Common use of Disposal of VESSEL Clause in Contracts

Disposal of VESSEL. (a) In the event that this Contract is rescinded by the SELLER under the provisions of Clause 2(b) of this ARTICLE XI, the SELLER may, at its sole discretion, either complete the VESSEL and sell the same, or sell the VESSEL in its incomplete state, free of any right or claim of the BUYER. Such sale of the VESSEL by the SELLER shall be either by public auction or private contract at the SELLER’s sole discretion and on such terms and conditions as the SELLER shall deem fit, provided that the SELLER shall use reasonable endeavors to obtain the best price obtainable. The SELLER shall send to the BUYER invitation to participate in any tender for the sale of the VESSEL. Such invitation shall be sent by telex or facsimile at least fifteen (15) days in advance before the closing date of the tender.

Disposal of VESSEL. (a) In the event that this Contract is rescinded by the SELLER BUILDER under the provisions of Clause 2(b) of this ARTICLE XIArticle, the SELLER BUILDER may, at its sole discretion, either complete the VESSEL and sell the same, or sell the VESSEL in its incomplete state, free of any right or claim of the BUYER. Such sale of the VESSEL by the SELLER BUILDER shall be either by public auction or private contract at the SELLERBUILDER’s sole discretion and on such terms and conditions as the SELLER BUILDER shall deem fit, provided that the SELLER BUILDER shall use reasonable endeavors to obtain the best price obtainable. The SELLER BUILDER shall send to the BUYER invitation to participate in any tender for the sale of the VESSEL. Such invitation shall be sent by telex or facsimile at least fifteen (15) days in advance before the closing date of the tender.