Adjustment of Hire Clause Samples

The Adjustment of Hire clause defines how the agreed hire rate in a contract may be modified under certain circumstances. Typically, this clause outlines specific events or conditions—such as changes in vessel performance, off-hire periods, or market fluctuations—that trigger a recalculation of the hire amount. For example, if a vessel is delayed due to mechanical failure, the hire rate may be reduced proportionally for the affected period. The core function of this clause is to ensure fairness and accuracy in payment by aligning the hire charges with the actual service provided or conditions encountered during the contract term.
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Adjustment of Hire. The rate of hire shall be adjusted to reflect documented changes, after the date of entering into the Charter Party or the date of commencement of employment, whichever is earlier, in the Owners' costs arising from changes in the Charterers' requirements or regulations governing the Vessel and/or its Crew or this Charter Party.
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Adjustment of Hire. The speed and fuel consumption guaranteed by the Owners in Part 1 will be reviewed by the Charterer 30 days after every six (6) months. If at the end of the period, if it is found that the vessel has failed to maintain, as an average during the period, the speed and/or fuel consumption warranted, the Charterer shall be retroactively compensated in respect of such failings, as per Clause 24. No bonus shall be payable to Owners under any circumstances. The Charterer shall provide Owners with an opportunity to review any claim submitted by Charterer under this Clause, and the Owners shall complete such review and provide Charterer with the results thereof within thirty (30) days from the date such claim was received by Owners. In the absence of such response, Charterer may deduct from hire any amount to which it is entitled under this Clause. In the event of Charterer having a claim in respect of vessel’s performance during the final year of the charter period and any extension thereof, the amount of such claim shall be withheld from hire in accordance with Charterer’s estimate made two months before the end of the charter period and any necessary adjustment after the end of the charter shall be made by the Owners to the Charterer.
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Adjustment of Hire. (a) (i) Hire shall be reviewed on the ***** of the Base Date, and ***** of such date thereafter during the Charter Period (such date, the “Review Date”), and adjusted in accordance with the formula below: ***** Where, at any time: ***** (ii) Where data is not yet published then the Hire shall be held at the prevailing rate until such required data is published. The Hire shall then be recalculated and any shortfall or surplus amount shall be reconciled within *****. (b) If in the opinion of either Party: (i) a publication needed to determine an element of the adjustment formula set out in Clause 9.4, above is not available; or (ii) any such publication fails or ceases to report the data necessary to calculate such element; or (iii) such data has been published in error; or (iv) such data is so changed that it affects materially the validity of the index comparison over time, then that Party may give notice to the other Party and the Parties shall agree the action to be taken to take account of such circumstance. (i) If the Parties are not able to reach agreement on the action to be taken within ***** of the notice provided under Clause 9.4(c), then the matter shall be referred to an expert, acting as an expert and not an arbitrator, to be appointed by agreement between the Parties and whose opinion on the matter shall be final and binding on the Parties. For the purposes of this Clause 9.4(c), the Parties hereby shall endeavour to agree to nominate an expert. If the parties fail to agree upon the identity of a mutually acceptable expert within *****, the appointment shall be made by the International Centre for Expertise in accordance with the provisions for the appointment of experts under the Rules for Expertise of the International Chamber of Commerce. The costs of any expert appointed pursuant to this Clause 9.4(c) together with the costs of such proceedings shall be shared equally by the Parties. (ii) Until the Parties have reached agreement on the course of action or (as the case may be) the expert has decided the matter in accordance with Clause 9.4(c)(i), Hire will provisionally be ***** of the previous Hire amount. (iii) In the event of any revisions of the Hire escalation formula, the Hire provisionally calculated in accordance with Clause 9.4(c)(ii) above shall be recalculated and any over payment or underpayment from one Party to the other shall be revised to take account of the revised Hire.
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Adjustment of Hire. (a) (i) Hire shall be reviewed on the ***** of the Base Date, and ***** of such date thereafter during the Charter Period (such date, the “Review Date”), and adjusted in accordance with the formula below: Where, at any time: *****.
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Related to Adjustment of Hire

  • Adjustment of the Contract Sum shall include profit. No adjustment shall be made to the extent: (a) that performance is, was or would have been so suspended, delayed or interrupted by another cause for which the Contractor is responsible; or (b) that an equitable adjustment is made or denied under another provision of this Contract.

  • Adjustment of Grievance The School Board and the employee will attempt to adjust all grievances which may arise during the course of employment of any employee within the School District in the following manner:

  • Adjustment of Price The State shall adjust the total contract price by subtracting from the total contract price an amount determined in the following manner: The State shall cause the timber sale area subject to governmental regulation or order to be measured. The State shall calculate the percentage of the total sale area subject to the governmental regulation or order. The State shall reduce the total contract price by that calculated percentage. However, variations in species, value, costs, or other items pertaining to the affected sale area will be analyzed and included in the adjustment if deemed appropriate by the State. The State will further reduce the total contract price by the reasonable cost of unamortized roads Purchaser constructed but was unable to fully use for removing timber. A reduction in total contract price terminates all of the Purchaser's rights to purchase and remove the timber and all other interest in the affected sale area.

  • ADJUSTMENT OF GRIEVANCES 26.01 Any complaint, disagreement or difference of opinion between the Company, the Union or the employees covered by this Agreement, which concerns the interpretation, application, operation or alleged violation of the terms and provisions of this Agreement, shall be considered as a grievance.

  • Adjustment of allowances For the life of this Agreement, the fares and travel allowance in clause 27.5 of the Agreement will be adjusted annually in accordance with CPI (All Groups, Melbourne) movements measured in the twelve month period ending the previous December quarter effective as of the 1 March from 2025 onwards, rounded to the nearest 5 cents. The allowances in clauses 27.8(b)(ii) and 27.12(b) will be adjusted annually in accordance with CPI (All Groups, Melbourne) measured in the twelve month period ending the previous December quarter effective as of 1 March 2025 onwards, rounded to the nearest cent.