Common use of Total Loss Clause in Contracts

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties hereto, proceed in accordance with terms of this CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate and be discharged forthwith. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s 's damages and/or replacement and reinstallation of BUYER's supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Contract Delivery Date and adjustment of other terms of Date: 13th November, 2013 this CONTRACT Contract including the Original Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT Contract without interestinterest together with recovered amount for BUYER's Supplies onboard, whereupon this CONTRACT Contract shall be deemed to be canceled cancelled and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and forthwith. If the parties hereto fail to reach such agreement within two (2) months after the VESSEL is determined to be discharged forthwithan actual or constructive total loss, the provisions of sup-paragraph (ii) above shall apply. (iii) In case of any damages to the VESSEL which the SELLER shall claim to underwriter, the SELLER shall notify the BUYER of the extent of damage to the VESSEL within seven (7) business days. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax or email of its agreement or disagreement under Paragraph 2(bthe terms of (i) and (ii) of this Articlesubparagraph. In the event the BUYER fails BUYERS’s failure to so notify the SELLER, then such failure SELLER shall be construed as a disagreement on the part of the BUYER. This CONTRACT BUYER and this Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) cancelled and the BUYER shall be entitled to receive the refund in terms of the relevant provisions of this Article Contract and provisions hereof shall apply.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either:: Shipbuilding Contract Hull No. 0120833 (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of the BUYER Supplied ItemsBUYER’s supplies, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties parties fail to agree on the above, then the SELLER shall refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interestContract with interest at the rate of Four point five percent (4.5%) per annum computed from the respective dates when such sums were received by the SELLER’s bank from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, whereupon this CONTRACT Contract shall be deemed to be canceled cancelled and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and be discharged forthwith. Within thirty Thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by letter sent by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT BUYER and this Contract shall be deemed as canceled or rescinded and/or cancelled and Paragraph 2 (b) the BUYER shall receive the refund as hereinabove provided for in sub-paragraph (ii) of this Article shall apply).

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s ’S damages and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for or the completion of such reconstructionreconstruction and/or repair ; or (ii) If if due to whatever reasons the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments installments paid to the SELLER under this CONTRACT Contract without interest, interests plus the value of the BUYER’S supplies (if totally lost) whereupon this CONTRACT Contract shall be deemed to be canceled rescinded, cancelled and automatically terminated, all rights, duties, liabilities and other obligations of each of the Parties parties to the other shall terminate forthwith, and be discharged forthwith. the SELLER shall forthwith redeliver to the BUYER any of the BUYER’s supplies which shall not have become a total loss, Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing by telefax letter or email telefax, or by telex of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the that BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER shaft receive the refund as hereinabove provided and the provisions hereof shall apply.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall eithereither : (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for or the completion of such reconstructionreconstruction and/or repair ; or (ii) If due to whatever reasons the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments installments paid to the SELLER under this CONTRACT Contract without interest, interests plus the value of the BUYER’s supplies (if totally lost) whereupon this CONTRACT Contract shall be deemed to be canceled rescinded, cancelled and automatically terminated, all rights, duties, liabilities and other obligations of each of the Parties parties to the other shall terminate forthwith, and be discharged forthwiththe SELLER shall forthwith redeliver to the BUYER any of the BUYER’s supplies which shall not have become a total loss. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing by telefax letter or email telefax, or by telex of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the that BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall apply.

Total Loss. HoweverIf there is a total loss or a constructive total loss of the VESSEL prior to delivery thereof, the BUILDER shall proceed according to the mutual agreement of the parties hereto either: (a) to build another vessel in place of the event VESSEL so lost and deliver it under this CONTRACT to the BUYER, provided that the parties hereto shall have agreed in writing to a reasonable cost and time for the construction of such vessel in place of the lost VESSEL; or (b) to refund to the BUYER the full amount of the total sums paid by the BUYER to the BUILDER under the provisions of Paragraph 2 of this Article together with interest thereon at the rate of [***] per annum from the date following the date of receipt by the BUILDER of such pre-delivery instalment(s) to the date of payment by the BUILDER to the BUYER of the refund. If the BUILDER is required to refund to the BUYER the instalments paid by the BUYER to the BUILDER as provided in this Paragraph, the BUILDER shall return to the BUYER all of the BUYER's SUPPLIES as stipulated in Article XIII which were not incorporated into the VESSEL and pay to the BUYER an amount equal to the cost to the BUYER of those supplies incorporated into the VESSEL. If the parties hereto fail to reach such agreement on the reasonable cost and time for the construction of such vessel within Two (2) months after the VESSEL is determined to be an actual a total loss or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties hereto, proceed in accordance with terms provisions of this CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate and be discharged forthwith. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article hereinabove shall applybe applied.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (ii.) By by the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for the completion of such reconstruction; or (ii.) If due to if for whatever reasons reason the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interestContract together with recovered amount for BUYER’s supplies onboard, whereupon this CONTRACT Contract shall be deemed to be canceled cancelled and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and be discharged forthwith. Within thirty (30) days after receiving telefax or email email, confirmed in writing, notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax or email email, confirmed in writing, of its agreement or disagreement under Paragraph 2(b) of this Articlesubparagraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER receive the refund as hereinabove provided and the provisions hereof shall apply. Once all payments have been made by the Seller to the Buyer in accordance with sub-paragraph 2(b) above the Contract shall be deemed terminated and all future rights and obligations of each of the parties to the other shall cease, whereupon the guarantees provided under this Contract shall be returned.

Total Loss. However, in the event that If there is an actual total loss or a constructive total loss of the VESSEL is determined prior to be an actual or constructive total lossdelivery, the SELLER BUILDER shall proceed according to the mutual agreement of the parties hereto either: (i) By to build another vessel in place of the mutual agreement between the Parties hereto, proceed in accordance with terms of VESSEL so lost and deliver it under this CONTRACT, in which case the amount recovered under said insurance policy shall be applied CONTRACT to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of the BUYER Supplied ItemsBUYER, provided that the Parties parties hereto shall have first agreed in writing as to a reasonable cost and time for the construction of such reasonable extension vessel in place of the Delivery Date and adjustment of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstructionlost VESSEL; or (ii) If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the BUYER the full amount of all instalments the total sums paid by the BUYER to the SELLER BUILDER under this CONTRACT without interestthe provisions of Paragraph 2 above together with interest thereon at the rate of five per cent (5%) per annum from the date following the date of receipt by the BUILDER of such pre-delivery instalments to the date of payment by the BUILDER to the BUYER of the refund. The BUILDER shall also return (at its cost) any Buyer Supplies or if they cannot be returned, whereupon the BUILDER shall promptly pay to the BUYER an amount equal to the BUYER’s proven costs of acquiring and shipping the relevant Buyer’s Supplies to the BUILDER. Thereafter, this CONTRACT shall be deemed to be canceled terminated and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and be discharged forthwith. Within thirty . (30iii) days If the parties hereto fail to reach such agreement within two (2) months after receiving telefax or email notice of any damage to the VESSEL constituting is determined to be an actual total loss or a constructive total loss, the BUYER shall notify the SELLER by telefax or email provisions of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article above shall applybe applied automatically.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties parties hereto, proceed in Date: 46/63 Shipbuilding Contract Hull No. accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages VESSEL and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interestContract with interest at the rate of two percent (2%) per annum, whereupon this CONTRACT Contract shall be deemed to be canceled cancelled and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and be discharged forthwith. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall apply.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied Items, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments installments paid to the SELLER under this CONTRACT Contract without interest, interest whereupon this CONTRACT Contract shall be deemed to be canceled cancelled and all rights, duties, liabilities and obligations of each of the Parties parties to the other shall terminate and be discharged forthwith. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER receive the refund as hereinabove provided and the provisions hereof shall apply.

Total Loss. However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall eithereither : (i) By the mutual agreement between the Parties parties hereto, proceed in accordance with terms of this CONTRACTContract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL’s damages and/or reinstallation of BUYER’s supplies without additional expenses to the BUYER Supplied ItemsBUYER, provided the Parties parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment of other terms of this CONTRACT Contract including the Contract Price as may be necessary for or the completion of such reconstructionreconstruction and/or repair; or (ii) If due to whatever reasons the Parties parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments installments paid to the SELLER under this CONTRACT Contract without interest, interests plus the value of the BUYER’s supplies (if totally lost) whereupon this CONTRACT Contract shall be deemed to be canceled rescinded, cancelled and automatically terminated, all rights, duties, liabilities and other obligations of each of the Parties parties to the other shall terminate forthwith, and be discharged forthwiththe SELLER shall forthwith redeliver to the BUYER any of the BUYER’s supplies which shall not have become a total loss. Within thirty (30) days after receiving telefax or email notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing by telefax letter or email telefax, or by telex of its agreement or disagreement under Paragraph 2(b) of this Articlesub-paragraph. In the event the that BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT Contract shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article cancelled and the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall apply.