Charter Term definition
Examples of Charter Term in a sentence
In the event the Vessel shall become a total loss, actual or constructive (a constructive total loss shall be defined in the policy of hull insurance applicable to the Vessel), during the Charter Term, Charter Hire shall cease as of the end of the day the Vessel becomes a total loss which, for the purposes hereof, is defined to be the date on which the loss occurs regardless of whether determined to be a total loss on that date or a subsequent date.
I agree that during the term of this Charter, I will keep the Vessel clean and presentable and I will maintain it in the same condition as at the commencement of the Charter Term.
The Owner shall retain no possession or control of or over the Vessel during the Charter Term, the agreed intention of the Parties’ being that the Vessel shall be hired and operated by the Charterer on a bareboat basis.
If any improvements, capital expenditures, structural changes or new equipment should become necessary, whether by reason of new classification or regulatory requirements or otherwise, the Charterer shall arrange for the relevant works to be carried out during the Charter Term and all related costs and time shall be for the Charterer’s account.
Before inception of this Charter and upon the Owner’s request from time to time during the Charter Term, the Charterer shall provide the Owner with such documentation and information as the Owner may require showing the insurance cover that the Charterer has arranged and is maintaining in connection with the Vessel.
During the Charter Term the Vessel shall be in the full possession of the Charterer and under its complete control.
With that knowledge, I understand that I, as ▇▇▇▇▇▇▇▇▇, am responsible for my own decisions whether to sail and whether to continue sailing under the governing conditions and those predicted or reasonably foreseeable to occur during the Charter Term.
If any latent defect, deficiency or non-conformity should appear or arise during the Charter Term, the Charterer shall repair or replace the same at its cost and in its time.
The Owner may at any time during the Charter Term terminate this Charter without liability on its part and without being subject to the Purchase Option, if prior to giving notice of termination the Charterer has not exercised the Purchase Option pursuant to Part I Clause 7(f), by giving a notice of not less than 6 months to the Charterer (the Vessel shall be redelivered to the Owner in accordance with the requirements under this Charter as if the redelivery is required upon the expiry of the Charter Term).
The Charterer agrees to defend, indemnify and hold harmless the Owner against all claims, liens and encumbrances whatsoever and to promptly remove any claims, liens or encumbrances that are at any time asserted against or imposed on the Vessel and which are alleged to have arisen at any time before or during the Charter Term.