Common use of Lay up Clause in Contracts

Lay up. (a) Charterer shall have the option of laying up the Vessel (including lay-by) for all or any portion of the Term in accordance with the provisions of this Article 10. Hire under this Charter shall continue to be paid during the period of lay-up and all additional costs incurred as a result of the Vessel entering, remaining in, breaking or leaving lay-up shall be for Charterer’s account and shall be paid to Owner promptly after demand supported by vouchers; provided, however, that there shall be credited against such Hire and costs the full amount which Owner saves during such period of lay-up, unless the Vessel is a Non-Utilized Vessel under section 8.9(e), in which event the relevant provisions of section 8.9 shall apply. Owner shall take all reasonable steps as may be necessary to effect savings in the costs pertaining to the Vessel during any period of lay-up. Should Charterer, having exercised the option granted hereunder, desire the Vessel again to be put into service, Owner shall, upon receipt of notice from Charterer to such effect, immediately take steps to restore the Vessel to service as promptly as reasonably possible. The option granted to Charterer hereunder may be exercised one or more times during the Term.