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CHARTERERS' LIABILITY INSURANCE / PART VI / Clause 10
PAYMENT
10.1 Premium
The premium payable by the Assured to the Association shall be as set out in the Certificate of Insurance and/or in the associated premium debit note raised by the Association.
10.2 Premium Payment Terms
The premium payment terms shall be as set out in the Certificate of Insurance and/or in the associated premium debit note raised by the Association.
10.3 Currencies
The Managers may require the Assured to pay all or any part of any sums payable by the Assured in such currencies as the Managers may specify.
10.4 Tax
The Assured shall pay on demand to the Association the amount of any tax or other financial demand, relating to sums due from or paid by the Assured to the Association, for which the Managers determine the Association has or may become liable.
10.5 Set-off
No claim of any kind whatsoever by the Assured against the Association shall give the Assured a right of set-off against sums of whatsoever nature due to the Association or shall entitle the Assured to withhold or delay payment of any such sums.
10.6 Penalty for Late Payment
Without prejudice to the rights and remedies of the Association under Part VI Clause 13.1 Failure to Pay, if any premium or instalment or part thereof or any other sum of whatsoever nature due from the Assured is not paid by such Assured on or before the date specified for payment thereof the Association may order such Assured to pay interest on the amount not so paid, from and including the date so specified down to the date of payment, at such rate as the Association may from time to time determine.
10.7 Not applicable
10.8 Effect of the Assured’s Non-payment
Without prejudice to the provisions of Part VI Clause 13 Termination of All Insurances and Part VI Clause 14 Termination of Ship Insurance, if any premium or other payment due from the Assured to the Association is not paid within 30 days of the date of service on the Assured of a debit note, notice or other demand for payment there shall be no recovery from the Association in respect of any liabilities incurred by the Assured otherwise insured by the Association.
Provided always that:
10.8.1 the Managers may serve a notice extending the time for payment and the Assured may then make arrangements satisfactory to the Managers prior to the expiry of the period of grace allowed in the said notice for the payment of any such premium or other payment.
10.9 Recovery
All monies from time to time payable by the Assured may be recovered by action commenced under the instructions of the Managers in the name of the Association.
10.10 Lien
The Association shall have a lien on all ships owned or bareboat chartered by the Assured in respect of monies payable by the Assured to the Association.
10.11 Other Jurisdiction
Nothing in the Certificate of Insurance and/or these Charterers’ Insurances Terms & Conditions (including the provisions of Part VI Clause 21 Disputes and Differences and Part IV Clause 23 Jurisdiction) shall affect or prejudice the right of the Association to take action in accordance with local law in any jurisdiction to enforce a right in rem or exercise a lien on ships or to obtain security by seizure, attachment or arrest of assets for any amounts payable to the Association.
10.12 Effect of Fleet Insurance
Where one or more Ships have been insured as a Fleet Insurance then the debts of any one Assured in respect of any such insured Ship shall be treated as the debt of all the other Assureds whose Ships are or were insured as part of the same Fleet Insurance and the Association shall be entitled to act as if all the Ships forming part of the Fleet Insurance were insured for the account of the same Assured.