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16 Hire and Withdrawal

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”.

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Devices

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