Common use of Partial Loss Clause in Contracts

Partial Loss. In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under the Contract if completed in accordance with this Contract and Specification.

Partial Loss. In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification SocietySociety and also to the satisfaction of the Representative without additional expense to the BUYER, and the BUYER shall accept the VESSEL under the this Contract if completed in accordance with this Contract and Specificationthe Specifications.

Partial Loss. In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER and/or BUYER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under the Contract if completed in accordance with this Contract and Specification.and

Partial Loss. In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society, and the BUYER shall accept the VESSEL under the this Contract if completed in accordance with this Contract and SpecificationSpecifications.

Partial Loss. In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER and/or BUYER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the BUYER and the Classification SocietySociety and the regulatory bodies, and the BUYER shall accept the VESSEL under the this Contract if completed in accordance with this Contract and SpecificationSpecifications.

Partial Loss. In the event the a VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy policies referred to in Paragraph paragraph 1 of this Article to the repair of such damage satisfactory in order to bring the VESSEL into compliance with the Contract for the applicable stage of construction and to the Classification Societyreasonable satisfaction of the Inspector, and without additional expense to the BUYER shall accept the VESSEL under the Contract if completed in accordance with this Contract and SpecificationBUYER.