Common use of Partial Loss Clause in Contracts

Partial Loss. In the event the Vessel shall be damaged by any insured cause whatsoever prior to acceptance and Delivery thereof by the Purchaser and in the further event that such damage shall not constitute an actual or a constructive total loss of the Vessel, the Buider and/or Purchaser shall apply the amount recovered under the insurance policy referred to in Clause 10.2 to the repair of such damage, and the Purchaser shall accept the Vessel under this Contract if completed in accordance with this Contract and Specifications.

Partial Loss. In the event the Vessel shall be damaged by any insured cause whatsoever prior to acceptance and Delivery thereof by the Purchaser Buyer and in the further event that such damage shall not constitute an actual or a constructive total loss of the Vessel, the Buider and/or Purchaser Builder shall apply the amount recovered under the insurance policy referred to in Clause 10.2 Article XII(A) to the repair of such damagedamage satisfactory to the Classification Society, and the Purchaser Buyer shall accept the Vessel under this the Contract if completed in accordance with this Contract and Specifications.