Common use of Space Charter Clause in Contracts

Space Charter. (a) The Parties are authorized to charter space on their respective vessels to each other for the carriage of cargo and equipment in the Trade on such terms as the Parties may from time to time agree. (b) To the extent a Party may from time to time have requirements for chartered space in the Trade, it shall first seek to charter such space from the other Party. (c) Compensation for any space chartered pursuant to this Agreement shall be upon such terms and at such hire as the Parties may from time to time agree. Billing and payment terms and conditions shall also be as agreed by the Parties from time to time, with the intention that accounts be settled on a voyage-by-voyage basis. (d) Space chartered hereunder may not be sub-chartered to another carrier unless and to the extent agreed to by both Parties (it being acknowledged that MACS has an existing approved slot charter agreement with CMA-CGM that is independent of, and outside the scope of, this Agreement). (e) Each Party shall be responsible for any costs incurred in connection with fines or taxes assessed on any of their cargo that is carried pursuant to this Agreement or in respect of the vessel/s operated by each of them (save to the extent that the other Party has otherwise agreed in writing to be liable for any such costs).