Ship Cost definition
Ship Cost means the costs of operating a vessel, including but not limited to running and standing charges for the vessel (including but not limited to labor charges for the vessel's crew, at sea insurance, port charges, fuel and lube oils, consumables, cable loading, cable unloading, navigation and maritime communications) as well as the costs associated with the use and operation of a remotely operated vehicle and the tracked self-propelled burial tool, and "Non-Ship Costs" means the costs of making a repair, including the cost of components, equipment or materials requiring replacement, the cost of any additional equipment necessary to effect the repair, the cost of making the repair, including the cost of reburying any previously buried portion, the cost of labor and engineering assistance or development required to make the repair and all necessary associated costs, such as, but not limited to, shipping and customs and services that may be required to make the repair, but excluding any of the foregoing which are Ship Costs.
Ship Cost means the lowest of:
Ship Cost means the costs of operating a vessel, including but not limited to running and standing charges for the vessel (including but not limited to labor charges for the vessel's crew, at sea insurance, port charges, fuel and lube oils, consumables, cable loading, cable unloading, navigation and Marisat) as well as the costs associated with the use and operation of the SCARAB and the sea bed tractor, and "Non-Ship Costs" means the costs of making a repair, including the cost of components, equipment or materials requiring replacement, the cost of any additional equipment necessary to effect the repair, the cost of making the repair, including the cost of reburying any previously buried portion, the cost of labor and engineering assistance or development required to make the repair and all necessary associated costs, such as, but not limited to, shipping and customs and services that may be required to make the repair, but excluding any of the foregoing which are Ship Costs.
Examples of Ship Cost in a sentence
In respect of the Secondary Period the Lessee shall on the first day following the Primary Period End Date and on each anniversary thereof during the Secondary Period pay to the Lessor a Rental ("Secondary Rental") annually in advance equal to zero point one per cent (0.1%) of the Ship Cost.