Common use of Speed Clause in Contracts

Speed. Should the Ship's speed at trial displacement and under the conditions stated in the Technical Specification be lower than the value stated in Art 3.3., FINC shall pay to the Owner, as final liquidated damages, the following amounts: — for the first 0.5.knot of less speed: nothing; — for further 0.5 knot of less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per tenth of knot; — for further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00 (twentyfivethousand) per tenth of knot; Should the Ship's speed be lower than 1,5 knots of the speed as per Art. 3.3 above, then the Owner, as an alternative to receiving the above liquidated damages, shall have the option to resolve this Contract with the consequences provided for in Art. 15. hereof.

Speed. Should the Ship's speed at trial displacement and under the conditions stated in the Technical Specification be lower than the value stated in Art 3.3., FINC shall pay to the OwnerATL, as final liquidated damages, the following amounts: — for the first 0.5.knot of less speed: nothing; — for further 0.5 knot of less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per tenth of knot; — for further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00 (twentyfivethousand) per tenth of knot; Should the Ship's speed be lower than 1,5 knots of the speed as per Art. 3.3 above, then the OwnerATL, as an alternative to receiving the above liquidated damages, shall have the option to resolve this Contract with the consequences provided for in Art. 15. hereof.

Speed. Should the Ship's speed at trial displacement and under the conditions stated in the Technical Specification be lower than the value stated in Art 3.3., FINC shall pay to the OwnerATL-XXXXX, as final liquidated damages, the following amounts: — for the first 0.5.knot of less speed: nothing; — for further 0.5 knot of less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per tenth of knot; — for further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00 (twentyfivethousand) per tenth of knot; Should the Ship's speed be lower than 1,5 knots of the speed as per Art. 3.3 above, then the OwnerATL-XXXXX, as an alternative to receiving the above liquidated damages, shall have the option to resolve this Contract with the consequences provided for in Art. 15. hereof.

Speed. Should the Ship's speed at trial displacement and under the conditions stated in the Technical Specification be lower than the value stated in Art 3.3., FINC shall pay to the OwnerATL-BALT, as final liquidated damages, the following amounts: — for the first 0.5.knot of less speed: nothing; — for further 0.5 knot of less speed up to 1 knot: Euro 15.000,00 (fifteenthousand) per tenth of knot; — for further 0.5 knot of less speed up to 1.5 knots: Euro 25.000,00 (twentyfivethousand) per tenth of knot; Should the Ship's speed be lower than 1,5 knots of the speed as per Art. 3.3 above, then the OwnerATL-BALT, as an alternative to receiving the above liquidated damages, shall have the option to resolve this Contract with the consequences provided for in Art. 15. hereof.