What is a warranty?

A contractual term less essential than a condition, such that its breach will not have the effect of giving the injured party the right to repudiate the contract, although he may sue for damages. The majority of terms in most contracts are warranties rather than conditions. For example, a charterparty usually contains a speed warranty (that the chartered vessel is capable of a specified speed), while a tanker charterparty usually contains a pumping warranty (that the tanker can pump at a specified rate).

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Written by Ship Inspection

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