Time Charters
16
Hire and Withdrawal
Hire and Withdrawal
| “58 | 5. Payment of said hire to be made in New York in cash in United States Currency, semi-monthly in advance, and for the last half month or |
| 59. | part of same the approximate amount of hire, and should same not cover the actual time, hire is to be paid for the balance day by day, as it becomes |
| 60. | due, if so required by Owners, unless bank guarantee or deposit is made by the Charterers, otherwise failing the punctual and regular payment of the |
| 61. | hire, or bank guarantee, or on any breach of this Charter Party, the Owners shall be at liberty to withdraw the vessel from the service of the Char- |
| 62. | terers, without prejudice to any claim they (the Owners) may otherwise have on the Charterers… ” |
General
16.1
Clauses 4 and 5 of the New York Produce form deal with the charterers’ obligation to pay hire. Clause 4 stipulates that the charterers are to “pay for the use and hire” of the ship from “the day of her delivery… until the hour of the day of her re-delivery” – although this obligation is qualified by the off-hire clause, Clause 15, which stipulates that “payment of hire shall cease” in certain circumstances. Clause 5 stipulates that the charterers are to pay the “said hire… semi-monthly in advance”.