Hire Payment definition
Examples of Hire Payment in a sentence
Base Hire shall be payable to Owner semi-annually in --------- arrears on the Base Hire Payment Dates in the amounts and commencing on the date set forth in Schedule 2.
The following broker panels shall be deemed mutually acceptable by the Owner and Charterer: London Tanker Broker Panel Charterer agrees that Additional Hire Payment Amount (as defined in the Charter Framework Agreement, dated October 6, 2005, by and among the Owners, the Charterer and the other parties thereto), if any, shall be calculated and paid in accordance with such Charter Framework Agreement.
A discount off this sum will be offered for accelerated payment calculated at the rate of 5% on each Hire Payment from the date of termination to the dates on which the Hire Payments would have become payable if Employment had not been terminated.
Each Hire shall be received by the Owners no later than 4:00 p.m. (Beijing time) on the relevant Hire Payment Date (in respect of which time is of the essence).
By entering into this Hire Agreement you the Employee agree and accept that during the Fixed Period of Hire your monthly gross salary will be reduced by the amount detailed under the heading Hire Payment within the section entitled Main Financial Information above.
All deductions from Hire shall be verified by Charterer by production of vouchers or supporting documentation corresponding to the deductions within ***** days after the applicable Hire Payment Date.
Any Hire paid but not earned shall be refunded on the next Hire Payment Date (or as otherwise provided under this Charter) to Charterer by Owner (except in the case of a payment under section 8.5 for which Owner has a period of ***** days in which to make payment).
If a Hire Payment Date falls on a day which is not a banking day at the place at which payment is to be received, payment shall instead be made on the next preceding day that is a banking day at such place.
Each Hire payment shall be made in arrears on each Hire Payment Date (Beijing time) (in respect of which time is of the essence).
In addition to payment of Basic Hire hereunder, the Charterers shall pay to the Owners Additional Hire (as defined below), if any, quarterly in arrears, on each Additional Hire Payment Date as hereinafter provided.