Common use of Rate of Hire Clause in Contracts

Rate of Hire. Subject as herein provided, Charterers shall pay for the use and hire of the Vessel at a daily hire rate, and pro rata for any part of a day, which shall consist of ***** commencing at and from the time and date of her delivery (local time) to Charterers until the time and date of redelivery (local time) to Owners. The ***** are stipulated in Article 6 of the Confirmation Memorandum. This daily hire rate applicable for all Charter extension periods is stipulated in Article 6 of the Confirmation Memorandum.