Vessel Arrangements. Customer will arrange, at its sole cost and expense, for the supply of a suitable Vessel and her arrival at the relevant Dock. Notwithstanding anything to the contrary contained herein or otherwise, Enterprise will not have any obligation to perform any services aboard any Vessel.
Vessel Arrangements. 9.1. The Parties agree that the colour scheme, the name, the marking of the funnel, cranes, superstructure and hull markings for the Vessels shall be determined by Grindrod.
9.2. The Vessels shall be flagged in Singapore.
9.3. The Commercial Manager shall be responsible for obtaining, negotiating the terms of and maintaining insurance cover for each of the Vessels in accordance with the terms of the Commercial Management Agreements to the extent such insurances are not maintained pursuant to the terms of the Technical Management Agreements and/or Pooling Agreements.
9.4. The Parties acknowledge and agree that Grindrod shall be appointed by the Company as:
9.4.1. the Administration Manager in accordance with the terms of the Administration Management Agreement;
9.4.2. the Commercial Manager in accordance with the Commercial Management Agreement; and
9.4.3. the Technical Manager in accordance with the terms of the Technical Management Agreement.
9.5. The appointment of Grindrod as the Administration Manager and the Technical Manager for the Owners in Schedule 2 Part B shall take effect on Completion. The appointment of Grindrod as the Technical Manager for the Owners of the Additional Vessels shall take effect immediately on conclusion of their respective Shipbuilding Contracts. The appointment of Grindrod as Commercial Manager shall take effect no less than three (3) months prior to the anticipated Delivery Date of each Vessel.
9.6. The fees payable to Grindrod under the Management Agreements shall be as follows:
9.6.1. Technical Management Agreement - a technical management fee of USD 125,000.00 (one hundred and twenty five thousand Dollars) per Vessel per annum for one year from the Delivery Date of each Vessel and notwithstanding the date of commencement of each Technical Agreement, fees shall be payable from one month prior to the anticipated Delivery Date of each Vessel;
9.6.2. Commercial Management Agreement - a commercial fleet management fee of USD 200.00 (two hundred Dollars) per Vessel per day plus an additional 2% (two per cent) of time charter equivalent earnings; and
9.6.3. Administration Management Agreement - a basic financial administration and secretarial services fee of USD 30,000.00 (thirty thousand Dollars) per Group Company per annum (excluding all third party costs, fees and expenses which shall be paid for separately by the Group Company. Grindrod hereby undertakes either: (i) to ensure that the fees and any other commercial terms agr...
Vessel Arrangements. An Island Hideaway reserves the right to use an alternate vessel whenever required such as foreseen circumstances e.g. inclement weather, mechanical breakdown of the vessel.
Vessel Arrangements. 6.1 The Parties agree that the colour scheme for the Vessels shall be black hull, red decks, white house, white bulk heads (engine room) and grey engine room plates. The name, the marking of the funnel, cranes, superstructure and hull markings of the Vessels shall be agreed by the Parties in advance of each Delivery.
6.2 The Parties agree and acknowledge that, as at the date of Completion, it is their intention that the Intended Technical Manager shall be appointed by each Owner as the technical manager of each Vessel within three (3) months prior to the anticipated Delivery Date of each Vessel. The final decision on the appointment of the Intended Technical Manager shall be subject to the satisfaction of both Parties (acting reasonably) with an audit of the Intended Technical Manager’s capability (including, without limitation, its compliance with oil majors’ requirements and its ability to continue to comply with such requirements), budget and operational costings to be carried out in advance of the Delivery Date of the first Vessel to be delivered under the Shipbuilding Contracts and comparison with other third party managers, provided that where there is disagreement between the Parties as to the appointment of the Intended Technical Manager and one of the candidates is Grindrod Shipping (South Africa) Pty Limited (or any other member of the Grindrod Group), then the final decision on appointment (otherwise based upon the above) shall be made by Vitol in its sole discretion. The Parties agree that the appointment of the Intended Technical Manager for all delivered Vessels shall be reviewed by the Parties on an annual basis thereafter and any change to such appointment shall be agreed by the Parties thereafter (acting reasonably) (or in Vitol’s sole discretion if the manager’s appointment under review is a member of the Grindrod Group) having regard to the performance of the Intended Technical Manager in respect of the key performance indicators set out in each technical shipmanagement agreement.
6.3 If either:
6.3.1 the appointment of the Intended Technical Manager in respect of any Vessel is not approved by the Parties (or Vitol in the case of the appointment of a member of the Grindrod Group as the manager) following the audit of its capability carried out in accordance with Clause 6.2 above and the Intended Technical Manager does not remedy the issues raised by the Parties arising from the audit to the Parties’ satisfaction (in each case acting reas...
