Common use of SALE OF THE VESSEL Clause in Contracts

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract by the SELLER as above provided, the SELLER shall have full right and power either to complete or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In any case the SELLER will use due diligence in obtaining the best possible sale price of the VESSEL, which should not be inferior to the actual market value of the VESSEL at the time of the sale. In the case of sale of the VESSEL, the SELLER shall give reasonable early written notice by letter, telefax or telex, to the BUYER and the BUYER shall be entitled to bid for the VESSEL at a public auction or to make an offer to buy the VESSEL if it receives notice from the SELLER of its intention to sell it privately.

SALE OF THE VESSEL. (a) In the event of cancellation or rescission of this Contract by the SELLER as above provided, the SELLER shall have full right and power either to complete or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In any case the SELLER will use due diligence in obtaining the best possible sale price of the VESSEL, which should not be inferior to the actual market value of the VESSEL at the time of the salesate. In the case of sale of the VESSEL, the SELLER shall give reasonable early written notice by letter, telefax or telex, to the BUYER and the BUYER shall be entitled to bid for the VESSEL at a public auction or to make an offer to buy the VESSEL if it receives notice from the SELLER of its intention to sell it privately.