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What provisions does a Cancelling Clause in a voyage charter party usually contain?

(1) Charterers’ option to cancel, if the vessel is not ready to load (or in some forms, to tender NOR) on the agreed cancelling date; 

(2) owners’ obligation to notify charterers if it is anticipated that the ship will not be ready to load or tender by the cancelling date; and (3) charterers’ obligation to declare, on receipt of owners’ notification, whether they intend to cancel.

 

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