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SIMCO. STAN.DARD BAREBOAT CHARTER" CODE. NAM.E: "SARECON 2001" ..
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PART I

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4. Bareboat CharterersIPlace of business (CI. 1)

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PART IV

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Printed and sold by Fr. G. Knudtzonslrogtrykkeri AlS, VaHelsbaekvej61, DK-2625 Valiansbaek, Fax: +45 43660701

continued

Place of payment. War cancellation (indicate countries agreed)(CI. Additional Insurance cover. 13(b) or. CI. Country of the Underlying Registry (only 10 be filled In if PART V a. If PART III andfor PART IV and/or PART V apply. Latent defucts (only to be filled in If period other than slated In Cl.RECON 2001" STANDARD BAREBOAT CHARTER PART! 26. (only 10 be filled In if PART uilding Contracl (only 10 be filled in If PART III appOes) 41. 26(f) 37. 12) 29. it is further agreed that in the event of a. to CI. Additional Insurance cover.edto (CI 13(b) or. In the event of a contlict of conditions.(continued) "BA. if applicable. if 12(b) applies sUIie date of FlnsncJ. 3) 33. Grace period (state number of clear-banking days){CI 28) 36. Bareboat Charter Registry (indicate ·yes· or "no' whether PART V applies)(oplional) 45. Mortgage($). 42 and :43. 24)(optional) 28. for Owners' account IImlt. if any. Vessel's Yard Building No.Brokerage commission and to who 34. Newbuildlrig V~ applles)(OIltional) (Indicate .It Is mutually agreed that this Coolract shall be performed subject 10 the conditions contained In this Charter which shall include PART I and PART II. If any (state Whether 12{a) or (b) applies. 14(k)(also slate if CI. 11) 27. 13{f) or. 14(g») 32. If applicable. Signature (Owners) Signature (Charterers) .pplie. also state beneficiary and bank account (el. the prevls'ions of PART I shan prevail over those of PART lito the extent of such conflict but no further.s) PREAMBLE . if any. 14 applies) 30. for Charterers' account limited to (CI. CI. HlrelPurchase agreement (Indica IV applies)(O!>tional) 43.allnslrument and name of Mortgagetl{s)lPlace of business)(CI. to Cl. 14(g» 31. if applicable. Bank guarantee/bond (sum and place)(CI. It is further mutually agreed that PART III and/or PART IV andlor PART V shall only apply and only form part of this Charter if expressly agreed and stated in thEIBoxes 37. "yes' or 'no' whether PART III 39. the provisions CJf PART I and PART II shall prevail over those of PART Ifl andlor PART IV andlor PART V 10 the extent of such conllict but no furthar. a) b) oj 42. acc. Insurance (hull and machinery and war risks)(stale value ace.conflict of conditions.

22 23 Owners notice of cancellation within thirty-six (36) running hours after the cancelling date stated in Box 15. the Charterers shall have Ihe option of cancelling this Charter by giving the 49 7. the following terms shall have the 'neaninqs hereby assigned to them: The Owners' shall mean the party identified in Box 3. The OWners shall keep th~harterers closely advised of possible changes in the ssel's position. The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying Illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation. failing which this Charter shall remain in full force and effect. (c) Cancellatio nder th C e 5 s all be without prejud. 'Financiaiinstrumenf means the mortgage.in9at the time of pro e such defects have Ives ·tH elve (12) months after h~ise p vided in Box 32. at the daily equivalent to the rate of hire or pro rata thereof. na es. medical or scientific purposes provided the Owners' prior approval has been obtained to loading thereof. x . This exclusion does not apply to radio-isotopes used or intended to be used for any industrial. the seventh day after the a date stated In the Owners' notice shall b sub r the cancelling date indicated in Bo pu se f this Clause 5. The Vessel . 'The Charterers" shall mean the party identified in Box 4. the Jwners have agreed to let and the Charterers have :lgreed to hire the Vessel for the period stated in Box 21 :"The Charter Period"). the Owners may. CharterPeriod 'n consideration of the hire detailed in Box 22. if any.:b) The Vessel shall be properly documented on delivery in accordance with the laws of the flag State Indicated in Box 5 and the requirements of the classitlcatlon society stated in Box 10. If the Charterers do not then exerci th· option of cancelling.jelivery shall have her survey cycles to dat t:rading and class oertiflcates valid for at ast 'If months agreed in Box 12. and the option must then be declared within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within thirty-six (36) running hours after the cancelling date. 47 48 indicate n Bo Ihe Own all exercise due diligence to deliver the 'tessel nollater than the date indicated In Box 15.ice to a c ai~ C rter m otherwise have on the Ow rs U~hiS hart Ictlo s The Ve sel sha be m eye in lawful trades for the e f su bl la ul m ch dise within the trading limits· di t. as indicated in Box 37) [a) Should the Vessel not be delivered latest by the cancalllnq date indicated in Box 15. Delivery 'not applicable when Part 11/ applies. whichev is the earlier. (b) If it appears thatlhe Vessel will be delayed beyond the cancelling date.jirect. deed of ::ovenant or other such financial security instrument as annexed to this Charter and stated in Box 28. Surveys on Delivery and Redelivery (not applicable when Part 1/1 applies. seizure or confiscation. as indicated in Box 37) The Owners and Charterers shall each appoint surveyors for Ihe purpose of determining and agreeing in writing the condition of the Vessel at the time of delivery and redelivery hereunder. Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter. Inspection The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:(a) to ascertain the condition of the Vessel and satisfy 26 27 28 24 25 4. and the Charterers shall bear all expenses of the Off-hire Survey including loss of time. Cancelling Inot applicable when Parllll applies. . The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in 30x 13 in such ready safe berth as the Charterers may . Unless otherwise agreed In Box 18. _:c) The delivery of the Vessel by Ihe Own I:aklng over of the Vessel by the constitute a full performance by th wners Owners' obligations under this CI se 3 a ar ~heCharterers shall not be e ltls to ke rase any claim against the 0 ners cco t of any condltions. machinery and equipment for service under this Charter. PART II 2001" Standard 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Bareboat Charter 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 B4 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 Definitions In this Charter. if any. 18 19 20 21 6. . representa!i r rra e xpr ed or implied with respect to he Ve el hall be liable for the co b 01 e by te de ssel. agricultural. The Owners shall bear aU expenses of the On-hire Survey including loss of time. as indicated In Box 37) ·:a) The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in every respect ready in hull. 2. 3. 5. 50 51 53 54 55 56 57 58 59 52 60 61 62 63 64 8. e ha e rtake not to employ the Vessel or sse I to be employed otherwise than in w th the terms of the contracts of insurance (l luding y warranties expressed or implied therein) witho rsl obtaining the consent of the insurers to such employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe. the Owners shall !live the Charterers not less than thirty (30) running days' preliminary and not less than fourleen (14) running days' deflnite notice of the date on which the Vessel is expected to be ready for delivery. The Vesser shall mean the vessel named in Box 5 and Nith particulars as stated in Boxes 6 10 1'2. destruction. give nolice thereof to the Charterers asking whether they will exercise their option of cancelling."BARECON 1. commercial.ed in Bo 20. as soon as Ihey are in a position to slate with reasonable certainty the day on which the Vessel should be ready.

and appliances on board the Vessel at the time' of delivery.g and Name of Vessel . 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 Bareboat Charter 196 197 198 199 200 201 202 203 Inventories. the Charterers shall. even if for any reason a oi ed by the Owners. instalment and re-instalment. ropes and other consumable stores (excludin sp parts) in the said Vessel at the then current market 'cas althe ports of delivery and redelivery. ~ 16 10. The Charterers shall also permil the Owners to inspect the Vessel's log books whenever requested and shall wheneve r required by the Owners furnish them with full intormatkm regarding any casualties or other accidents or damaUe to the Vessel. unbroached provisions. boilers.er. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is found 10 require repairs or maintenance in order to achieve Ihe condition ~rovided. provided the same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition as when received.The costs and fees for such inspection or survey shall be paid by the Charteres: and (e) for :my other commercial reason they consider oecesssiy (provided it does not unduly interfere with the commercial operation of the Vessel). The Charterers shall also have the liberty. ifthe Owners so require. without penalty or charge. which shall not be unreasonably withheld.es to the Vessel. the Charterers shall have the liberty to paint the Vessel in their own colours. the Charterers shall make no structural changes in the Vessel or changes in the machinery. place. in the absence of agreement. The Charterers and the Owners. ordinary wear and tear excepted.erers shall ma. Painting and re-painting. The Charterers shall make I ments by bond or otherwl as m ecess ry to satisfy such require n arte s' ole expense and the Charter s sh I in m' the wn rs against all cons tso r (in Iud 10 of time) for any fail inab 0 do (b) CN their own own roc ement man.The Charterers shall have the use of all outfit. including federal. remain at. restore the Vessel to its former condition before the termination of this Charter. be referred to the dispute resolution method agreed In Clause 30.Subject to Clause 10(a)(ii). All time used in respect of Inspection.During the Charter Period. (b) in dry-dock if the Charterers have not dry-docked her in accordance with Clause 1O(g).e over and pay for all bunkers. Equipment and Appliances .PART II uBARECON 2001" Standard themselves that the Vessel is being properly repaired and maintained. (e) Chang. (ill) Financial Security . whenever r the uring the Charter Period a charges and expenses of every kind an nat hat oever incidental to their use and operation f the V sel under this Chart. including nual flag e fees and any foreign general r>mu ' ipality andlor state taxes. ~livery and redelivery tak. This obligation shall apply wheth r not such requirements have been lawf i os d by such government or division or hor t er f. respectively.lntain financial security or responsibility in respect of third party liabilities as required by any government. fue nd.su Iy. . 9. as reasonably required. appliances and of all consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. shall be at the Charterers' expense and time. respectively. lubricating oil. registration and re-registration. lawfully 10 enter. appurtenances or spare parts thereof without in each instance first securing the Owners' approval thereof. Office.s 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 259 260 256 257 258 261 262 263 . or leave any port. Charterers shall ensure that all spare parts list e inventory and used during the Charter F! riod are 1 replaced at their expense prior to rede e ~ 6 Vessel. era . to the length of the period remaining under this Charter shall. equipment. shall at the time of d•. to change the flag andlor the name of the Vessel during the Charter Period. if required by the Owners. state or municipality in performance of this Charter without y delay. The costs and fees for such inspection and survey shall be paid by the OWners. planned dry-docking and major repairs of the Vessel. state or municJpal or other diviSion or authority thereof.The Chart. Inter alia. erers shall comply with the regulations regarding officers and crew in force in the country of the Vessel's flag or any other applicable law. territorial or contiguous waters of any country. The Master. The 204 205 206 207 208 209 210 211 . If the Owners so agree. (II) between the Owners and Ihe Charterers having regard. all and Stores A complete inventory of the Vessel's entire equipment. (f) Use of the Vessel's Outfit. surveyor repairs shall be for the Charterers' account and form part of the Charter Period.s and r V cr the Vessel shall be the servants of the Charterers r II urposss whatsoever. install and display their funnel insignia and fly their own house flag. outfit im:luding spare parts. Is. with the Owners' consent. to enable the Vessel. (d) Fla. ' (e) The Charterers shall keep the Owners and the mortgagee(s) advised of the Intended employment.

266 267 268 *) .licies shall cover the Owners and the Charterers according to their respective interests. including maintaining financial security in accordance with sub-clause 10(a)(Iii» in such form as the Owners shaH in writing approve. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any additional 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 3n 378 379 380 381 38. war and Protection and Indemnity risks (and any risks against which it is compulsory to Insure for the operation of the Vessel. expenses and liabilities to the extent of coverage under the insurances herein pmvided for.274 275 . 11.283 . respectively.269 270 271 272 273 . such cover shall be limited to the amount for each party set out in Box 30 and Box 31. Such Insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the mortgagee(s) (if any).\ PART II "BARECON 2001" Standard 264 *) 265 . The Charterers also to remain responsible for and 10 effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances andlor not exceeding any possible franchise(s) or deduclibles provided for In the insurances. which approval shall not be un-reasonably withheld. if any. the Charterers shall effect all Insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as well as insured charges. (b) If the conditions of the above insurances permit additional insurance to be placed by the parties. if Box 19 has been left blank. but not less than onoe during the period stated in Box 19 or. also for any new equipment required in order to comply with radio regulations. including any deviation.2 383 384 385 386 387 388 389 390 391 392 393 394 395 396 . every sixty (60) calendar months after delivery or such other period as may be required by the Classification Society or flag State. and the Charterers shall be at liberty to protect under such insurances the interests of any managers they may appoint.The Charterers shall drydock the Vessel and clean and paint her underwater paris whenever the same may be necessary. and the approval of the Owners and the insurers. (g) Periodical PrY-Docking .281 282 . Insurance po.284 :285 286 :287 288 289 *) 290 Bareboat Charter Charterers shall from time to time during the Charter Period replace such items of equipment as shall be so damaged or worn as to be unfit for use. 12. The Charterers are to procure that all repairs to or replacement of any damaged.Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith.276 277 278 279 280 . shall be for the Charterers' account. All time used for repairs under the provisions of subclause 13(a) and for repairs of latent defects according to Clause 3(c) above. Mortgage 328 (only to apply if Box 28 has bean appropriately filled in) 329 e nd Repairs Durin the Charter Period the Vessel shall be kept insu y the Charterers at their expense a. Subject to the provisions of the Financiallnslrument. The Charterers have the right to fit additional equipment at their expense and risk but the Charterers shall remove such equipment at the end of the period if requested by the OWners. worn or lost parts or equipment be effected in such manner (both as regards workmanship and quality of materials) as not to diminish the value of the Vessel.gainst hull and machinery.

of any occurrences in consequence of which the Vessel is likely to become a total loss as defined in this Clause. and the Charterers shall undertake settlement of all miscetlaneous expenses in connection with such repairs I:. spectlv Own rs or Ihe Charterers as the se mSos II im di ely furnish the other party wi art ula of nya itio al insurance effecte . The Charterers to be secured reimbursement through the Owners' Underwriters for such expenditures upon 43 .reboat Charter 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 495 496 497 498 499 500 501 502 503 504 505 insurance effected. (d) The Charterers shall.i:WlOSS under the insurances requir I use 14(a). (I) Notwithstanding anything contained In sub-clause 10(a). mised or-agreed lotalloss under the insurances rr ng d by the Owners in accordance with sub-clause a). expenses and liabilities to the extent of coverage under the insurances provided for under the provisions of sub-clause 14(a). (f) All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects according to Clause 3 above. Redelivery 448 At the expiration of the Charter Period the Vessel shall 449 be redelivered by the Charterers to the Owners at a 450 safe and ice-free port or place as indicated in Box 16. Who shall e man s between themselves and the arterers ac ng to their respective interesls. all msurance payments for such loss shall be paid to the Owners who shall distribute the moneys between the Owners I: nd Ihe Charterers according to their respective interests. 457 Any changes thereafter in the Vessel's position shall be 458 notified immediately to the Owners. the value of the Vessel is the sum indicated in Box 29.ect to the provisions of the Financial Instrument.. the Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which would otherwise have been covered by such insurance."BARECON PART II 2001" Standard 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 Ba. compromised or agreed total loss under the insurances required under sub-clause 13(a). constructive.494 f the Vessel becomes an actual. shall be for the Charterers' account and shall form part of the Charter Period. The Charterers undertake to notify the Owners and the mortgagee(s). should the Vassal become an actual.••. i clu i m inin financial security in accordsnc with sub-cia e (a)(iii» in such form as """"""'· .ng pprove which approval shall Iy wi eld. 454 range of ports of redelivery or port or place of redelivery 455 and not less than fourteen (14) running days' definite 456 notice of expected date and port or place of redelivery. is Charter shall terminate as of the date of such 0) The Charterers shall upon the request of the Owners. of a co r tes or policies and e ~. the Owners shall keep the Vessel's Class fully up to date with the Classification Society indicated in Box 10 and mainlain all other necessary certificates in force at all times. (b) During the Ch er rio ess s all be kept insured 'Jy the Ch rte e 8t ir nse against Protection an e I ri K (an ny risks against which it i" mpul ory I ins ~ e operation of the Vessel. a tI the 'ra ec e I er ts. including any deviation. (e) In the even any act or negligence of the Charterers shall vitiate any of the insurance herein provided.9 440 441 442 443 444 445 446 447 15. provide information and promptly execute such documents as may be required to enable the Owners to comply with the insurance provisions of the Financial lnstrurnent. including copies of any cover notes or policies and the written consent of the insurers of any suer required insurance in any case where the consent of such insurers is necessary. (d) Sub. presentation of accounts. QP!illlRlolUl. if any..!n 451 such ready safe berth as the Owners may direct. (h) S uld th e el b9com an act • constructive. Notwithstanding the above. The Owners shall not be responsible for any expenses as are incident to the use and operatio f the Vessel for such time as may be required to m e ch repairs. construc1ive. if applicable. (e) The Owners shall upon the request of the Charteres. the value of the Vessel is the sum indicated in Box 29. all insurance payments for suc loss II b paid to the Owners..tten enl e insurers of any such requi d su nce in ny se where the consent a h I sur I ne ssa . ura ice. if any. (e) The Charterers shall upon the request of the Owners. (f) For ':he purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-clause 13(a).S well as all insured charges. The 452 Charterers shall give the Owners not less than thirty 453 (30) running days' preliminary notice of expected date. (k) For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-clause 14(a). (e) The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the Insurances. n PI . 459 The Charterers warrant that they will not permit the 460 Vessel to commence a voyage (Including any preceding 461 ballast voyage) which cannol reasonably be expected 462 to be completed in time to allow redelivery of the Vessel 463 within the Charter Period. promptly execute such documents as may be required to enable the Owners to abandon the Vessel to the insurers and claim a oonstructive total loss. it is agreed that under the provisions of Clause 14. subject to the approval of the Owners or Owners' Underwriters. 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 . promptly execute such documents as may be required 10 enable the Charterers to abandon tile Vassel 10 insurers and claim a constructive total loss.. effect all Insured repairs. (g) If the oonditions of the abov tns n s permit additional insurance 10 be pia by a 'as such cover shall be limited to the p TtY set out In Box 30 and Box 31.

for the number of days by which the Charter Period is exceeded. conditions and provisions of this Chart. The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box 17. and any protocol thereto. ich might have priority over the title and interest of the Owners in the Vessel. The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice reading as follows: 'This Vessel is the property of (name of Owners) . 548 549 550 551 552 553 554 555 556 557 558 559 23. fair wear and tear not affecting class excepted. 535 536 537 20.PART II "BARECON 2001" Standard Bareboat Charter should the Charterers fail to redeliver the Vessel within Ihe Charter Period. It is under charter to (name of Charterers) and by the terms of the Charter Party neither the Charterers nor the Master have any right. Subject to the provisions of Clause 10. 543 544 545 21. the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of Passengers and their Luggage by Sea. 587 25.9r shall continue to apply.. 1974. hatsoever.. General Average The Owners shall not co 546 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 547 22. the documents shall incorporate the Hague-Visby Rules. 531 19. Wreck Removal 538 In the event of the Vessel becoming a wreck or 539 obstruction to navigation the Charterers shall indemnify 540 the Owners against any sums whatsoever which the 541 Owners shall become liable to pay and shall pay in 542 consequence of the Vessel becoming a wreck or obstruction to navigation. if no suoh legislation exists. the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per cent. All other terms. only to apply if Box 27 filled in) The Charterers undertake to furnish. RequlsltlonJAcqulsltlon 588 (a) In the event of the Requisition for Hire of the Vessel 589 by any governmental or other competent authority 590 (hereinafter referred to as "Requisition for Hire") 591 irrespective of the date during the Charter Period when 592 "Requisition for Hire" may occur and irrespective of the 593 length thereof and whether or not it be for an indefinite 651 652 653 . Uen The Owners to have a lien upon all cargoes. 16. a first class bank guarantee or bond in the sum and al the place as indicated in Box 27 as guarantee for full performance of their obligations under this Charter. and the Charterers to have a lien on the Vessel for all moneys paid in advance and 1101 earned. ntracts f Carriage (a) harterers are to procure that all documents issued during the Charter Period evidencing the terms and conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation relating to carrier's liability for cargo compulsorily applicable In the trade. nor permit to be continued. or to the market rate. power or authority to create. condition and class as that in which she was delivered. Non-lien The ch~erers will not suffer... if no such legislation exists. *) 24. Bank Guarantee (Optional. Delete as applicable.er shall contain a paramount clause incorporating any legislation relating to carrier's liability for passengers and their luggage compulsorily applicable in the trade." 17. The documents shall also contain the New Jason Clause and the Both-to-Blame Collision Clause. before delivery of the Vessel.. incur or permit to be imposed on the Vessel any lien . (b) The Charterers are to procure that an passenger tickets issued during the Charter Period for the carriage of passengers and their luggage under this Chart.. 619 620 621 622 623 624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 18. sub-hires and sub-freights belonging or due to the Charterers or any sub-charterers and any Bill of Lading freight for all claims under this Charter. the Vessel shall be redelivered to the Owners in the same or as good structure. any lien or encumbrance incurred by them or their agents. state. Salvage All salvage and towage performed by the Vessel shall 532 be for lhe Charterers' benefit and the cost of repairing 533 damage occasioned thereby shall be borne by the 534 Charterers. whichever is the higher.

acts of terrorists.t of the ne s ~y t:i exposed to Wk. or against certain cargoes or crews or otherwise howsoever. by any person. (b) In Ih. irrespective of the dale during tha Charter Period when "Compulsory Acquisltlon" rr. revolution. or is Ii el teo eco dangerous. (c) The Vessel load contraband cargo. after her entry into i the Ow rs ave the right 10 require the Vessel to h rea. and the People's . 26. sailing in convoy. or if the Vessel has no cargo on board. destinations. civil oommotion. or against certain cargoes or crews otherwisEt howsoever). or the Government of y state whatsoever. If the full hire is net paid owing to breach of the Charter by either of the parties the party liable therefor shall indemnify the Brokers against their loss of commissien. recommendations or advice as to departure. pursuant to the Charterers' orders. open and safe port as directed by the Owners. or any waterway or ai. should require payment of premiums andlor calls because. errors or omissions on the part of the . and lrrespecnve of whether it mayor will remain In force for Ihe remainder of Ihe Charter Prmod.s event of the Owners being deprived of their ownership In the Vessel by any Compulsory Acquisition ofthe Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as "Compulsory Acquisition"). which may be dangerous or a likel~ or to become dangerous to the Vesse 0. any area or areas which are specified by such insurers as being subject to additional premiums because of War Risks. the laying of mines (whether actual or reported). . or is due to enter and remain within. (II) to comply with the orders. Commission The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Bex 33 en any hire paid under the Charter. beth the Owners and the rterers sha ave Ihe right to cancel this Charter. Termination 713 (a) Charterers' Default 714 The Owners shall be entitled to withdraw the Vessel from 715 the service of the Charterers and lenni nate the Charter 718 with immediate effect by written notice to the Charterers if: 717 (I) the Charterers fail to pay hire in accordance with 718 Clause 11. if the Vessel a cargo on board after discharge thereof at desti tion. where there is a failure to 719 make punctual payment of hire due to . Ihis Charter shall nol be deemed thereby or thereupon 10 be frustrated or otherwise tenninated and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time when the Charter would have terminated pursuant to any of thE' provisions hereof always pr~owever that in the event of "Requisition for Hire" any Requisition Hire or compensation received or receivable by the Owners shall be payable to the Charterers during the remainder of the Charter Period or the period of the "Requisition for Hire" whichever be the shorter. directions or recornmendations of any war risks underwriters who have the authority to give the same und the terms of the war risks insurance. sh I not 00 in through any port. hostilities. Sod he such place s aJ esaid wH becomes dangerous. te OTIS political group. whether such blockade be imposed on all vessels. France. h it r appears that the Vel. warlike operations. then such premiums and/or calls shall be 'eimbursed by the Charterers to the Owners at 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 6 68 68 88 6 69 69 3 6 9 the same time as the next payment of hire is due. routes. place. or to proceed to an area where she sha I be subject. nil KJ gdom. a the Owners I)e first obtained. or if debarred under this Clause from Ing or entering it at a near. directions. the words "War Risks" shall include any war (whether actual or threatened). unless the w . (d) If ttle insurers of the war risks insurance.ay occur. persons on boar th ess. body. However. at the pert at which the Vessel then is or if at sea at a near. civil war. ar 0z (wli h or sea). then. act of war. this Charter shall be deemed terminated as of the date of such "Compulsory Acquisition".(U) between any two or mere of the countries ted in ox 36. ~he upon the Charterers shall redeliver the Vessel to Vth ers in accordance with Clause 15. delivery. In such event Charter Hire to be oonsidered as earned and to be paid up to the date and time of such "Compulsory Acquisition". the commission to be paid by the Owners shall cover the actual expenses of the Brokers and a reasonable fee for their work. If no rale is indicated in Box 33. (ill) to oomply with the terms of a re lu' n of the Security Council of the nite any directives of the Euro ve orders of any other S anatio whic has the right to issue d 9i5e me. the Vessel Is within. War (a) For the purpose of this Clause. (8) The Charterers shall have the liberty: (I) to comply with all orders. 720 negligence. acts of hostility or malicious da blockades (whether imposed against all ves Is imposed selectively against vessels of oertaln fla or ownersh p. or any other Government. In aU cases hire shall continue to be paid in accordance with Clause 11 and except as aforesaid all other provisions of this Charter shall apply until redelivery. or is likely to be subject to a belligerent's right of search andlor confiscation. rebellion. judgeme. (b) The Vessel. when Clause ·14 is applicable. Should the parties agree to cancel the Charter.oversight. acts of piracy. or is imposed selectively in any way whatsoever against vessels of certain flags or ownership. body or group whatsoever acting with the power to compel compliance with their orders or directions. or in any other way whatsoever. arrival. 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 737 738 739 740 741 742 743 744 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 701 702 703 704 705 706 707 708 709 710 711 712 28. discharge of cargo. ~ or other persons on board the Vess .PART II "BARECON 2001" Standard Bareboat Charter or a limited period of time. open and safe port as directed by the Owners. which are given by the Government of the Nation under whose flag the Vessel sails. d ith nationallaws aimed enfo in he me whl h the Owners s· an ob Iii or rs and directio s a Ii ged wit their ar ) been two or more oou I' nited States of America. stoppages. 27. ports of call. or 10 pass thmugh any ade. the Owners shall indemnify the Brokers against any loss of cemmission but in such case the commission shall not exceed the brokerage on one year's hire.

849 of them shall be final. further notice.y the Charterers to the Owners. than forthe purpose of reconstruction or amalgamation) 842 *) (h) This Contract shall be governed by and construed or if a receiver is appointed. insurance cover Is not prejudiced. The award of a sole arbitrator shall be 830 binding on both parties as if he had been appointed by 831 agreement. courts or local banking days stated in Box 34 (as recognised at 789 authorities. 843 in accordance with TItle 9 of the United States Code ceases to carryon business or makes any special B44 and the Maritime Law of the United States and any arranqernant or composition with its creditors. the 792 The Owners shall arrange for an authorised representpayment shall stand as regular and punctual. 809 Act 199 or~ta t m (iii) the Charterers fail to rectify any failure to comply 810 thereof av to . Pending physical repossesslon of the Vessel the agreed place of payment) in which to rectify 790 in accordance with this Clause 29. shall entitle 796 Owners from the Charterers upon the boarding of the the Owners to withdraw the Vessel from the service 797 Vessel by the Owners' representative."BARECON PART II 2001" Standard Bareboat Charter 854 855 856 857 858 859 860 861 862 863 864 865 866 867 868 869 870 871 from the Charterers at her current or next port of call. Charterers a specified number of days grace within 805 -) which to rectify the failure without prejudice to the 806 Owners' right to withdraw and terminate under this 807 Clause if the Charterers fall to comply with such 808 notice. (2) Clause 13(a) (Insurance and Repairs) 802 provided that the Owners shall have the option. judgement may be entered on an award by 29. 840 current al the Ume when the arbitration proceedings are I quidation or bankruptcy of the other party (otherwise 841 oommenced. one to prejudice to all rights accrued due between the parties 847 be appointed by each of the parties hereto. 815 referee shalt be to three arbitrators. or Charterers or their bankers. by B03 written notice to the Charterers. 852 Society of Maritime Arbitrators. the Charterers shall the failure. 832 Nothing herein shalt prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 845 dispute arising out of or in connection with this Contract (e) The termination of this Charter shall be without 846 shall be referred to three persons at New York. dissolution. Inc. e e e ne th ovi ion f t 's aus with the requirements of sub-clause 10(a)(i) 811 he ar r 'on s II b cond d in accordance with (Maintenance and Repairs) as soon as practically 812 th ndo 'ti Arbitrators Association (LMAA) possible after the OWners have requested them in 813 writing so to do and in any event so that the Vessel's 814 at the lime when the arbitration proceedgs m enced. the Owners shall have the right to repossess the Vessel 853 In cases where neither the claim nor any counterclaim 878 879 880 881 882 883 884 885 886 887 888 889 890 891 892 893 894 895 896 897 898 899 900 901 902 903 904 905 906 907 908 909 910 911 912 913 914 915 916 917 918 919 920 . The prooeedlngs In the event of the termination of this Charter in 851 shall be conducted in accordance with the rules of the accordance with the applicable provisions of Clause 28. The number of days stated in Box 34 of their receiving 795 Vessel shall be deemed to be repossessed by the the Owners' notice as provided herein. the party referring a dispute to This Charter shall be deem d to min ed if he 826 arbitration may. For 828 prior notice to the other party. the Owners shall give 787 at a port or place convenient to them without hindrance the Charterers written notice of the number of clear 788 or interference by the Charterers. officers and crew shall e sale responsibility (1) Clause 6 (Trading Restrictions) 801 of the Charterers. ~ 4 arbitrator and give notice that it has done so within the (c) Loss of Vessel 825 14 days specified. 793 ative to board the Vessel as soon as reasonably Failure by the Charterers to pay hire within the 794 practicable following the termination of the Charter. or if it suspends payment. to give the 804 30. A party (b) Owners'Default 816 I" the Owners shan by any act or omission be in bra wish in refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment In writing of their obligations under this Charter to extent hay--&:l8 t-ie Charterers are deprived of the us of V se\P19 to the other party rB<luiring the other party to appoint its own arbitrator within 14 calendar days of that nolice and end such breach continues for a period 0 urte 4) 8 running days after written notice thereof has 82 stating that it will appoint its arbitrator as sale arbitrator t. and when so rectified ~ such 791 hold the Vessel as gratuitous bailee only to the Owners.39 in accordance with the LMAA Small Claims Procedure resolutio sed for the winding up. In cases where neither the claim nor any counterclaim exceeds the sum of US$50.000 (or such other sum as art s be entitled to terminate this 837 i m diate effect by written notice to the 838 the parties may agree) the arbitration shall be conducted in e event of an order being made or 8. If the other party does not appoint its own t.fil'trtl~MI'-<: unless the other party appoints its own arbitrator and gives nolice that it has done so within the 14 days t'e entitled to terminate this Charter w' immedi ect 23 specified. their decision or that of any two Hither party might have. appoint its arbitrator as sole arbitrator and shall advise the other party 829 accordingly. All arrangements of the Charterers and terminate the Charter without 798 and expenses relating to the settling of wages. without the requirement of any further lar as a 827 t loss. 799 disembarkation and repatriati of the Charterers' (II) the Charterers fail to comply with the requirements of: 800 Master. and the third prior to the date of termination and to any claim that 848 by the two so chosen. Repossession 850 any court of competent jurisdiction. number of days following the Owners' notice. the P. and for the purposes of enforcing any award.y written notice to the Owners.

T e address of the Parties for service of sueh unication shall be as stated in Boxes 3 and 4 respectively.) (v) 930 931 932 933 934 935 936 937 938 939 (vi) 940 941 942 943 944 945 (e) 946 947 948 *) 949 950 951 95 ria) 9 Vpa 9 56 9 \:J tlces ny notice to be given by either party to the other all be in writing and may be sent by fax. (iii) If the other party does not agree to m 921 922 923 924 925 926 927 92B 929 (iv) . Inc.OOO(or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Sc·ciety of Maritime Arbitrators. telex. (ii) The other party shall thereupon within 14 calendar day:. (c) This Contract shall be governed by and construed in accordance with the laws oflhe place mutually agreed by the parties and any dispute arising out of or in connecliJn with this Contract shall be referred to arbltratlon at a mutually agreed place. subject to the procedures applicable Ihere. 987 988 989 990 991 992 993 . the parties may agree at any time to refer to mediation any differenco andlor dispute arising out of or in connection with this Contract. (d) Notwithstanding (a). current at the time ". the event of disagreement. g. the following shall apply:(i) Eith'~r party may at any time and from time 10 time elecl to refer the dispute or part of the dispute to mediation by service on the other party of a written nonce (the "Mediation Notice') calling on the other party to agree to mediation. The mediation shall be conducted i ch place and in accordance with such proced e a on such terms as the parties may agree or. (b) or (c) above. ta d or recorded mail or by personal service. failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal may designate for that purpose. of receipt of the Mediation Notice oonflrm that they agree to mediation. (b) or (c) above.PART II "BARECON 2001" Standard Bareboat Charter exceeds:he sum of US$50. In the case of a dispute in respect of which arbitration has beer oommenced under Cal."henthe arbitration proceedings are commenced. in which case the parties shall thereafter agree a mediator within a further 14 calendar days. as may be set by meciator.

the Charterers shall not be entitled 10 make any claim against the Owners in respect of any conditions. l>4evertheless. 123 124 125 126 127 128 129 130 131 132 133 64 . without the Charterers' consent. the OWners shall upon giving to the Charterers written notice of Builders becoming so enlitled. specifications and plans having been countersigned as approved by the Charterers. d t Charterers). or (II) if Ih C rte rs ·sh ta delivery of the Vessel I a y n ce w ling ·thi even (7) running days require he wners to gotiate ith the Builders as to the te nw should be laken andlor refrain from ex rCISI th 'r right to rejection and upon receipt of such ali th Ow ers shall commence such negotiations andl o ake deJlv of the Vessel from the Builders and deliver her harte re rs.hen ready for delivery and properly documented at the Eiuilders' Yard or some other safe and readily accessible dock. completed and constructed In accordance with the Building Contract. (d) Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a claim therefor shall accrue 10 the accounl of the party stated In Box 41 (c) or if nol filled in shall be shared equally betweeo the parties. as well as all repair cosls incurred... The Charterers have to advise the Owners about the performance 10 the extent the Owners may requesl 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 37 38 39 40 41 42 43 44 3. 45 46 47 48 49 50 51 4. if any. only to apply if expressly agreed and stated in Box 37) 1 aPl. such Building Contract.:D. consult the Charterers and t up.65 66 67 68 . Without prejudice to Clause 15 (Part II). However. the Owners shall endeav r to Dam pel the Builders to repair. on the date of . The Charterers undertake that h.ers and the Charterers shall appoint surveyors for the purpose of determining and agreeing In writing the condition of the Vessel at the time of re-delivery.n delivery by the Builders. [c} The Charterers shall have the right to send their ·epresentative to the Builders' Yard to inspect the Vessel juring the course of her construction to satisfy themselves :hat construction is in accordance with such approved . the Charterers shall be bound to accept the . in respect of any repairs.Jessel from the Owners. replacements or defects which appear within the first 12 months fr~-~-. if required. (c) If for any reason th the Building. wharf or place as may be agreed between the parties hereto and the Builders. whether express or implied. the Owners' liability to the Chartere sha b limited to the extent the Owners have a alid c ain the Builders under the guarantee cl e ethe u Ing Contract (a copy whereof has en s pp. made between the Builders and the Owners and In accordance with the specifications and plans annexed thereto. :d) The Vessel shall be built in accordance with the 3uilding Contract and shall be of the description set out :herein.my claims against the Owners in respect of the Vessel's performance or specification or defects. representations or warranties. Guarantee Works If not otherwise agreed."BARECON 2001" Standard Bareboat Charter PART III TO APPLY FOR NEWBUILOING VESSELS ONLY (Optional. 2. the Owners authorise the Charterers to arrange for the guarantee works to be performed in accordance with the building contract terms. and hire to continue during the period of guarantee works. The Charterers sh a nd ac ept uch sums as the Owners are reas nably I 0 recover u der this Clause and shall mak fu er cl the ners lor the difference betwee the a and the actual expend· remedying defects 0 or a j\ny liquidated d es r pf i ~hall accrue the ac n f th 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 31 and upon and after such acceplance. Is including trials of cargo equipment in accordance with the Building Contract and specifications to the satisfacUon of the Charterers.IONAl PART PROVISIONS 1. the Builders become entitled under that Contract not to deliver the Vessel to the Owners. replace or re ed ny d fe. replacements re d s. subject 10 Clause 1(d). the OWners shall thereafter not be liable to the Charterers for any claim under or arising out of this Charter or its termination. be excused from giving delivery of the Vessel to I e Charterers and upon receipt of such notice by the C rt ers this Charier shall cease to have effect. (Iv) jf this Charter terminates under sub-clause (b) or (c) of this Clause. including the cost of docking and undocking. (b) If for any reason other than a default by the OWners under the Building Conlract. rime1l-AW1l'Jar. as to the seaworthiness ofthe Vessel or in respect of delay in delivery. which shall be paid at the rate of hire per day or pro rata. the Charterers shall bear all survey expenses and all other costs. Contract. Subject to the provisions of sub-clause 2(c)(ii) hereunder. Specifications and Building Contract (a) The Vessel shall be constructed in accordance with the Building Contract (hereafter called "the Building Contract") as annexed 10 this Charter.jelivery by the Builders.If any. (EI) Subi having completed her a cceptan .~ (I) if the Charier do nth to ke de ery f the Vessel they shall inform I Ow rs ithi sev (7) nnlng days by notice· writin upon recel t by I ners of such notice IS C er s I eas a have effect.aving accepted the Vessel they will not thereafter raise . display the funnel insignia and fly 121 the house flag as required by the Charterers.pecifications and plans as referred to under sub-clause 'a) of this Clause. The Charterers shall also bear all loss of time spent in connection with any docking and undocklng as well as repairs. (b) No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by the Charterers as aforesaid. Under the Building Contract the Euilders have estimated thai the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall bathe date when the Vessel is in fact ready for delivery by the Builders after comuletion of trials whether that be before or after as indicated in the Building. Contract to re before exercising ch reJectl. 122 Survey on Redelivery The Own. (III) in no circumstances shalilhe Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders. 58 59 60 61 62 63 Name of Vessel 118 The name of the Vessel shalf be mutually agreed between 119 the Owners and the Charterers and the Vessel shall be 120 painted in the colours. the Owners shall give and the Charterers Shall take delivery of the Vessel afloat ".2 or to recover from the Builders any expen re i u din carrylnq out such repairs. The Charterers shall not be entitled to refuse acceptance of delivery of the Vessel 52 53 54 55 56 57 5.

unless on hire. is tree from all encumbrances and maritime liens or any debts whatsoever other than those . etc. it is agreed.'ng paragraphs the Owners are referred to as the Sellel's and the Charterers as the Buyers. On delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship's Register and deliver a certificate of deletion to the Buyers. only to apply if expressly agreed and stated In Box 42) On expiration ofthis Charter and provided the Charterers have fulfilled their obligations according to Part I and II as wett as Part III. at the time of delivery.). if any. 49 50 47 21 22 23 24 25 26 27 51 52 53 . shall be for :. anchors. shall be included in th Ie ith ut any extra payment 28 29 30 31 32 33 34 35 36 37 38 39 40 The Vessel shall be delivered by the Sellers and taken 10 over by the 13uyerson expiration of the Charter. engines. re e Vessel entered the Bareboat harter as pe lause Part II) or 10 pay the equivalent r their journey to any other place. Any taxes.. id 1 2 OPTIONAL PART 3 4 5 6 ~ In the follow. 11 The Sellers guarantee that the Vessel. at the time of delivery. which have been incurred prior to the time of delivery be made against the Vessel. Any taxes.. chains. The Sellers shall. hand to the Buyers all classification certificates (for hull. 12 41 13 14 15 16 42 17 18 19 20 43 44 45 46 48 the repatriation of the and the personnel if appojnted by the nnrnAl!. as welt as all plans which may bein Sellers' possession. The Wireless Installation and Nautical st.. notarial."BARECON 2001" Standard Bareboat Charter PART IV HIRE/PURCHASE AGREEMENT (Optional. consular and other charges and expenses connected with the purchase and registration under Buyers' flag.artslnq from anything done or not done by the Buyers or any existing mortgage agreed not to be paid off by the time of delivery. ments. together with a certificate selting out the registered encumbrances. 7 8 9 In exchange for payment of the last month's hire instalment the Sellers shall furnish the Buyers with a Bill of Sale duly attested and legalized. the Sellers hereby undertake to indemnify the Buyers against all consequences of such claims to the extent it can be provlK!lhal the Sellers are responsible for such claims.ellers' account. consular and other charges and expenses connected with closing of the Sellers' register. that on payment of lhe final payment of hire as per Clause 11 the Chartevers have purchased the Vessel r'th everything belonging to her and the Vessel is fully. Should any claims. if applicable. shall be for Buyers' account.

7 28 29 30 31 2. the following terms shall 2 have the meanings hereby assigned to them: 3 'The Bareboat Qibartgr Registry" shall mean tha ragjstry 4 of the State whose flag the Vessel Will fly and in which 5 the Charterers are registered as the bareboat charterers 6 during the period of the Bareboat Charter. direct the Owners to re---reglsterthe Vessel in the Underlying Registry as shown in Box 45. under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) shall apply.)(44. by the mortgagee."BARECON 2001" Standard Bareboat. if so required.ation.EGISrERED IN A BAREBOAT CHARTER REGISTRY (Optional. rermlnatlon of Charter by Default .tha Bareboat Charter Registry as staled In Box 44. only to apply if expressly agreed and stated.Ifthe Vessel chartered under this Charter Is registered In a Bareboat Charter Registry as slated In Bo. Charter OPTION'AL PART PART V PROVISIONS TO APPLY FOR.VESSELS R.1 22 23 24 25 26 . 7 7heUoderlYintReglstr( shall mean the registry of the 8 State :In which e Owners of the Vessel are registered 9 as OWners and' to Which jurisdiction and. due to a default by the Owners in the ment of any amounts due under the mortgage(s). and If the OWners shall defaull In the payment of any amounts due under the mortgage(s) specified in Box 28.eharterers shall have the right to tennlna.te r f hwlth and without prejudice to any other Owners under thi ha 17 18 19 20 2..2. 13 14 15 16 3. 12 Mortgage The Vessel chartered. control of the 10 Vessel will revert upon termination of the Bareboat 11 Charter Registr. . Oeftnltlons 1 For the purpose-of this PART V. In the event of the Vessel being deleted from .in Box 43) 1. the Charterers shall.

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