policy must contain an agreement by the insurer to give Silver Chef written notice of its intention to cancel the policy. The Hirer’s Insurance Policy must also contain a clause providing that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto eithernotwithstanding:
(ai) Proceed the lapse of the Hirer’s Insurance Policy (except by reason of expiration in accordance with its terms);
(ii) any right of cancellation by the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, insurer; or
(biii) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured cancellation by the BUILDER and destroyedHirer (whether voluntary or involuntary), whereupon this Contract shall be deemed the Hirer’s Insurance Policy will continue in force for the benefit of Silver Chef for at least thirty (30) days after written notice of cancellation has been given to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithSilver Chef.
(d) The BUILDER shall insure Hirer must not, without the VESSEL on prior written consent of Silver Chef, permit any reduction in limits or coverage in the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered Hirer’s Insurance Policy affecting or relating to the BUYEREquipment or this Contract.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 1 contract
Samples: Rental Contract
RISK AND INSURANCE. (a) Until Expressly the VESSEL has been deliveredparties agree that THE LESSEE assumes any risk of loss or partial or total deterioration of THE GOODS, as well as any liability for damages and damages that with the possession or use of the GOODS will be caused to third parties, in their persons or in their properties, even in case of fortuitous or force majeure, without any liability for THE LESSOR obliging THE TENANT, in addition, to simultaneously the reception that makes of THE GOODS, you must take out with a company legally authorized to do so, the BUILDER carries insurance necessary to cover the risk eventualities described above, so that at no time are the GOODS or liability to third parties for their possession or use, must expressly designate THE LESSOR as a preferred and irrevocable beneficiary or Bank del Bajío S.A., Institution of Multiple Banking where appropriate, of any amount that the insurers claims that come to be presented during the entire term of this contract and their respective ANNEXES, also obliging THE LESSEE to submit to the LESSOR the policy, the original receipts of payment of the accidental destruction premiums, the preferential and irrevocable end of the VESSELendose and the end of non-cancellation, materialsunless written consent of THE LESSOR. In the event that the LESSOR considers that the coverages contracted are not sufficient, partsit shall communicate it in writing to THE TENANT so that it, machinerywithin a period not exceeding 5 (five) working days from the date on which it receives such communication, boilers and equipment.
(b) The BUILDER will arrange and pay remedy the omission, covering THE LESSEE the differences in premium that result. Both parties agree, that THE LESSOR may directly contract the insurance in question, if so agreed by ANNEX to this contract or in the event that THE LESSEE does not make the direct contracting of them, with the insurance company of its choice, making in such case the premium for customary building payments on behalf of THE LESSOR, and without such a pact release it from the obligations referred to in the first paragraph of this clause. In this case, THE LESSEE must refund to THE LESSOR the amount paid to the insurance for company, within a period not exceeding 3 working days, counted from the VESSEL. The BUILDER can offer receipt of the written notice that gives it to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance that effect, and in case of Buyer’s Supply not doing so, and without prejudice to be paid by the BUYER. The insurance right of the LESSOR to sue you the early expiration of this contract and its ANNEXES, THE LESSEE will pay a monthly interest on them, equivalent to the rate of default interest referred to in the Fourth Clause of this contract, counted from the date of verification of the payment in question and until the date on which the BUILDER payment corresponding to the LESSOR is made. Both parties also agree that the amount of the corresponding premiums may be included, in whole or in part, within the Partial Rent Payments referred to in Annexes A to this contract, if so agreed in them. In case of loss, destruction, irreparable damage or any other contingency that prevents, in whole or in part, the use of THE GOODS, THE LESSEE undertakes to continue paying the agreed income at its expense in the respective ANNEXES, until the insurer shall award the corresponding compensation to the latter, and once such compensation is covered, it is also obligated to pay THE LESSOR any difference that may exist between the amount of the compensation and the balance owed by THE LESSEE as of the date of payment of the compensation. For its part, THE LESSEE is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which return to THE LESSOR any difference that may result in its favor, in case the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.
(i) The insurance policies shall be taken out in the name of the BUILDER and all losses under such policies shall be payable to the BUILDER.
(ii) In the event of partial damage which is compensation covered by the insurance policies and provided that such damage shall not constitute a total loss company is greater than the balance due of THE LESSEE at the date of payment of the VESSELmulti-quoted compensation. THE LESSEE undertakes to release from all liability the LESSOR or any assignee of the latter, from any expenses, costs or indemnities to third parties or to THE LESSEE itself, who are claimed or determined before and by competent authorities, whether whatever their nature, derived from the BUILDER shall apply possession or use of the proceeds recovered GOODS, as long as they are available to them, regardless of the validity or termination of this contract and its ANNEXES. Without prejudice to the foregoing, THE LESSEE also undertakes to carry out at all opportunities all the efforts, notices, claims, claims and other acts necessary or appropriate for the insurers concerned to cover the compensations that in each case of loss, theft, destruction or any other damage suffered by THE GOODS, proceed in favor of THE LESSOR, being responsible for the damages and damages caused by its omission, wilful or negligence. Both parties agree that in no case WILL THE LESSOR be liable for any damages or damages that may be caused to THE LESSEE or any third party the insurance company concerned, in the event of delay this in the payments of compensation for claims that occurred under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstruction, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithrespective insurance.
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 1 contract
Samples: Financial Lease Contract
RISK AND INSURANCE. (a) Until The Customer agrees and acknowledges that:
(i) no Grain storage is available at the VESSEL has been deliveredPort Terminal and as a result, the BUILDER carries the risk Export Grain Services are provided using a “just in time” logistics operation;
(ii) time is of the accidental destruction essence in respect of Customer obligations under this Agreement including without limitation Outturn, Vessel arrival, readiness for loading and accuracy of Cargo Assembly Plan; Export Declaration Number, Request for Permit to Export and/or valid import permit, if required;
(iii) third party costs, for which the VESSELCustomer agrees to be responsible, materialswill be incurred once labour and transportation are engaged by the Loader;
(iv) the Loader will act in reliance on the Customer fulfilling its obligations under this Agreement, partsincluding in relation to timing, machineryin providing the Export Grain Services.
(v) The Customer acknowledges that any transportation of Grain is at the Customer's risk. To the fullest extent permitted by law, boilers and equipmentLoader is not liable for any Claim or Loss incurred by the Customer caused by or otherwise relating to the transportation of Grain.
(b) The BUILDER Customer will arrange pay, reimburse, indemnify (on demand) and pay keep the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance Loader indemnified and harmless from and against all Claims any and all Loss, liability, cost or expense that arises as a result of Buyer’s Supply to be paid or in connection with a failure by the BUYER. The insurance Customer to strictly comply with the requirements of this Agreement or which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure may result from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.
(i) The insurance policies shall or be taken out in the name of the BUILDER and all losses under such policies shall be payable connected to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies Customer's failure to pay any fees, Charges and provided that such damage shall not constitute a total loss of the VESSELOther Charges, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, moneys properly due and the BUYER shall accept the VESSEL under this Contract if completed thereafter payable in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxxAgreement.
(iiic) If The Customer bears the VESSEL before the actual delivery date sustains such heavy risk of all loss or damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction Tonnage which has not been caused by the negligence, wilful default, or wilful misconduct of the VESSELLoader (or the Loader’s employees, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstructionrepresentatives, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithagents or contractors).
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance Customer must, for the VESSEL shall be maintained until entire period that the VESSEL Tonnage is delivered subject to this Agreement, keep the BUYERTonnage insured against the risks it bears pursuant to clause 14 (c).
(e) War The Customer must, and must cause any person entering the Up-Country Loading Site or Port Terminal for or on behalf of the Customer, to hold:
(i) public liability insurance for the VESSEL with accessories shall be taken out only coverage of $10 million per event and in aggregate;
(ii) workers’ compensation insurance required by law; and
(iii) comprehensive motor vehicle insurance.
(f) The Customer must at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000Loader, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxxprovide details of insurance policies taken out under clause 14.
Appears in 1 contract
Samples: Export Grain Services Agreement
RISK AND INSURANCE. (a) Until The Customer agrees and acknowledges that:
(i) no Grain storage is available at the VESSEL has been deliveredPort Terminal and as a result, the BUILDER carries the risk Export Grain Services are provided using a “just in time” logistics operation;
(ii) time is of the accidental destruction essence in respect of Customer obligations under this Agreement including without limitation Outturn, Vessel arrival, readiness for loading and accuracy of Cargo Assembly Plan; Export Declaration Number, Authority to Load, Request for Permit to Export and/or valid import permit, if required;
(iii) third party costs, for which the VESSELCustomer agrees to be responsible, materialswill be incurred once labour and transportation are engaged by the Loader;
(iv) the Loader will act in reliance on the Customer fulfilling its obligations under this Agreement, partsincluding in relation to timing, machineryin providing the Export Grain Services.
(v) any transportation of Grain is at the Customer's risk. Apart from Claims or Losses caused by the Loader’s negligence, boilers and equipmentwilful default or wilful misconduct, the Loader will not be liable for any Claim or Loss incurred by the Customer caused by or otherwise relating to the transportation of Grain.
(b) The BUILDER Customer will arrange pay, reimburse, indemnify (on demand) and pay keep the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance Loader indemnified and harmless from and against all Claims any and all Loss, liability, cost or expense that arises as a result of Buyer’s Supply to be paid or in connection with a failure by the BUYER. The insurance Customer to strictly comply with the requirements of this Agreement or which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure may result from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate of the instalments paid by the BUYER pursuant to Article II from time to time together with interest thereon and the value of any Buyer’s Supplies. The BUYER shall receive copies of the policy main terms.
(i) The insurance policies shall or be taken out in the name of the BUILDER and all losses under such policies shall be payable connected to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies Customer's failure to pay any fees, Charges and provided that such damage shall not constitute a total loss of the VESSELOther Charges, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, moneys properly due and the BUYER shall accept the VESSEL under this Contract if completed thereafter payable in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxxAgreement.
(iiic) If The Customer bears the VESSEL before the actual delivery date sustains such heavy risk of all loss or damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied to the reconstruction Tonnage which has not been caused by the negligence, wilful default, or wilful misconduct of the VESSELLoader (or the Loader’s employees, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for such reconstructionrepresentatives, or
(b) refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithagents or contractors).
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance Customer must, for the VESSEL shall be maintained until entire period that the VESSEL Tonnage is delivered subject to this Agreement, keep the BUYERTonnage insured against the risks it bears pursuant to clause 14.(c).
(e) War insurance The Customer must, and must cause any person entering the Up-Country Loading Site or Port Terminal for the VESSEL with accessories shall be taken out only at the request or on behalf of the BUYER Customer, to hold:
(i) public liability insurance with coverage of $10 million per event and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxxin the aggregate;
Appears in 1 contract
Samples: Export Grain Services Agreement
RISK AND INSURANCE. RISK
11.1. The Vessel and all Materials (a) Until including, from the VESSEL has been deliveredtime of their delivery to the Shipyard, the BUILDER carries Owner Furnished Equipment) shall remain at the risk of the accidental destruction Builder until Delivery,
11.2. The Builder undertakes to keep the Vessel and all Materials (including the Owner Furnished Equipment) in its or its Subcontractors' custody fully insured at all times and until Delivery at its own cost with first class insurers approved by the Purchaser, such approval not to be unreasonably withheld, in the amount of the VESSEL, materials, parts, machinery, boilers and equipment.
higher of (b1) The BUILDER will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials and equipment which the BUILDER procure from subcontractors. Except as otherwise agreed the BUILDER is not obliged to insure transport of Buyer’s Supply. The insurance sum shall as a minimum cover the aggregate value of the instalments paid by the BUYER pursuant to Article II Vessel as from time to time together with interest thereon and constructed or (i) the instalments of the Contract Price for the time being paid by the Purchaser to the Builder, (ii) the value of any Buyer’s Suppliesthe Owner Furnished Equipment delivered to the Shipyard or built into or installed in or upon the Vessel.
11.3. The BUYER policy or policies (the "Stipulated Insurances"), which shall receive be subject to English law and jurisdiction, shall incorporate the following clauses:-
a. the Institute of London Underwriters ("ILU") Clauses for Builder's Risks:
b. the ILU Strikes Clauses - Builder's Risks; and
c. (from the date of the Vessel's launching) the ILU War Clauses - Builder's Risks.
11.4. The policies shall name the Purchaser and the Builder as joint loss payees as their interest may appear but on terms that the Builder alone shall be responsible for all premiums payable thereunder. The Builder shall furnish the Purchaser promptly with certificates evidencing coverage and upon request copies of the policy main termspolicies. The originals shall be made available to the Purchaser, its employees or agents for inspection at Builder's corporate offices in Gulfport, Mississippi at all reasonable times.
(i) 11.5. The insurance policies shall be taken out shall contain a provision to the effect that, in the name event of an actual, constructive, arranged or compromised total loss, such insurance proceeds as the BUILDER and all losses under such policies Purchaser is entitled to hereunder shall be payable to the BUILDER.
(ii) In the event of partial damage which is covered by the insurance policies Purchaser as its interest may appear and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered under the insurance policies to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contract. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount recovered under the insurance policies shall be applied so endorsed as to enable the Purchaser by its brokers or agents or personally to collect such proceeds pursuant to the reconstruction of the VESSEL, provided that the Parties hereto shall have first agreed in writing to such reasonable postponement of the Delivery Date and adjustment of other terms provisions of this Contract including Clause. In addition, all such policies shall include provision that they shall not be capable of cancellation by the Contract Price as may be necessary for such reconstruction, or
insurers without not less than thirty (b30) refund immediately days' prior written notice being given to the BUYER Purchaser and that not less than ten (10) days' prior written notice of non-renewal or lapse shall be given by the amount of all instalments paid insurers to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and Purchaser before the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract same shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithtake effect.
(d) The BUILDER shall insure the VESSEL on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL is delivered to the BUYER.
(e) War insurance for the VESSEL with accessories shall be taken out only at the request of the BUYER and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx
Appears in 1 contract
RISK AND INSURANCE. (a) Until the VESSEL has been deliveredDelivery and Acceptance, the BUILDER carries Builder bears the risk of loss of or damage to the accidental destruction of the VESSELVessel, materials, parts, machinery, boilers and equipment.
(b) The BUILDER Builder will arrange and pay the insurance premium for customary building insurance for the VESSEL. The BUILDER can offer to arrange for building insurance for Buyer’s Supply(which shall include Buyers Supplies) with underwriters acceptable to the Buyer on customary “All Risk” terms. The insurance premium for building insurance of Buyer’s Supply to be paid by the BUYER. The insurance which the BUILDER is obliged to take out shall comprise necessary fire and transport insurance of materials material and equipment which the BUILDER Builder procure from subcontractorsSubcontractors. Except as otherwise agreed the BUILDER Builder is not obliged to insure the transport of Buyer’s SupplySupplies. The insurance sum insured amount shall as a minimum cover the aggregate of the instalments paid by the BUYER Buyer pursuant to Article II III from time to time together with interest thereon and the value of any Buyer’s Supplies. By paying extra insurance premiums the Buyer may require that the building insurance is increased to cover the rebuilding value at any time. The BUYER Buyer shall receive copies of the policy main termspolicies.
(i) The insurance policies shall be taken out in the name joint names of the BUILDER Builder and all losses under such policies shall be payable to the BUILDERBuyer.
(ii) The Builder may collect direct from the insurance company any sums in respect of its own losses.
(iii) In the event of partial damage which is covered by the insurance policies to be repaired and provided that such damage shall not constitute a total loss of the VESSEL, the BUILDER shall apply the proceeds recovered which is recoverable under the insurance policies to policies, the Builder may collect advance instalments under the policy payable as the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under this Contract if completed thereafter in accordance with this Contractwork progresses. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 www. xxxxxxx.xxx
(iii) If the VESSEL before the actual delivery date sustains such heavy damage that it is determined to be an actual or constructive total loss, the BUILDER shall by mutual agreement between the Parties hereto either:
(a) Proceed in accordance with the terms of this Contract, in which case the amount The proceeds recovered under the insurance policies shall be applied to repairs satisfactory to the reconstruction Class and Regulatory Bodies, and the Buyer shall accept the Vessel under the Contract if completed thereafter in compliance with the Contract.
(iv) If prior to its delivery the Vessel sustains such heavy damages that the Builder has no obligation to rebuild the Vessel, or if the parties and the insurance company agree on total / constructive / compromised total loss then the proceeds under the insurance shall be paid as follows:
(a) Subject to the rights of the VESSELBuilder’s banks, provided that including the Parties hereto shall have first agreed provider(s) of refund or other guarantees, having mortgage over the Vessel, the Buyer will recover directly from the insurance company an amount equal to the instalments paid together with interests in writing to such reasonable postponement accordance with the terms of the Delivery Date and adjustment Contract. Subject to the rights of other terms of this Contract the Builder’s banks, including the Contract Price as may be necessary provider(s) of refund or other guarantees, having mortgage over the Vessel, the Buyer will further collect direct from the insurance company any extra proceeds recoverable under an insurance policy taken out for such reconstructionBuyer’s account in accordance with Article XI clause 2 (b) above. Subject to the rights of the Builder’s banks, orincluding the provider(s) of refund or other guarantees, having mortgage over the Vessel, the Buyer shall further collect payment for Buyer’s Supplies covered by the insurance policies.
(b) refund immediately to The remaining part of the BUYER the amount of all instalments insurance proceeds shall be paid to the BUILDER under this Contract together with interest as provided for in Article II, Clause 3, and the cost of any Buyer’s Supply insofar these are insured by the BUILDER and destroyed, whereupon this Contract shall be deemed to be cancelled and all rights and obligations of the Parties hereunder shall terminate forthwithBuilder.
(dc) The BUILDER Builder shall for its own account insure the VESSEL Vessel on the terms that are normally used for insuring vessels under construction at Norwegian yards. This building insurance for the VESSEL shall be maintained until the VESSEL Vessel is delivered to and taken over by the BUYERBuyer.
(ed) War risk insurance for the VESSEL Vessel with accessories shall be taken out only at the request of the BUYER Buyer and for its account. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx.
Appears in 1 contract
Samples: Shipbuilding and Construction Agreement (Stolt Nielsen S A)