Extension for Time Off-Hire Sample Clauses
The Extension for Time Off-Hire clause allows for the extension of a contract period when equipment or assets are temporarily unavailable for use due to repairs, maintenance, or other specified reasons. In practice, if a leased item is out of service and cannot be used by the lessee, the duration of the lease may be extended by the length of the downtime, ensuring the lessee receives the full benefit of the agreed rental period. This clause ensures fairness by compensating for lost usage time and prevents disputes over rental obligations during periods when the asset is not operational.
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Extension for Time Off-Hire. Any time during which the Vessel is off-Hire for Scheduled Drydocking shall be added to the Initial Charter Period. Any time during which the Vessel is off-Hire for any other reason (up to the total amount of off-Hire time) may be added to the Charter Period at Charterer’s option, such option shall be exercised by Charterer no later than ***** before the date on which this Charter would otherwise terminate. Where such option is exercised, the Rate of Hire for any such extension period shall be that prevailing at the time this Charter would, but for the provisions of this Clause 3.5, have terminated by effluxion of time. Any periods of off-Hire occurring after the time and date on which Charterer has declared its option may also be added to the Charter Period.
Extension for Time Off-Hire. Any time during which the Vessel is off-Hire for Scheduled Drydocking shall be added to the Initial Term. Any time during which the Vessel is off-Hire for any other reason (up to the total amount of off-Hire time) may be added to the Term at Customer’s option, such option to be exercised no later than ***** before the date on which this Agreement would otherwise terminate. Where such option is exercised, the Fees payable for any extension period shall be those which would, but for the provisions of this Clause 2.4, have been otherwise paid. Any periods of off-Hire occurring after the time and date on which Customer has declared its option may also be added to the Term.