Common use of NOMINATION OF VESSEL Clause in Contracts

NOMINATION OF VESSEL. 17.2.1 Each Vessel shall be nominated in writing by the Buyer to the Seller. Such nomination shall specify: (a) the name of the Vessel, date built, deadweight, length and flag; (b) the approximate quantity to be loaded; (c) the ETA of the Vessel; (d) the destination(s) of the Vessel; (e) such other information as may be required by the Seller or Loading Terminal from time to time; (f) details of any cargo on board or to be laden on board if loading a part cargo; (g) demurrage and dispatch rate. 17.2.2 The nomination shall not be effective unless it is received by the Seller not later than 7 days prior to ETA to loading port. If the nomination is received by the Seller after such 7th day and is accepted by the Seller, it shall be effective but the Buyer shall be liable for all costs resulting from any delays in loading the Product under the Agreement that are due directly to the failure by the Buyer to nominate in a timely manner and any such delays shall not count as time allowed to the Seller for loading or if the Vessel is on demurrage, as demurrage.