Common use of Charterparty Clause in Contracts

Charterparty. Simultaneously with the Buyers’ receipt of title to and ownership of the Vessel (and as a condition of the Sellers’ obligation to sell and deliver the Vessel to the Buyers under this Agreement), the Buyers shall: (i) deliver the Vessel to the Charterer, in accordance with to the terms of the Charterparty; and (ii) forthwith cause the Vessel to be duly documented under the Buyers’ Nominated Flag in the name of the Buyers as owner thereof such as to enable the Vessel to be immediately employed by the Charterer in accordance with the terms of the Charterparty. The terms of this Clause 20 are of the essence of the Agreement.