Charter Cancellation Sample Clauses
The Charter Cancellation clause defines the terms and conditions under which a charter agreement may be terminated before its scheduled completion. Typically, this clause outlines the procedures for notifying the other party, any applicable cancellation fees, and the circumstances that justify cancellation, such as force majeure events or failure to meet payment obligations. Its core practical function is to provide a clear framework for both parties to follow in the event of a cancellation, thereby minimizing disputes and allocating the financial and operational risks associated with early termination.
Charter Cancellation. Minimum rate for the charter/cancellation/show-up, excluding charter connecting within thirty (30) minutes of an AM/PM or noon run. In region trip: 1 hour at charter driving rate Out of region trip: 2 hours at charter driving rate
Charter Cancellation. 40 10. ASSIGNMENT.................................................................................................40 11. ILLEGALITY, INCREASED COST, NON-AVAILABILITY, ETC..........................................................40 11.1 Illegality........................................................................................40 11.2
Charter Cancellation. 28 (d) Timing of Mandatory Prepayments...................................................................28 5.4 Interest and Costs with Prepayments/Application of Prepayments....................................28 6.
Charter Cancellation. Upon the cancellation of a Time Charter by the Charterer, the cancellation penalty payment payable under such Time Charter shall be applied, in inverse order of maturity, to the remaining scheduled repayment installments set forth in Section 5.1 with respect to the applicable Tranche.
Charter Cancellation. In the event of a cancellation or termination of a Time Charter for any reason whatsoever, the relevant Borrower and the Guarantor shall have the option to pursue one of the following courses of action: within thirty (30) days of such cancellation/termination, (i) granting the Security Agent, on behalf of the Lenders, a security interest in a replacement charter with a party of the same creditworthiness as the Charter Guarantor as evidenced by the Rating thereof, and with similar terms and conditions as the cancelled/terminated Time Charter and otherwise in form and substance acceptable to the Majority Lenders in their reasonable discretion, (ii) prepaying the Tranche attributable to the relevant Vessel, in which case the Lenders shall release the relevant Security Documents with respect to the relevant Vessel, failing satisfaction of either (i) or (ii) above, such Tranche shall be covered by the Guaranty (as provided therein) and the Borrowers shall ensure that the Fair Market Value of the relevant Vessel is at least equal to the Required Percentage of its respective Tranche or otherwise comply with the provisions of Section 9.4(x) or 9.4(y).
Charter Cancellation. Minimum rate for charter cancellation/ show -up, excluding charters connecting within thirty (30) minutes of an a.m. noon or p.m. run. In region trip: 1 hour at charter driving rate Out of region trip: 2 hours at charter driving rate The Company will be responsible for the pre -arranging of reasonable room accommodations and expense of same for overnight charters. Eight (8) hours pay at driver's hourly charter driving rate will be paid for each twenty -four (24) hr. period of layover at the destination, and or proportionate payment for partial layover of the twenty -four (24) hrs.
A) A suffi cient amount of Company money will be available to the employee for the charter trips prior to leaving on the charter.
B) Fuel allowance, tokens and bridge tolls should be calculated as part of this Company money.
Charter Cancellation a) Cancellation by the Client
i) Cancellation before 5pm on the day prior to the cruise.