Common use of Lay up Clause in Contracts

Lay up. Charterer shall have the option of laying up the FPSO at an agreed safe port or place for all or any part of the Term, in which case the Hire Rate will continue to be paid less all Rate Savings. Charterer shall reimburse Owner for any direct costs and expenses incurred by it as a result of such lay-up, or in breaking lay-up upon resumption of Services (including but not limited to all reasonable demobilization, towing and remobilization costs and all other documented costs of Owner incurred as a direct result of such lay up). The lay-up option granted to Charterer may be exercised one or more times during the Term of this Charter.