Significantly Changed Position Definition Clause Samples
The 'Significantly Changed Position Definition' clause establishes the criteria for determining when a party's circumstances or obligations under an agreement have materially altered. Typically, this clause outlines specific events or thresholds—such as substantial changes in financial status, ownership, or operational capacity—that would qualify as a significant change. By clearly defining what constitutes a significant change, the clause helps both parties identify when additional rights or remedies, such as renegotiation or termination, may be triggered, thereby reducing ambiguity and managing risk in the contractual relationship.
Significantly Changed Position Definition. The definition of a “significantly changed” position is:
1. A change in the vessel’s relieving terminal;
2. Any change of more than three (3) hours in a daily work schedule;
3. When one (1) or more assigned days off are changed in the work period; and/or
4. Any change to or from a touring watch.