Common use of Undertaking and Purpose Clause in Contracts

Undertaking and Purpose. ‌ Subject to the terms and conditions hereinafter set forth, CMA CGM and COSCO SHIPPING undertake to allow each other to charter Slots on a used or unused and roundtrip basis on their Vessels in the geographic scope defined in Article 4 hereof for the carriage of Containers and on the terms hereinafter further defined. This Agreement shall further serve to authorize the Parties to enter into further agreements as provided under Article 16 herein. Each Party undertakes to meet its commitment and pay any and all amounts as hereunder described.

Undertaking and Purpose. ‌ Subject to the terms and conditions hereinafter set forth, CMA CGM and COSCO SHIPPING undertake to allow each other to charter Slots on a used or unused and roundtrip basis on their Vessels in the geographic scope defined in Article 4 hereof for the carriage of Containers and on the terms hereinafter further defined. This Agreement shall further serve to authorize the Parties to enter into further agreements as provided under Article 16 herein. Each Party undertakes to meet its commitment and pay any and all amounts as hereunder described.