Common use of Sale of Vessel Clause in Contracts

Sale of Vessel. In the event of rescission of the Contract as above provided, the Builder shall have the option to sell the Vessel and all property thereof, either at private sale or public auction. Before private sale, the resale price of the Vessel shall be verified by statements of international brokers and shall be mutually agreed between the Builder and the Owner. If the Builder sells at public auction, the Owner may purchase the Vessel at such auction. Such invitation to attend shall include the place and date at which the auction will be held, which date shall not be less than 30 calendar days from the date on which invitation to attend is forwarded to the Owner. The Owner shall, forthwith upon receipt of such invitation, acknowledge by telex that the same has been received. The sale at auction may be made by the Builder upon such terms and conditions as the Builder shall reasonably deem fit, and the proceeds thereof obtained at either the public auction or private sale shall be applied to :

Sale of Vessel. In the event of rescission of the Contract as above provided, the Builder shall have the option to sell the Vessel and all property thereof, either at private sale or public auction. Before private sale, the resale price of the Vessel shall be verified by statements of international brokers and shall be mutually agreed between the Builder and the Owner. If the Builder sells at public auction, the Owner may purchase the Vessel at such auction. Such invitation to attend shall include the place and date at which the auction will be held, which date shall not be less than 30 calendar days from the date on which invitation to attend is forwarded to the Owner. The Owner shall, forthwith upon receipt of such invitation, acknowledge by telex that the same has been received. The sale at auction may be made by the Builder upon such terms and conditions as the Builder shall reasonably deem fit, and the proceeds thereof obtained at either the public auction or private sale shall be applied to to: