Vessel operating agreements Sample Clauses
A vessel operating agreement clause defines the terms and conditions under which a vessel is managed, operated, or chartered between parties. It typically outlines responsibilities such as crewing, maintenance, insurance, and compliance with regulations, and may specify performance standards or reporting requirements. This clause ensures that both the vessel owner and operator have a clear understanding of their respective duties, reducing the risk of disputes and promoting efficient vessel operations.
Vessel operating agreements. The MSP Operating Agreement shall re- quire that during the period an Eligible Vessel is included in that MSP Oper- ating Agreement, the Eligible Vessel shall:
(1) Documentation: Be documented as a U.S.-flag vessel under 46 U.S.C. chap- ter 121;