Document:

Exhibit 4.10

  

   

  

  
    	
            1. Date of Agreement

             

            M/V [name of vessel]

          
	
            2.

             

          	
            Owner (name, place of registered office and law of registry) (Cl. 1)

            [name of owner]

          	
            3.

          	
            Managers (name, place of registered office and law of registry) (Cl. 1)

            SEANERGY SHIPMANAGEMENT CORP.

          
	
            Name

             

             

          	
            Name

             

            Trust Company Complex, Ajeltake Road, Ajeltake Island

            Majuro MH96960, Marshall Islands

          
	
            Place of registered office

          	
            Place of registered office

             

            

            Republic of the Marshall Islands

          
	Law of registry	
            Law of registry

             

            

          

	
            4. Day and year of commencement of Agreement (Cl. 2)

             

          	 
	
            5. Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)

            NO

             

          	
            6. Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)

            YES

          
	
            7. Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)

            NO

             

          	
            8. Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)

            YES

          
	
            9. Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)

            YES

             

          	
            10. Sale or purchase of the Vessel (state “yes” or “no” as agreed) (Cl. 3.6)

            YES, upon Owner’s request

          
	
            11. Provisions (state “yes” or “no” as agreed) (Cl. 3.7)

            YES

             

          	
            12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)

            YES

          
	
            13. Chartering Services (only to be filled in if  “yes” stated in box 7) (Cl . 3.3(i))

            NO

             

          	
            14. Managers’ Insurance (state alternative (i), (ii) or (iii) of Cl.

                  6.3)

            YES AS PER CLAUSE 6.3  ( i )

          
	
            15. Annual Management Fee (state annual amount) (Cl. 8.1)

            US$ [   ] monthly

             

          	
            16. Severance Costs (state maximum amount) (Cl. 8.4(ii))

            N/A

          
	
            17. Day and year of termination of Agreement (Cl. 17)

            N/A

          	
            18. Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3
              place of arbitration must be stated) (Cl. 19)

            AS PER CLAUSE 19.1

             

          
	
            19. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Owners) (Cl. 20)

             

             

            

          	
            20. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Managers) (Cl. 20)

             

            154 VOULIAGMENIS AVENUE

            16674 GLYFADA, ATHENS, GREECE

            Fax: +30 2109638404

            Email: legal@seanergy.gr

          

     

      It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel) and “B”
        (Budget) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict of conditions, the provisions of PART I and Annexes “A” and “B” shall prevail over those of PART II to the extent of such conflict but no further.

      

      

      	
              Signature(s) (Owners)

               

              [name of owner]

            	
              Signature(s) (Managers)

               

              

              SEANERGY SHIPMANAGEMENT CORP.

            

       

      

      
        
          

      

      
        
          PART II

        

      

      

        
          
            	
                    1.

                  	
                    Definitions

                  	
                    1

                  
	 	
                    In this Agreement save where the context otherwise requires,

                  	
                    2

                  
	 	
                    the following words and expressions shall have the meanings

                  	
                    3

                  
	 	
                    hereby assigned to them.

                  	
                    4

                  
	 	
                    “Owners” means the party identified in Box 2.

                  	
                    5

                  
	 	
                    “Managers” means the party identified in Box 3.

                  	
                    6

                  
	 	
                    “Vessel” means the vessel or vessels details of which are set

                  	
                    7

                  
	 	
                    out in Annex “A” attached hereto.

                  	
                    8

                  
	 	
                    “Crew” means the Master, officers and ratings of the numbers,

                  	
                    9

                  
	 	
                    rank and nationality specified by the Owners.

                  	
                    10

                  
	 	
                    “Crew Support Costs” means all expenses of a general nature

                  	
                    11

                  
	 	
                    which are not particularly referable to any individual vessel for

                  	
                    12

                  
	 	
                    the time being managed by the Managers and which are incurred

                  	
                    13

                  
	 	
                    by the Managers for the purpose of providing an efficient and

                  	
                    14

                  
	 	
                    economic management service and, without prejudice to the

                  	
                    15

                  
	 	
                    generality of the foregoing, shall include the cost of crew standby

                  	
                    16

                  
	 	
                    pay, training schemes for officers and ratings, cadet training

                  	
                    17

                  
	 	
                    schemes, sick pay, study pay, recruitment and interviews.

                  	
                    18

                  
	 	
                    “Severance Costs” means the costs which the employers are

                  	
                    19

                  
	 	
                    legally obliged to pay to or in respect of the Crew as a result of

                  	
                    20

                  
	 	
                    the early termination of any employment contract for service on

                  	
                    21

                  
	 	
                    the Vessel.

                  	
                    22

                  
	 	
                    “Crew Insurances” means insurances against crew risks which

                  	
                    23

                  
	 	
                    shall include but not be limited to death, sickness, repatriation,

                  	
                    24

                  
	 	
                    injury, shipwreck unemployment indemnity and loss of personal

                  	
                    25

                  
	 	
                    effects.

                  	
                    26

                  
	 	
                    “Management Services” means the services specified in sub-

                  	
                    27

                  
	 	
                    clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12 and all other functions performed by the Managers under the terms of this Agreement.

                  	
                    28

                  
	 	
                    “ISM Code” means the International Management Code for the

                  	
                    29

                  
	 	
                    Safe Operation of Ships and for Pollution Prevention as adopted

                  	
                    30

                  
	 	
                    by the International Maritime Organization (IMO) by resolution

                  	
                    31

                  
	 	
                    A.741(18) or any subsequent amendment thereto.

                  	
                    32

                  
	 	
                    “Seanergy Group” means Seanergy Maritime Holdings Corp.

                  	
                    33

                  
	 	
                    group of companies and vessels

                  	 
	 	
                    “STCW 95” means the International Convention on Standards

                  	
                    34

                  
	 	
                    of Training, Certification and Watchkeeping for Seafarers, 1978,

                  	 
	 	
                    as amended in 1995 or any subsequent amendment thereto or substitution hereto.

                  	
                    35

                  
	
                    2.

                  	
                    Appointment of Managers

                  	
                    36

                  
	 	
                    With effect from the day and year stated in Box 4 and continuing

                  	
                    37

                  
	 	
                    unless and until terminated as provided herein, the Owners

                  	
                    38

                  
	 	
                    hereby appoint the Managers and the Managers hereby agree

                  	
                    39

                  
	 	
                    to act as the Managers of the Vessel.

                  	
                    40

                  
	
                    3.

                  	
                    Basis of Agreement

                  	
                    41

                  
	 	
                    Subject to the terms and conditions herein provided, during the

                  	
                    42

                  
	 	
                    period of this Agreement, the Managers shall carry out

                  	
                    43

                  
	 	
                    Management Services in respect of the Vessel as agents for

                  	
                    44

                  
	 	
                    and on behalf of the Owners. The Managers shall have authority

                  	
                    45

                  
	 	
                    to take such actions as they may from time to time in their absolute

                  	
                    46

                  
	 	
                    discretion consider to be necessary to enable them to perform

                  	
                    47

                  
	 	
                    this Agreement in accordance with sound ship management

                  	
                    48

                  
	 	
                    practice including but not limited to compliance with all relevant rules and regulations.

                  	
                    49

                  
	 	
                    3.1 Crew Management

                  	
                     50

                  
	 	
                    (only applicable if agreed according to Box 5)

                  	
                    51

                  
	 	
                    The Managers shall provide suitably qualified Crew for the Vessel

                  	
                    52

                  
	 	
                    as required by the Owners in accordance with the STCW 95

                  	
                    53

                  
	 	
                    requirements, provision of which includes but is not limited to

                  	
                    54

                  
	 	
                    the following functions:

                  	
                    55

                  
	 	
                    (i)   selecting and engaging the Vessel’s Crew, including payroll

                  	
                    56

                  
	 	
                    arrangements, pension administration, and insurances for

                  	
                    57

                  
	 	
                    the Crew other than those mentioned in Clause 6:

                  	
                    58

                  
	 	
                    (ii) ensuring that the applicable requirements of the law of the

                  	
                    59

                  
	 	
                    flag of the Vessel are satisfied in respect of manning levels,

                  	
                    60

                  
	 	
                    rank, qualification and certification of the Crew and

                  	
                    61

                  
	 	
                    employment regulations including Crew’s tax, social

                  	
                    62

                  
	 	
                    insurance, discipline and other requirements;

                  	
                    63

                  
	 	
                    (iii) ensuring that all members of the Crew have passed a medical

                  	
                    64

                  
	 	
                    examination with a qualified doctor certifying that they are fit

                  	
                    65

                  

          

        

        
          
            	 	
                    for the duties for which they are engaged and are in possession

                  	
                     66

                  
	 	
                    of valid medical certificates issued in accordance with

                  	
                    67

                  
	 	
                    appropriate flag State requirements. In the absence of

                  	
                    68

                  
	 	
                    applicable flag State requirements the medical certificate shall

                  	
                    69

                  
	 	
                    be dated not more than three months prior to the respective

                  	
                    70

                  
	 	
                    Crew members leaving their country of domicile and

                  	
                    71

                  
	 	
                    maintained for the duration of their service on board the Vessel;

                  	
                    72

                  
	 	
                    (iv) ensuring that the Crew shall have a command of the English

                  	
                    73

                  
	 	
                    language of a sufficient standard to enable them to perform

                  	
                    74

                  
	 	
                    their duties safely;

                  	
                    75

                  
	 	
                    (v)  arranging transportation of the Crew, including repatriation;

                  	
                    76

                  
	 	
                    (vi) training of the Crew and supervising their efficiency;

                  	
                    77

                  
	 	
                    (vii) conducting union negotiations;

                  	
                    78

                  
	 	
                    (viii) operating the Managers’ drug and alcohol policy unless

                  	
                    79

                  
	 	
                    otherwise agreed.

                  	
                    80

                  
	3.2	
                    Technical Management

                  	
                    81

                  
	 	
                    (only applicable if agreed according to Box 6)

                  	
                    82

                  
	 	
                    The Managers shall provide technical management which

                  	
                    83

                  
	 	
                    includes, but is not limited to, the following functions:

                  	
                    84

                  
	 	
                    (i)  provision of competent personnel to supervise the

                  	
                    85

                  
	 	
                    maintenance and general efficiency of the Vessel;

                  	
                    86

                  
	 	
                    (ii)arrangement and supervision of dry dockings, repairs,

                  	
                    87

                  
	 	
                    modifications, alterations and the upkeep of the Vessel to the standards

                  	
                    88

                  
	 	
                    required by the Owners provided that the Managers shall

                  	
                    89

                  
	 	
                    be entitled to incur the necessary expenditure to ensure

                  	
                    90

                  
	 	
                    that the Vessel will comply with the laws and regulations of the flag of the

                  	
                    91

                  
	 	
                    Vessel and of the places where she trades, and all

                  	
                    92

                  
	 	
                    requirements and recommendations of the classification

                  	
                    93

                  
	 	
                    society and equipment manufacturers;

                  	
                    94

                  
	 	
                    (iii) arrangement of the supply of necessary stores, spares and

                  	 
	 	
                    lubricating oil;

                  	
                    96

                  
	 	
                    (iv) appointment of surveyors and technical consultants as the

                  	
                    97

                  
	 	
                    Managers may consider from time to time to be necessary;

                  	 
	 	
                    (v) development, implementation and maintenance of a Safety

                  	
                    99

                  
	 	
                    Management System (SMS) in accordance with the ISM

                  	
                    100

                  
	 	
                    Code (see sub-clauses 4,2 and 5;3);

                  	 
	 	
                    (vi) arrangement of periodic analysis of the bunker fuel, lubricating oils and chemicals by third parties (the costs being included in the Vessel’s running costs).

                  	 
	3.3	
                     Commercial Management

                  	
                          102

                  
	 	
                    (only applicable if agreed according to Box 7)

                  	
                    103

                  
	 	
                    The Managers shall provide the commercial operation of the

                  	
                    104

                  
	 	
                    Vessel, as required by the Owners, which includes, but is not

                  	
                    105

                  
	 	
                    limited to, the following functions:

                  	
                    106

                  
	 	
                    (i)   providing chartering services in accordance with the Owners’

                  	
                    107

                  
	 	
                    instructions which include, but are not limited to, seeking

                  	
                    108

                  
	 	
                    and negotiating employment for the Vessel and the conclusion

                  	
                    109

                  
	 	
                    (including the execution thereof) of charter parties or other

                  	
                    110

                  
	 	
                    contracts relating to the employment of the Vessel. If such a

                  	
                    111

                  
	 	
                    contract exceeds the period stated in Box 13. consent thereto

                  	
                    112

                  
	 	
                    in writing shall first be obtained from the Owners.

                  	
                    113

                  
	 	
                    (ii) arranging of the proper payment to Owners or their nominees

                  	
                    114

                  
	 	
                    of all hire and/or freight revenues or other moneys of

                  	
                    115

                  
	 	
                    whatsoever nature to which Owners may be entitled arising

                  	
                    116

                  
	 	
                    out of the employment of or otherwise in connection with the

                  	
                    117

                  
	 	
                    Vessel.

                  	
                    118

                  
	 	
                    (iii) providing voyage estimates and accounts and calculating of

                  	
                    119

                  
	 	
                    hire, freights, demurrage and/or despatch moneys due from

                  	
                    120

                  
	 	
                    or due to the charterers of the Vessel;

                  	
                    121

                  
	 	
                    (iv) issuing of voyage instructions;

                  	
                    122

                  
	 	
                    (v) appointing agents;

                  	
                    123

                  
	 	
                    (vi) appointing stevedores;

                  	
                    124

                  
	 	
                    (vii)arranging surveys associated with the commercial operation

                  	
                    125

                  
	 	
                    of the Vessel.

                  	
                    126

                  
	
                    3.4

                  	
                    Insurance Arrangements

                  	
                    127

                  
	 	
                    (only applicable if agreed according to Box 8)

                  	
                    128

                  
	 	
                    The Managers shall arrange insurances in accordance with

                  	
                    129

                  
	 	
                    Clause 6, on such terms and conditions as the Owners shall

                  	
                    130

                  
	 	
                    have instructed or agreed, in particular regarding conditions,

                  	
                    131

                  

          

        

        
          	
                   

                

        

        
          
            

        

        
          PART II

           

          

        

        
          
            	 	
                    insured values, deductibles, limits of liability and franchises.

                  	
                    132

                  
	
                    3.5

                  	
                    Accounting Services

                  	
                    133

                  
	 	
                    (only applicable if agreed according to Box 9)

                  	
                    134

                  
	 	
                    The Managers shall:

                  	
                    135

                  
	 	
                    (i)   establish an accounting system which meets the

                  	
                    136

                  
	 	
                    requirements of the Owners and provide regular accounting

                  	
                    137

                  
	 	
                    services, supply regular reports and records,

                  	
                    138

                  
	 	
                    (ii) maintain the records of all costs and expenditure incurred

                  	
                    139

                  
	 	
                    as well as data necessary or proper for the settlement of

                  	
                    140

                  
	 	
                    accounts between the parties.

                  	
                    141

                  
	
                    3.6

                  	
                    Sale or Purchase of the Vessel

                  	
                    142

                  
	 	
                    (only applicable if agreed according to Box 10)

                  	
                    143

                  
	 	
                    The Managers shall, upon Owners’ instructions,

                  	
                    144

                  
	 	
                    supervise the sale or purchase of the Vessel, including the

                  	
                    145

                  
	 	
                    performance of any sale or purchase agreement, but not

                  	
                    146

                  
	 	
                    negotiation of the same.

                  	
                    147

                  
	
                    3.7

                  	
                    Provisions (only applicable if agreed according to Box 11)

                  	
                    148

                  
	 	
                    The Managers shall arrange for the supply of provisions.

                  	
                    149

                  
	
                    3.8

                  	
                    Bunkering (only applicable if agreed according to Box 12)

                  	
                    150

                  
	 	
                    The Managers shall arrange for the provision of bunker fuel of the

                  	
                    151

                  
	 	
                    quality specified by the Owners as required for the Vessel’s trade.

                  	
                    152

                  
	
                    3.9

                  	
                    Operations

                  	 
	 	
                    As required by the Owners, the Managers shall, as agents for the Owners, provide support on the following functions:

                  	 
	 	
                    (i) Monitoring voyage instructions and liaising as appropriate with the Owners, the Owners’ brokers and charterers;

                  	 
	 	
                    (ii) Appointment of agents; and

                  	 
	 	
                    (iii) Arrangement of surveying of cargoes.

                  	 
	
                    4.

                  	
                    Managers’ Obligations

                  	
                    153

                  
	
                    4.1

                  	
                    The Managers undertake to use their best endeavours to

                  	
                    154

                  
	 	
                    provide the agreed Management Services as agents for and on

                  	
                    155

                  
	 	
                    behalf of the Owners in accordance with sound ship management

                  	
                    156

                  
	 	
                    practice and to protect and promote the interests of the Owners in

                  	
                    157

                  
	 	
                    all matters relating to the provision of services hereunder.

                  	
                    158

                  
	 	
                    Provided, however, that the Managers in the performance of their

                  	
                    159

                  
	 	
                    management responsibilities under this Agreement shall be entitled

                  	
                    160

                  
	 	
                    to have regard to their overall responsibility in relation to other vessels

                  	
                    161

                  
	 	
                    of the Seanergy Group as may from time to time be entrusted to their

                  	
                    162

                  
	 	
                    management and in particular, but without prejudice to the generality

                  	
                    163

                  
	 	
                    of the foregoing, the Managers shall be entitled to allocate available supplies,

                  	
                    164

                  
	 	
                    manpower and services in such manner as in the prevailing

                  	
                    165

                  
	 	
                    circumstances the Managers in their absolute discretion consider

                  	
                    166

                  
	 	
                    to be fair and reasonable.

                  	
                    167

                  
	
                    4.2

                  	
                    Where the Managers are providing Technical Management

                  	
                    168

                  
	 	
                    in accordance with sub-clause 3.2, they shall procure that the

                  	
                    169

                  
	 	
                    requirements of the law of the flag of the Vessel are satisfied and

                  	
                    170

                  
	 	
                    they shall in particular be deemed to be the “Company” as defined

                  	
                    171

                  
	 	
                    by the ISM Code, assuming the responsibility for the operation of

                  	
                    172

                  
	 	
                    the Vessel and taking over the duties and responsibilities imposed

                  	
                    173

                  
	 	
                    by the ISM Code and the ISPS Code when applicable.

                  	
                    174

                  
	
                    5.

                  	
                    Owners’ Obligations

                  	
                    175

                  
	
                    5.1

                  	
                    The Owners shall pay all sums due to the Managers punctually

                  	
                    176

                  
	 	
                    in accordance with the terms of this Agreement.

                  	
                    177

                  
	
                    5.2

                  	
                    Where the Managers are providing Technical Management

                  	
                    178

                  
	 	
                    in accordance with sub-clause 3.2, the Owners shall:

                  	
                    179

                  
	 	
                    (i)   procure that all officers and ratings supplied by them or on

                  	
                    180

                  
	 	
                    their behalf comply with the requirements of STCW 95;

                  	
                    181

                  
	 	
                    (ii)   instruct such officers and ratings to obey all reasonable orders

                  	
                    182

                  
	 	
                    of the Managers in connection with the operation of the

                  	
                    183

                  
	 	
                    Managers’ safety management system.

                  	
                    184

                  
	
                    5.3

                  	
                    Where the Managers are not providing Technical Management

                  	
                    185

                  
	 	
                    in accordance with sub-clause 3.2, the Owners shall procure that

                  	
                    186

                  
	 	
                    the requirements of the law of the flag of the Vessel are satisfied

                  	
                    187

                  
	 	
                    and that they, or such other entity as may be appointed by them

                  	
                    188

                  
	 	
                    and identified to the Managers, shall be deemed to be the

                  	
                    189

                  
	 	
                    “Company” as defined by the ISM Code assuming the responsibility

                  	
                    190

                  
	 	
                    for the operation of the Vessel and taking over the duties and

                  	
                    191

                  
	 	
                    responsibilities imposed by the ISM Code when applicable.

                  	
                    192

                  

          

        

        
          
            	
                    6.

                  	
                    Insurance Policies

                  	
                    193

                  
	 	
                    The Owners shall procure, whether by instructing the Managers

                  	
                    194

                  
	 	
                    under sub-clause 3.4 or otherwise, that throughout the period of

                  	
                    195

                  
	 	
                    this Agreement:

                  	
                    196

                  
	
                    6.1

                  	
                    at the Owners’ expense, the Vessel is insured for not less

                  	
                    197

                  
	 	
                    than her sound market value or entered for her full gross tonnage,

                  	
                    198

                  
	 	
                    as the case may be for:

                  	
                    199

                  
	 	
                    (i)   usual hull and machinery marine risks (including crew

                  	
                    200

                  
	 	
                    negligence) and excess liabilities;

                  	
                    201

                  
	 	
                    (ii) protection and indemnity risks (including pollution risks and

                  	
                    202

                  
	 	
                    Crew Insurances); and

                  	
                    203

                  
	 	
                    (iii) war risks (including protection and indemnity and crew risks)

                  	
                    204

                  
	 	
                    in accordance with the best practice of prudent owners of

                  	
                    205

                  
	 	
                    vessels of a similar type to the Vessel, with first class insurance

                  	
                    206

                  
	 	
                    companies, underwriters or associations (“the Owners’

                  	
                    207

                  
	 	
                    Insurances”);

                  	
                    208

                  
	
                    6.2

                  	
                    all premiums and calls on the Owners’ Insurances are paid

                  	
                    209

                  
	 	
                    promptly by their due date,

                  	
                    210

                  
	
                    6.3

                  	
                    the Owners’ Insurances name the Managers and, subject

                  	
                    211

                  
	 	
                    to underwriters’ agreement, any third party designated by the

                  	
                    212

                  
	 	
                    Managers as a joint assured, with full cover, with the Owners

                  	
                    213

                  
	 	
                    obtaining cover in respect of each of the insurances specified in

                  	
                    214

                  
	 	
                    sub-clause 6.1:

                  	
                    215

                  
	 	
                    (i)   on terms whereby the Managers and any such third party

                  	
                    216

                  
	 	
                    are liable in respect of premiums or calls arising in connection

                  	
                    217

                  
	 	
                    with the Owners’ Insurances; or

                  	
                    218

                  
	 	
                    (ii) if reasonably obtainable, on terms such that neither the

                  	
                    219

                  
	 	
                    Managers nor any such third party shall be under any

                  	
                    220

                  
	 	
                    liability in respect of premiums or calls arising in connection

                  	
                    221

                  
	 	
                    with the Owners’ Insurances; or

                  	
                    222

                  
	 	
                    (iii) on such other terms as may be agreed in writing.

                  	
                    223

                  
	 	
                    Indicate alternative (i), (ii) or (iii) in Box 14. If

                      Box 14 is left

                  	
                    224

                  
	 	
                    blank then (i) applies.

                  	
                    225

                  
	
                    6.4

                  	
                    written evidence is provided, to the reasonable satisfaction

                  	
                    226

                  
	 	
                    of the Managers, of their compliance with their obligations under

                  	
                    227

                  
	 	
                    Clause 6 within a reasonable time of the commencement of

                  	
                    228

                  
	 	
                    the Agreement, and of each renewal date and, if specifically

                  	
                    229

                  
	 	
                    requested, of each payment date of the Owners’ Insurances.

                  	
                    230

                  
	
                    7.

                  	
                    Income Collected and Expenses Paid on Behalf of Owners

                  	
                    231

                  
	
                    7.1

                  	
                    All moneys collected by the Managers under the terms of

                  	
                    232

                  
	 	
                    this Agreement (other than moneys payable by the Owners to

                  	
                    233

                  
	 	
                    the Managers) and any interest thereon shall be held to the

                  	
                    234

                  
	 	
                    credit of the Owners in a separate bank account.

                  	
                    235

                  
	
                    7.2

                  	
                    All expenses incurred by the Managers under the terms

                  	
                    236

                  
	 	
                    of this Agreement on behalf of the Owners (including expenses

                  	
                    237

                  
	 	
                    as provided in Clause 8) may be debited against the Owners

                  	
                    238

                  
	 	
                    in the account referred to under sub-clause 7.1. but shall in any

                  	
                    239

                  
	 	
                    event remain payable by the Owners to the Managers on

                  	
                    240

                  
	 	
                    demand.

                  	
                    241

                  
	
                    8.

                  	
                    Management Fee

                  	
                    242

                  
	
                    8.1

                  	
                    The Owners shall pay to the Managers for their services

                  	
                    243

                  
	 	
                    as Managers under this Agreement an annual management

                  	
                    244

                  
	 	
                    fee as stated in Box 15 which shall be payable by equal

                  	
                    245

                  
	 	
                    monthly instalments in advance, the first instalment

                  	 
	 	
                    (pro rata if applicable) being

                  	
                    246

                  
	 	
                    payable on the commencement of this Agreement (see Clause

                  	
                    247

                  
	 	
                    2 and Box 4) and subsequent instalments being
                        payable every

                  	
                    248

                  
	 	
                    month. The management fee shall be payable to the Managers’ account advised by the Managers.

                  	
                    249

                  
	
                    8.2

                  	
                    The management fee shall be subject to an annual review

                  	
                    250

                  
	 	
                    on the anniversary date of the Agreement and the proposed

                  	
                    251

                  
	 	
                    fee shall be presented in the annual budget referred to in sub-

                  	
                    252

                  
	 	
                    Clause 9.1

                  	
                    253

                  
	
                    8.3

                  	
                    The Managers shall, at no extra cost to the Owners, provide

                  	
                    254

                  
	 	
                    their own office accommodation, office staff, facilities and

                  	
                    255

                  
	 	
                    stationery. Without limiting the generality of Clause 7 the Owners

                  	
                    256

                  
	 	
                    shall reimburse the Managers for postage and communication

                  	
                    257

                  
	 	
                    expenses, travelling expenses, and other out of pocket

                  	
                    258

                  
	 	
                    expenses properly incurred by the Managers in pursuance of

                  	
                    259

                  

          

        

        

        
          
            	
                     

                  

          

          
            
              

          

           PART II

           

          

          
            
              	 	
                      the Management Services.

                    	 
	 	
                      Any days used by the Manager’s personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services shall be charged as per actual expenses.

                    	
                      260

                    
	
                      8.4

                    	
                      In the event of the appointment of the Managers being

                    	
                      261

                    
	 	
                      terminated by the Owners or the Managers in accordance with

                    	
                      262

                    
	 	
                      the provisions of Clauses 17 and 18 other than by reason of

                    	
                      263

                    
	 	
                      default by the Managers, or if the Vessel is lost, sold or otherwise

                    	
                      264

                    
	 	
                      disposed of, the “management fee” payable to the Managers

                    	
                      265

                    
	 	
                      according to the provisions of sub-clause 8.1. shall continue to

                    	
                      266

                    
	 	
                      be payable for a further period of three calendar months as

                    	
                      267

                    
	 	
                      from the termination date. In addition, provided that the

                    	
                      268

                    
	 	
                      Managers provide Crew for the Vessel in accordance with sub-

                    	
                      269

                    
	 	
                      clause 3.1:

                    	
                      270

                    
	 	
                      (i)   the Owners shall continue to pay Crew Support Costs during

                    	
                      271

                    
	 	
                      the said further period of three calendar months and

                    	
                      272

                    
	 	
                      (ii) the Owners shall pay an equitable proportion of any

                    	
                      273

                    
	 	
                      Severance Costs which may materialize, not exceeding

                    	
                      274

                    
	 	
                      the amount stated in Box 16.

                    	
                      275

                    
	
                      8.5

                    	
                      If the Owners decide to lay-up the Vessel whilst this

                    	
                      276

                    
	 	
                      Agreement remains in force and such lay-up lasts for more

                    	
                      277

                    
	 	
                      than three months, an appropriate reduction of the management

                    	
                      278

                    
	 	
                      fee for the period exceeding three months until one month

                    	
                      279

                    
	 	
                      before the Vessel is again put into service shall be mutually

                    	
                      280

                    
	 	
                      agreed between the parties.

                    	
                      281

                    
	
                      8.6

                    	
                      Unless otherwise agreed in writing all discounts and

                    	
                      282

                    
	 	
                      commissions obtained by the Managers in the course of the

                    	
                      283

                    
	 	
                      management of the Vessel shall be credited to the Owners.

                    	
                      284

                    
	 	
                      9. Budgets and Management of Funds

                    	
                      285

                    
	
                      9.1

                    	
                      The Managers shall present to the Owners annually a

                    	
                      286

                    
	 	
                      budget for the following twelve months in such form as the

                    	
                      287

                    
	 	
                      Owners require. The budget for the first year hereof is set out

                    	
                      288

                    
	 	
                      in Annex “B” hereto. Subsequent

                    	 
	 	
                      annual budgets shall be

                    	
                      289

                    
	 	
                      prepared by the Managers and submitted to the Owners not

                    	
                      290

                    
	 	
                      less than one month before January 1st of each calendar year

                    	
                      291

                    
	 	
                      (see Clause 2 and Box 4).

                    	
                      292

                    
	
                      9.2

                    	
                      The Owners shall indicate to the Managers their acceptance

                    	
                      293

                    
	 	
                      and approval of the annual budget within one month of

                    	
                      294

                    
	 	
                      presentation and in the absence of any such indication the

                    	
                      295

                    
	 	
                      Managers shall be entitled to assume that the Owners have

                    	
                      296

                    
	 	
                      accepted the proposed budget.

                    	
                      297

                    
	
                      9.3

                    	
                      Following the agreement of the budget, the Managers shall

                    	
                      298

                    
	 	
                      prepare and present to the Owners their estimate of the working

                    	
                      299

                    
	 	
                      capital requirement of the Vessel and the Managers shall each

                    	
                      300

                    
	 	
                      month up-date this estimate. Based thereon, the Managers shall

                    	
                      301

                    
	 	
                      each month request the Owners in writing for the funds required

                    	
                      302

                    
	 	
                      to run the Vessel for the ensuing month, including the payment

                    	
                      303

                    
	 	
                      of any occasional or extraordinary item of expenditure, such as

                    	
                      304

                    
	 	
                      emergency repair costs, additional insurance premiums, bunkers

                    	
                      305

                    
	 	
                      or provisions. Such funds shall be received by the Managers

                    	
                      306

                    
	 	
                      within ten running days after the receipt by the Owners of the

                    	
                      307

                    
	 	
                      Managers’ written request and shall be held to the credit of the

                    	
                      308

                    
	 	
                      Owners in a separate bank account.

                    	
                      309

                    
	
                      9.4

                    	
                      The Managers shall produce a comparison between

                    	
                      310

                    
	 	
                      budgeted and actual income and expenditure of the Vessel in

                    	
                      311

                    
	 	
                      such form as required by the Owners monthly or at such other

                    	
                      312

                    
	 	
                      intervals as mutually agreed.

                    	
                      313

                    
	
                      9.5

                    	
                      Notwithstanding anything contained herein to the contrary,

                    	
                      314

                    
	 	
                      the Managers shall in no circumstances be required to use or

                    	
                      315

                    
	 	
                      commit their own funds to finance the provision of the

                    	
                      316

                    
	 	
                      Management Services.

                    	
                      317

                    
	10.	
                      Managers’ Right to Sub-Contract

                    	
                      318

                    
	 	
                      The Managers shall not have the right to sub-contract any of

                    	
                      319

                    
	 	
                      their obligations hereunder, including those mentioned in sub-

                    	
                      320

                    
	 	
                      clause 3.1 without the prior written consent of the Owners which

                    	
                      321

                    
	 	
                      shall not be unreasonably withheld. In the event of such a sub-

                    	
                      322

                    
	 	
                      contract the Managers shall remain fully liable for the due

                    	
                      323

                    
	 	
                      performance of their obligations under this Agreement.

                    	
                      324

                    

            

          

          
            
              	11.	
                      Responsibilities

                    	
                      325

                    
	
                      11.1

                    	
                      Force Majeure - Neither the Owners nor the Managers

                    	
                      326

                    
	 	
                      shall be under any liability for any failure to perform any of their

                    	
                      327

                    
	 	
                      obligations hereunder by reason of any cause whatsoever of

                    	
                      328

                    
	 	
                      any nature or kind beyond their reasonable control.

                    	
                      329

                    
	 	
                      Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events and/or conditions to the extent that the party invoking force majeure is prevented or hindered from performing any or
                        all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:

                    	 
	 	
                      (i)       acts of God;

                    	 
	 	
                      (ii)      any Government requisition, control, intervention, requirement or interference;

                    	 
	 	
                      (iii)     any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;

                    	 
	 	
                      (iv)     riots, civil commotion, blockades or embargoes;

                    	 
	 	
                      (v)      epidemics;

                    	 
	 	
                      (vi)     earthquakes, landslides, floods or other extraordinary weather conditions;

                    	 
	 	
                      (vii)    strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the party seeking to invoke force majeure;

                    	 
	 	
                      (viii)   fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and

                    	 
	 	
                      (ix)     any other similar cause beyond the reasonable control of either party.

                    	 
	
                      11.2

                    	
                      Liability to Owners  - (i) Without prejudice to sub-clause

                    	
                      330

                    
	 	
                      11.1, the Managers shall be under no liability whatsoever to the

                    	
                      331

                    
	 	
                      Owners for any loss, damage, delay or expense of whatsoever

                    	
                      332

                    
	 	
                      nature, whether direct or indirect, (including but not limited to

                    	
                      333

                    
	 	
                      loss of profit arising out of or in connection with detention of or

                    	
                      334

                    
	 	
                      delay to the Vessel) and howsoever arising in the course of

                    	
                      335

                    
	 	
                      performance of the Management Services UNLESS same is

                    	
                      336

                    
	 	
                      proved to have resulted solely from the negligence, gross

                    	
                      337

                    
	 	
                      negligence or wilful default of the Managers or their employees,

                    	
                      338

                    
	 	
                      or agents or sub-contractors employed by them in connection

                    	
                      339

                    
	 	
                      with the Vessel, in which case (save where loss, damage, delay

                    	
                      340

                    
	 	
                      or expense has resulted from the Managers’ personal act or

                    	
                      341

                    
	 	
                      omission committed with the intent to cause same or recklessly

                    	
                      342

                    
	 	
                      and with knowledge that such loss, damage, delay or expense

                    	
                      343

                    
	 	
                      would probably result) the Managers’ liability for each incident

                    	
                      344

                    
	 	
                      or series of incidents giving rise to a claim or claims shall never

                    	
                      345

                    
	 	
                      exceed a total of ten times the annual management fee payable

                    	
                      346

                    
	 	
                      hereunder.

                    	
                      347

                    
	 	
                      (ii) Notwithstanding anything that may appear to the contrary in

                    	
                      348

                    
	 	
                      this Agreement, the Managers shall not be liable for any of the

                    	
                      349

                    
	 	
                      actions of the Crew, even if such actions are negligent, grossly

                    	
                      350

                    
	 	
                      negligent or wilful., except only to the extent that they are shown

                    	
                      351

                    
	 	
                      to have resulted from a failure by the Managers to discharge

                    	
                      352

                    
	 	
                      their obligations under sub-clause 3.1, in which case their
                            liability

                    	
                      353

                    
	 	
                      shall be limited in accordance with the terms of this Clause 11.

                    	
                      354

                    
	
                      11.3

                    	
                      Indemnity - Except to the extent and solely for the amount

                    	
                      355

                    
	 	
                      therein set out that the Managers would be liable under sub-

                    	
                      356

                    
	 	
                      clause 11.2, the Owners hereby undertake to keep the Managers

                    	
                      357

                    
	 	
                      and their employees, agents and sub-contractors indemnified

                    	
                      358

                    
	 	
                      and to hold them harmless against all actions, proceedings,

                    	
                      359

                    
	 	
                      claims, demands or liabilities whatsoever or howsoever arising

                    	
                      360

                    
	 	
                      which may be brought against them or incurred or suffered by

                    	
                      361

                    
	 	
                      them arising out of or in connection with the performance of the

                    	
                      362

                    
	 	
                      Agreement, and against and in respect of all costs, losses,

                    	
                      363

                    
	 	
                      damages and expenses (including legal costs and expenses on

                    	
                      364

                    
	 	
                      a full indemnity basis) which the Managers may suffer or incur

                    	
                      365

                    
	 	
                      (either directly or indirectly) in the course of the performance of

                    	
                      366

                    
	 	
                      this Agreement.

                    	
                      367

                    
	
                      11.4

                    	
                      “Himalaya” - It is hereby expressly agreed that no

                    	
                      368

                    
	 	
                      employee or agent of the Managers (including every sub-

                    	
                      369

                    
	 	
                      contractor from time to time employed by the Managers) shall in

                    	
                      370

                    
	 	
                      any circumstances whatsoever be under any liability whatsoever

                    	
                      371

                    
	 	
                      to the Owners for any loss, damage or delay of whatsoever kind

                    	
                      372

                    
	 	
                      arising or resulting directly or indirectly from any act, neglect or

                    	
                      373

                    
	 	
                      default on his part while acting in the course of or in connection

                    	
                      374

                    
	 	
                      with his employment and, without prejudice to the generality of

                    	
                      375

                    
	 	
                      the foregoing provisions in this Clause 11. every exemption,

                    	
                      376

                    
	 	
                      limitation, condition and liberty herein contained and every right,

                    	
                      377

                    
	 	
                      exemption from liability, defence and immunity of whatsoever

                    	
                      378

                    
	 	
                      nature applicable to the Managers or to which the Managers are

                    	
                      379

                    
	 	
                      entitled hereunder shall also be available and shall extend to

                    	
                      380

                    
	 	
                      protect every such employee or agent of the Managers acting

                    	
                      381

                    
	 	
                      as aforesaid and for the purpose of all the foregoing provisions

                    	
                      382

                    
	 	
                      of this Clause 11 the Managers are or shall be deemed to be

                    	
                      383

                    
	 	
                      acting as agent or trustee on behalf of and for the benefit of all

                    	
                      384

                    
	 	
                      persons who are or might be their servants or agents from time

                    	
                      385

                    

            

          

          

          
            	
                     

                  

          

          
            
              

          

          
            
              	 	
                      to time (including sub-contractors as aforesaid) and all such

                    	
                      386

                    
	 	
                      persons shall to this extent be or be deemed to be parties to this

                    	
                      387

                    
	 	
                      Agreement.

                    	
                      388

                    
	 	 	 
	12.	
                      Documentation

                    	
                      389

                    
	 	
                      Where the Managers are providing Technical Management in

                    	
                      390

                    
	 	
                      accordance with sub-clause 3.2 and/or Crew Management in

                    	
                      391

                    
	 	
                      accordance with sub-clause 3.1. they shall make available,

                    	
                      392

                    

            

          

          
             

          

          
            	
                     

                  

          

          
            
              

          

          
             PART II

          

          

          

          
            
              	 	
                      upon Owners’ request, all documentation and records related

                    	
                      393

                    
	 	
                      to the Safety Management System (SMS) and/or the Crew

                    	
                      394

                    
	 	
                      which the Managers need in order to demonstrate compliance

                    	
                      395

                    
	 	
                      with the ISM Code and STCW 95 or to defend a claim against

                    	
                      396

                    
	 	
                      a third party.

                    	
                      397

                    
	
                      13.

                    	
                      General Administration

                    	
                      398

                    
	
                      13.1

                    	
                      The Managers shall handle and settle all claims arising

                    	
                      399

                    
	 	
                      out of the Management Services hereunder and keep the Owners

                    	
                      400

                    
	 	
                      informed in a timely manner regarding any incident of which

                    	 
	 	
                      the Managers become

                    	
                      401

                    
	 	
                      aware which gives or may give rise to claims or disputes involving

                    	
                      402

                    
	 	
                      third parties.

                    	
                      403

                    
	
                      13.2

                    	
                      The Managers shall, as instructed by the Owners, bring

                    	
                      404

                    
	 	
                      or defend actions, suits or proceedings in connection with matters

                    	
                      405

                    
	 	
                      entrusted to the Managers according to this Agreement.

                    	
                      406

                    
	
                      13.3

                    	
                      The Managers shall also have power to obtain legal or

                    	
                      407

                    
	 	
                      technical or other outside expert advice in relation to the handling

                    	
                      408

                    
	 	
                      and settlement of claims and disputes or all other matters

                    	
                      409

                    
	 	
                      affecting the interests of the Owners in respect of the Vessel.

                    	
                      410

                    
	
                      13.4

                    	
                      The Owners shall arrange for the provision of any

                    	
                      411

                    
	 	
                      necessary guarantee bond or other security.

                    	
                      412

                    
	
                      13.5

                    	
                      Any costs reasonably incurred by the Managers in

                    	
                      413

                    
	 	
                      carrying out their obligations according to Clause 13 shall be

                    	
                      414

                    
	 	
                      reimbursed by the Owners.

                    	
                      415

                    
	
                      13.6

                    	
                      The Managers shall have power to obtain appropriate legal or technical or other outside expert advice in relation to the handling and settlement of claims in relation to Sub-clauses 13.1 and 13.2 and disputes and any other
                        matters affecting the interests of the Owners in respect of the Vessel, unless the Owners instruct the Managers otherwise.

                    	 
	 	
                      14. Auditing

                    	
                      416

                    
	 	
                      The Managers shall at all times maintain and keep true and

                    	
                      417

                    
	 	
                      correct accounts in respect of the Management Services in accordance with the relevant US GAAP Standards or such other standard as the parties may agree, including records of all costs and expenditure incurred, and shall make the
                        same available for inspection

                    	
                      418

                    
	 	
                      and auditing by the Owners at such times as may be mutually

                    	
                      419

                    
	 	
                      agreed. On the termination, for whatever reasons, of this

                    	
                      420

                    
	 	
                      Agreement, the Managers shall release to the Owners, if so

                    	
                      421

                    
	 	
                      requested, the originals where possible, or otherwise certified

                    	
                      422

                    
	 	
                      copies, of all such accounts and all documents specifically relating

                    	
                      423

                    
	 	
                      to the Vessel and her operation.

                    	
                      424

                    
	 	
                      The Managers shall make such accounts available for inspection and auditing by the Owners and/or their representatives in the Manager’s offices or by electronic means.

                    	 
	 	
                      15.lnspection of Vessel

                    	
                      425

                    
	 	
                      The Owners shall have the right at any time after giving

                    	
                      426

                    
	 	
                      reasonable notice to the Managers to inspect the Vessel for any

                    	
                      427

                    
	 	
                      reason they consider necessary.

                    	
                      428

                    
	 	
                      16.Compliance with Laws and Regulations

                    	
                      429

                    
	 	
                      The Managers will not do or permit to be done anything which

                    	
                      430

                    
	 	
                      might cause any breach or infringement of the laws and

                    	
                      431

                    
	 	
                      regulations of the Vessel’s flag, or of the places where she trades.

                    	
                      432

                    
	 	
                      17.Duration of the Agreement

                    	
                      433

                    
	 	
                      This Agreement shall come into effect on the day and year stated

                    	
                      434

                    
	 	
                      in Box 4 and shall continue until the date stated in Box 17.

                    	
                      435

                    
	 	
                      Thereafter it shall continue until terminated by either party giving

                    	
                      436

                    
	 	
                      to the other notice in writing, in which event the Agreement shall

                    	
                      437

                    
	 	
                      terminate upon the expiration of a period of one two months from the

                    	
                      438

                    
	 	
                      date upon which such notice was given.

                    	
                      439

                    
	 	
                      18.Termination

                    	
                      440

                    
	 	
                      18.1 Owners’ default

                    	
                      441

                    
	 	
                      (i)  The Managers shall be entitled to terminate the Agreement

                    	
                      442

                    
	 	
                      with immediate effect by notice in writing if any moneys

                    	
                      443

                    
	 	
                      payable by the Owners under this Agreement and/or the

                    	
                      444

                    
	 	
                      Owners of any associated vessel, details of which are listed

                    	
                      445

                    
	 	
                      in Annex “D”. shall not have been received in the Managers’

                    	
                      446

                    
	 	
                      nominated account within ten running days of receipt by

                    	
                      450

                    
	 	
                      the Owners of the Managers written request or if the Vessel

                    	
                      451

                    
	 	
                      is repossessed by the Mortgagees.

                    	
                      452

                    
	 	
                      (ii) If the Owners:

                    	
                      453

                    

            

          

          
            
              	
                      (a)

                    	
                      fail to meet their obligations under sub-clauses 5.2

                    	
                      454

                    
	 	
                      and 5.3 of this Agreement for any reason within their

                    	
                      455

                    
	 	
                      control, or

                    	
                      456

                    
	
                      (b)

                    	
                      proceed with the employment of or continue to employ

                    	
                      457

                    
	 	
                      the Vessel in the carriage of contraband, blockade

                    	
                      458

                    

              

              

            

             

            

             

            

          

          

            
              	
                       

                    

              
                
                  

              

            

            
              
                	 	
                        running, or in an unlawful trade, or on a voyage which

                      	
                        459

                      
	 	
                        in the reasonable opinion of the Managers is unduly

                      	
                        460

                      
	 	
                        hazardous or improper,

                      	
                        461

                      
	 	
                        the Managers may give notice of the default to the Owners,

                      	
                        462

                      
	 	
                        requiring them to remedy it as soon as practically possible.

                      	
                        463

                      
	 	
                        In the event that the Owners fail to remedy it within a

                      	
                        464

                      
	 	
                        reasonable time to the satisfaction of the Managers, the

                      	
                        465

                      
	 	
                        Managers shall be entitled to terminate the Agreement

                      	
                        466

                      
	 	
                        with immediate effect by notice in writing.

                      	
                        467

                      
	
                        18.2

                      	
                        Managers’ Default

                      	
                        468

                      
	 	
                        If the Managers fail to meet their obligations under Clauses 3

                      	
                        469

                      
	 	
                        and 4 of this Agreement for any reason within the control of the

                      	
                        470

                      
	 	
                        Managers, the Owners may give notice to the Managers of the

                      	
                        471

                      
	 	
                        default, requiring them to remedy it as soon as practically

                      	
                        472

                      
	 	
                        possible. In the event that the Managers fail to remedy it within a

                      	
                        473

                      
	 	
                        reasonable time to the satisfaction of the Owners, the Owners

                      	
                        474

                      
	 	
                        shall be entitled to terminate the Agreement with immediate effect

                      	
                         475

                      
	 	
                        by notice in writing.

                      	
                        476

                      
	
                        18.3

                      	
                        Extraordinary Termination

                      	
                        477

                      
	 	
                        This Agreement shall be deemed to be terminated in the case of

                      	
                        478

                      
	 	
                        the sale of the Vessel (except where the vessel is sold and leased back to the Owners) or if the Vessel becomes a total loss or is

                      	
                        479

                      
	 	
                        declared as a constructive or compromised or arranged total

                      	
                        480

                      
	 	
                        loss or is requisitioned.

                      	
                        481

                      
	
                        18.4

                      	
                        For the purpose of sub-clause 18.3 hereof

                      	
                        482

                      
	 	
                        (i)  the date upon which the Vessel is to be treated as having

                      	
                        483

                      
	 	
                        been sold or otherwise disposed of shall be the date on

                      	
                        484

                      
	 	
                        which the Owners cease to be registered as Owners of

                      	
                        485

                      
	 	
                        the Vessel;

                      	
                        486

                      
	 	
                        (ii) the Vessel shall not be deemed to be lost unless either

                      	
                        487

                      
	 	
                        she has become an actual total loss or agreement has

                      	
                        488

                      
	 	
                        been reached with her underwriters in respect of her

                      	
                        489

                      
	 	
                        constructive, compromised or arranged total loss or if such

                      	
                        490

                      
	 	
                        agreement with her underwriters is not reached it is

                      	
                        491

                      
	 	
                        adjudged by a competent tribunal that a constructive loss

                      	
                        492

                      
	 	
                        of the Vessel has occurred.

                      	
                        493

                      
	
                        18.5

                      	
                        This Agreement shall terminate forthwith in the event of

                      	
                        494

                      
	 	
                        an order being made or resolution passed for the winding up,

                      	
                        495

                      
	 	
                        dissolution, liquidation or bankruptcy of either party (otherwise

                      	
                        496

                      
	 	
                        than for the purpose of reconstruction or amalgamation) or if a

                      	
                        497

                      
	 	
                        receiver is appointed, or if it suspends payment, ceases to carry

                      	
                        498

                      
	 	
                        on business or makes any special arrangement or composition

                      	
                        499

                      
	 	
                        with its creditors.

                      	
                        500

                      
	
                        18.6

                      	
                        The termination of this Agreement shall be without

                      	
                        501

                      
	 	
                        prejudice to all rights accrued due between the parties prior to

                      	
                        502

                      
	 	
                        the date of termination.

                      	
                        503

                      
	
                        18.7

                      	
                        A change of control of either party shall not terminate this

                      	
                        504

                      
	 	
                        Agreement.

                      	
                        505

                      
	19.	
                        Law and Arbitration

                      	
                        506

                      
	 	
                        19.1 This Agreement shall be governed by and construed in

                      	
                        507

                      
	 	
                        accordance with English law and any dispute arising out of or

                      	
                        508

                      
	 	
                        in connection with this Agreement shall be referred to arbitration

                      	
                        509

                      
	 	
                        in London in accordance with the Arbitration Act 1996 or

                      	
                        510

                      
	 	
                        any statutory modification or re-enactment thereof save to

                      	
                        511

                      
	 	
                        the extent necessary to give effect to the provisions of this

                      	
                        512

                      
	 	
                        Clause.

                      	
                        513

                      
	 	
                        The arbitration shall be conducted in accordance with the

                      	
                        514

                      
	 	
                        London Maritime Arbitrators Association (LMAA) Terms

                      	
                        515

                      
	 	
                        current at the time when the arbitration proceedings are

                      	
                        516

                      
	 	
                        commenced.

                      	
                        517

                      
	 	
                        The reference shall be to three arbitrators. A party wishing

                      	
                        518

                      
	 	
                        to refer a dispute to arbitration shall appoint its arbitrator

                      	
                        519

                      
	 	
                        and send notice of such appointment in writing to the other

                      	
                        520

                      
	 	
                        party requiring the other party to appoint its own arbitrator

                      	
                        521

                      
	 	
                        within 14 calendar days of that notice and stating that it will

                      	
                        522

                      
	 	
                        appoint its arbitrator as sole arbitrator unless the other party

                      	
                        523

                      
	 	
                        appoints its own arbitrator and gives notice that it has done

                      	
                        524

                      
	 	
                        so within the 14 days specified. If the other party does not

                      	
                        525

                      
	 	
                        appoint its own arbitrator and give notice that it has done so

                      	
                        526

                      
	 	
                        within the 14 days specified, the party referring a dispute to

                      	
                        527

                      
	 	
                        arbitration may, without the requirement of any further prior

                      	
                        528

                      

              

            

            
               

                

                

                

              

            

            
              	
                       

                    

            

            
              
                

            

             PART II

              

            

            
              
                	 	
                        notice to the other party, appoint its arbitrator as sole

                      	
                        529

                      
	 	
                        arbitrator and shall advise the other party accordingly. The

                      	
                        530

                      
	 	
                        award of a sole arbitrator shall be binding on both parties

                      	
                        531

                      
	 	
                        as if he had been appointed by agreement.

                      	
                        532

                      
	 	
                        Nothing herein shall prevent the parties agreeing in writing

                      	
                        533

                      
	 	
                        to vary these provisions to provide for the appointment of a

                      	
                        534

                      
	 	
                        sole arbitrator.

                      	
                        535

                      
	 	
                        In cases where neither the claim nor any counterclaim

                      	
                        536

                      
	 	
                        exceeds the sum of USD50.000 (or such other sum as the

                      	
                        537

                      
	 	
                        parties may agree) the arbitration shall be conducted in

                      	
                        538

                      
	 	
                        accordance with the LMAA Small Claims Procedure current

                      	
                        539

                      
	 	
                        at the time when the arbitration proceedings are commenced.

                      	
                        540

                      
	 	
                        19.2 This Agreement shall be governed by and construed

                      	
                        541

                      
	 	
                        in accordance with Title 9 of the United States Code and

                      	
                        542

                      
	 	
                        the Maritime Law of the United States and any dispute

                      	
                        543

                      
	 	
                        arising out of or in connection with this Agreement shall be

                      	
                        544

                      
	 	
                        referred to three persons at New York, one to be appointed

                      	
                        545

                      
	 	
                        by each of the parties hereto, and the third by the two so

                      	
                        546

                      
	 	
                        chosen; their decision or that of any two of them shall be

                      	
                        547

                      
	 	
                        final, and for the purposes of enforcing any award,

                      	
                        548

                      
	 	
                        judgement may be entered on an award by any court of

                      	
                        549

                      
	 	
                        competent jurisdiction. The proceedings shall be conducted

                      	
                        550

                      
	 	
                        in accordance with the rules of the Society of Maritime

                      	
                        551

                      
	 	
                        Arbitrators, Inc.

                      	
                        552

                      
	 	
                        In cases where neither the claim nor any counterclaim

                      	
                        553

                      

              

            

            
              
                	 	
                        exceeds the sum of USD50,000 (or such other sum as the

                      	
                        554

                      
	 	
                        parties may agree) the arbitration shall be conducted in

                      	
                        555

                      
	 	
                        accordance with the Shortened Arbitration Procedure of the

                      	
                        556

                      
	 	
                        Society of Maritime Arbitrators, Inc. current at the time when

                      	
                        557

                      
	 	
                        the arbitration proceedings are commenced.

                      	
                        558

                      
	
                        19.3

                      	
                        This Agreement shall be governed by and construed

                      	
                        559

                      
	 	
                        in accordance with the laws of the place mutually agreed by

                      	
                        560

                      
	 	
                        the parties and any dispute arising out of or in connection

                      	
                        561

                      
	 	
                        with this Agreement shall be referred to arbitration at a

                      	
                        562

                      
	 	
                        mutually agreed place, subject to the procedures applicable

                      	
                        563

                      
	 	
                        there.

                      	
                        564

                      
	
                        19.4

                      	
                        If Box 18 in Part I is not appropriately filled in, sub-

                      	
                        565

                      
	 	
                        clause 19.1 of this Clause shall apply.

                      	
                        566

                      

                
                  

                  

                  
                    19.2 Notwithstanding Sub-clause 19.1 above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection with this Agreement.

                  

                  
                    

                    

                    i)In the case of a dispute in respect of which arbitration has been commenced under Sub-clause 19.1 above, the following shall apply:

                     

                    ii)Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party of a written notice (the “Mediation Notice”) calling on the other party to agree to
                      mediation.

                     

                    iii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days,
                      failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in
                      such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of disagreement, as may be set by the mediator.

                     

                    iv) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.

                     

                    (v) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest.

                     

                    (vi) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account when setting
                      the timetable for steps in the arbitration.

                     

                    (vii) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall share equally the mediator’s costs and expenses.

                     

                    (viii) The mediation process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and
                      procedure governing the arbitration.

                     

                    (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)

                  

                

              

              
                 

                

                	 	
                        Note: 19.1. 19.2 and 19.3 are
                              alternatives; indicate

                      	
                        567

                      
	 	
                        alternative agreed in Box 18.

                      	
                        568

                      
	 	
                        20.Notices

                      	
                        569

                      
	
                        20.1

                      	
                        Any notice to be given by either party or their agents to the other

                      	
                        570

                      
	 	
                        party shall be in writing and may be sent by fax, telex,

                      	
                        571

                      
	 	
                        registered or recorded mail, email or by personal service.

                      	
                        572

                      
	
                        20.2

                      	
                        The address of the Parties for service of such

                      	
                        573

                      
	 	
                        communication shall be as stated in Boxes 19 and 20,

                      	
                        574

                      
	 	
                        respectively.

                      	
                        575

                      

                

                

                
                  21. Third Party Rights

                  

                  

                  Except to the extent provided in Sub-clauses 11.3 (Indemnity) and 11.4 (Himalaya), no third parties may enforce any term of this Agreement.

                

              

            

            
              	
                       

                    

            

            
              
                

            

            
              
                ANNEX “A” (DETAILS OF VESSEL OR VESSELS)

              

            

            
              

            

              
                
                  Date of Agreement:

                

                
                   

                

                
                  Name of Vessel(s):

                

                
                  

                  

                  Particulars of Vessel(s):

                

                
                  Built:

                  IMO:

                  GRT:

                  NRT:

                  Length:

                

                Breath:

                

                

                
                  
                    

                

                
                  
                    ANNEX “B” (BUDGET)

                  

                  
                     
                      
Date of Agreement:

                  

                  
                    

                    

                    Managers Budget in USD for the first year with effect from the Commencement Date of this Agreement:Exhibit 4.11

        

       

        

      
        	
                DATED 

              

        

          

      [name of owner]

       

         

      -and-

       

         

      Seanergy Shipmanagement Corp.

       

         

      
        

       

         

      MANAGEMENT AGREEMENT

      FOR the Motor Vessel "[name of vessel]"

       

         

      
        

      

         

      
        
          

      

      THIS AGREEMENT, dated ______________, is made between:

       

         

      A) [name of owner], a corporation incorporated in _______________________________
        (hereinafter called the “Owner”);

       

         

      -and-

       

         

      B) Seanergy Shipmanagement Corp., a corporation incorporated in the Republic of
        the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Company”).

       

         

      WHEREAS:

       

      

      	

               	(a)	
              The Owner is the ________ of a Capesize bulk carrier with the name “name of vessel” with IMO No. _______
                registered under the ____________ flag (the “Vessel”); and

            

       

         

      	

               	(b)	
              The Owner wishes to appoint the Company as the agent of the Owner to arrange and maintain certain services for the Vessel, on the terms and
                conditions set out herein.

            

      

         

      WHEREBY IT IS AGREED as follows:

      

         

      
        	
                1.

              	
                Definitions

              

      

       

        

      1.1          In this Agreement, except where the context otherwise requires:-

      “Crew Insurances” means insurances against crew risks which
        shall include but not be limited to death, sickness, repatriation, injury, shipwreck, unemployment indemnity and loss of personal effects; and

       

        

      “Services” means the services provided by the Company
        pursuant to Clauses 6, 7, 8 and 9.

       

        

      	1.2.	
              Unless the context otherwise requires, words in the singular include the plural and vice versa.

            

       

        

      	1.3	
              References to any document include the same as varied, supplemented or replaced from time to time.

            

       

        

      
        
          

      

      	1.4	
              References to any enactment include re-enactments, amendments and extensions thereof.

            

       

        

      	1.5.	
              Clause headings are for convenience of reference only and do not limit or otherwise affect the meaning thereof.

            

       

        

      	1.6	
              All the terms of this Agreement, whether so expressed or not, shall be binding upon the parties hereto and their respective successors and assigns.

            

       

        

      
        	
                2

              	
                Appointment of the Company & Fees

              

         

          

      

      	2.1	
              In consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of
                which are hereby acknowledged, the parties hereby agree as follows:

            

       

        

      The Owner hereby appoints the Company as its agent for the provision of insurance, certain
        operation, technical and other services to the Owner (the “Services”), in each case as described in detail in this Agreement.

       

        

      	2.2	
              For the Services performed hereunder by the Company, the Owner shall pay to the Company a monthly fee of United States Dollars [  ] (US$[  ]).

            

       

        

      
        	
                3

              	
                Purpose, Authority and Basis of Agreement

              

         

          

      

      	3.1	
              Subject to the terms and conditions provided herein during the period of this Agreement the Company shall carry out the Services in respect of the
                Vessel as agent for and on behalf of the Owner. The Company (unless otherwise provided for herein) shall have authority to take such actions as it may from time to time in its discretion consider necessary to enable it to perform its
                obligations pursuant hereunder.

            

      	3.2	
              The Owner hereby ratifies, confirms and undertakes at all times to ratify and to confirm all lawful conduct of the Company, its employees, agents and
                subcontractors in connection with the provision of the Services pursuant to this Agreement.

            

      
        	
                4

              	
                Obligations of the Company

              

         

          

      

      	4.1	
              The Company undertakes in so far as applicable to its respective duties pursuant to this Agreement to use its reasonable commercial efforts to
                provide the Services and to protect and promote the interests of the Owner in all matters provided under this Agreement, however that without prejudice to the generality of the foregoing the Company shall not be answerable for the
                consequences of any decision or exercise of judgement taken or made in the exercise of its powers and taken or made honestly and in good faith.

            

       

        

      
        
          

      

      	4.2	
              The Company shall at all times use its reasonable commercial efforts to conform to and comply with the lawful directions, regulations and
                recommendations made by the Owner and in the absence of any specific directions, regulations and recommendations as aforesaid.

            

       

        

      
        	
                5

              	
                Obligations of the Owner

              

      

       

        

      The Owner shall pay any moneys incurred by the Company in the provision of the Services pursuant to this Agreement.

       

        

      
        	
                6

              	
                Services

              

      

       

        

      The Company shall provide and/or procure the provision of the Services as specified hereunder as agent
        in the name of the Owner or otherwise on its behalf and do all things which may be expedient or necessary for the provision of said Services as stated herein, and more particularly:

       

        

      	6.1	
              The Company shall arrange and maintain insurances and shall liaise between the brokers, Protection and Indemnity Clubs, underwriters, insurers and
                the Owner to provide such information as may be required to make any claim and the Company shall further provide for certain functions for the operation and technical management of the Vessel, in each case in accordance with the following
                provisions  and the provisions of Clauses 6, 7, 8 and 9, subject thereto on such other terms and conditions as the Company shall require, in particular regarding conditions, insured values, premiums and deductibles.

            

       

        

      	6.2	
              The Company shall not be entitled to appoint any third party to provide any of the Services provided by it without the prior written consent of the
                Owner, provided however that where such consent is obtained and appointment made, in each such case the Company shall continue to be responsible for the due performance of the Services concerned.

            

       

        

      	6.3	
              The Company shall have the express authority to negotiate, conclude and execute all forms of documentation, policies and agreements including but not
                limited to contracts and acknowledgements on behalf of the Owner in so far as is necessary for the provision by the Company of its Services.

            

       

        

      
        	
                7

              	
                Insurance

              

         

          

      

      	7.1	
              The Company shall procure that throughout the period of this Agreement, at the expense of the Owner, the Vessel is insured for not less than her
                sound market value or entered for her full gross tonnage, as the case may be for:

            

       

        

      	

               	(a)	
              fire and usual hull and machinery marine risks (including crew negligence) and excess liabilities;

            

       

        

      
        
          

      

      	

            	(b)	
              protection and indemnity risks (including pollution risks and crew insurances);

            

       

        

      	

            	(c)	
              freight, defense and demurrage;

            

       

        

      	

            	(d)	
              war risks (including protection and indemnity and crew risks); and

            

       

        

      	

            	(e)	
              such other optional insurances as may be agreed by the Owner (such as piracy, kidnap and ransom, loss of hire);

            

       

        

      in accordance with the best practice of a prudent owner of a ship of a similar type to the
        Vessel, with first class insurance companies, underwriters or associations which are members of the International Group of Protection and Indemnity Associations (the “Vessel’s Insurances”);

      

      

      	7.2	
              The Company shall procure that throughout the period of this Agreement, at the expense of the Owner, all premiums and calls on the Vessel’s Insurances are paid promptly;

            

      

      

      	7.3	
              The Company shall procure that throughout the period of this Agreement the Vessel's Insurances name the Company as owner and, subject to underwriters’ agreement, any third party designated by the Company as a
                joint assured or co-assured, with full cover, with the Owner procuring cover in respect of each of the insurances specified in sub-Clause 7.1;

            

      

      

      	7.4	
              The Company shall procure that written evidence is provided, to the reasonable satisfaction of the Owner, of the Company’s compliance with its obligations under Clause 7 within a reasonable time from the
                commencement of the Agreement, and/or of each renewal date and, if specifically requested, of each payment date of the Owner’s Insurances.

            

      

      

      	7.5	
              The Company shall arrange for brokers to place the Vessel’s Insurances as the Owner shall have instructed or agreed, in particular as regards values, deductibles and franchises. At each renewal the Company
                will liaise with brokers and the Owner:

            

      

      

      
        	 	
                (a)

              	
                as to any changes in insured values required; and

              

      

      

      

      
        	 	
                (b)

              	
                in respect of premiums, franchises and deductibles and any other changes for the new policy year.

              

      

      

      

      	7.6	
              The Company shall engage the services of their appointed insurance brokers to arrange such insurances.

            

      

      

      	7.7	
              The Company shall compile such statistics and enter into negotiations with such brokers, insurers, underwriters and P&I Club managers as they consider necessary or desirable in order to arrange for such
                insurances to be placed.

            

       

        

    

  

  
    
      

  

  
  
    	7.8	
            Once the Vessel's Insurances are placed the Company shall arrange for all cover notes or other certificates to be checked, for all debit notes to be paid as required and for all relevant credit notes to be
              issued.

          

    

    

    	7.9	
            The Company shall have the right to obtain confirmation direct from the brokers, underwriters, insurers and P&I Clubs through whom the Vessel's Insurances are arranged that all premiums, calls and
              contributions due have been paid and that insurances meet the Owner's obligations.

          

    

    

    	7.10	
            Unless otherwise indicated by the Owner, the Company shall provide such information as requested by the relevant brokers to enable such brokers to handle and/or procure the settling of all insurance average and
              salvage claims in connection with the Vessel.

          

    

    

    
      	
              8

            	
              Operation of the Vessel

            

    

    

    

    The Company shall provide the operation of the Vessel as required by the Owner with respect to
      the following functions:

    

    

    
      	 	
              (a)

            	
              Monitoring voyage instructions and liaising as appropriate with the Owner, the Owner’s brokers, Owner’s commercial and technical manager and charterers;

            

    

    

    

    
      	 	
              (b)

            	
              Appointment of agents;

            

    

    

    

    
      	 	
              (c)

            	
              Arranging surveys of cargoes; and

            

    

    

    

    
      
        	 	
                (d)

              	
                Arranging bunker procurement.

              

      

    

    

    

    
      	
              9

            	
              Technical Services

            

    

    

    

    The Company shall provide the technical management of the Vessel as required
      by the Owner with respect to the following functions:

    

    

    
      	 	
              (a)

            	
              Arranging and monitoring the supply of lubricating oils, chemicals and paints;

            

    

    

    

    
      
        	 	
                (b)

              	
                Arranging and supervising dry-dockings, special surveys, intermediate surveys, repairs, modifications to and the upkeep of the Vessel to the standards agreed with the Owner;

              

      

    

    

    

    
      	 	
              (c)

            	
              Arranging the supply of spare parts and stores;

            

    

    

    

    
      	 	
              (d)

            	
              Appointment of surveyors, technical consultants and superintendents as the Company may consider from time to time to be necessary and generally ensure that the Vessel will comply with all
                requirements and recommendations of her classification society and equipment manufacturers and the laws and regulations of her flag state; and

            

       

        

    

    	 	(e)	
            Arranging for the collection of offers from different shipyards, the booking of a slot in the selected shipyard and monitor the realization of certain projects and/or upgrades.

          

  

  

    
    
      
        

    

    
      
        	
                10

              	
                Accounts and Management of Funds

              

      

      

      

      	10.1	
              Insofar as applicable to the Services, the Company shall operate accounting systems satisfactory to the Owner and provide regular services, reports and records in this regard and maintain records of all
                expenditure and cost together with information necessary and appropriate for the settlement of accounts between the parties hereto.

            

      

      

      	10.2	
              The Company shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by the Owner. On the termination, for whatever reasons, of this
                Agreement, the Company shall release to the Owner, if so requested, the originals where possible, or otherwise certified copies, of all such accounts and all documents specifically relating to the Services.

            

      

      

      
        	
                11

              	
                Expenses

              

      

      

      

      	11.1	
              The Company shall, at no extra cost to the Owner, provide its office accommodation and office staff. The Owner will reimburse the Company for all reasonable running and/or out-of-pocket expenses, including
                but not limited to, telephone, fax, stationery and printing expenses. Any required travelling expenses in relation to this Agreement and the Services will be pre-approved by the Owner and the relevant expenses will be reimbursed to the
                Company.

            

      

      

      	12	
              Duration and Termination

            

      

      

      The term of this Agreement shall commence from _________________________ and shall continue
        until it is terminated by either party giving to the other one (l) month prior notice in writing, or by mutual written agreement between the parties.

      

      

      
        	
                12.1

              	
                Owner's default

              

      

      

      

      The Company shall be entitled to terminate its appointment under this Agreement with immediate
        effect by notice in writing if any monies payable by the Owner under this Agreement shall not have been received by the Company within ten (10) running days of receipt by the Owner of the Company’s written request.

      

      

      
        	
                12.2

              	
                Company's default

              

      

      

      

      If the Company fails to meet its obligations under Clauses 2, 6, 7, 8, 9 and 10 of this
        Agreement for any reason within its control, the Owner may give notice to the Company of the default, requesting also to remedy it as soon as practically possible. In the event that the Company fails to remedy said default within a reasonable time
        to the satisfaction of the Owner, the Owner shall be entitled to terminate the Agreement with immediate effect by notice in writing.

       

        

    

    
    
    
      
        

    

    
    
    
      
        	
                12.3

              	
                Extraordinary Termination

              

      

      

      

      This Agreement shall be deemed to be terminated in the case of the sale of the Vessel (excluding
        a sale under a sale and leaseback financing) or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned.

      

      

      
        	
                12.4

              	
                For the purpose of sub-clause 12.3 hereof:

              

      

      

      

      	

            	(a)	
              the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Owner ceases to be registered as owner of the Vessel;

            

      

      

      	

            	(b)	
              the Vessel shall only be deemed lost where she has become an actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or arranged total loss or if such
                agreement with her underwriters is not reached it is nevertheless adjudged by a competent tribunal that a constructive total toss of the Vessel has been occurred.

            

      

      

      	12.5	
              Either party hereto may by notice to the other party terminate forthwith the appointment if an order is made or resolution is passed for the winding up, dissolution, liquidation or bankruptcy of such party
                (otherwise than the purpose of reconstruction or amalgamation) if any party ceases to carry on business or makes any special arrangement or composition with its creditors.

            

      

      

      
        	
                12.6

              	
                The termination of this Agreement shall be without prejudice to all rights accrued   due between the parties prior to the date of
                    termination.

              

      

      

      

      	13	
              Force Majeure

            

      

      

      Neither the Owner nor the Company shall be under any liability for any failure to perform or
        delay in the performance of any of their obligations under this Agreement by reason of any cause whatsoever beyond their reasonable control.

      

      

      	14	
              Indemnities

            

      

      

      	14.1	
              Subject to any liability of the Company pursuant to Clause 14.2 hereto the Owner hereby ratifies and confirms, and undertakes at all to ratify and confirm, whatever may be done or caused to be done by the
                Company in the course of or in the provision of the Services and the Owner hereby undertakes to keep the Company and its respective employees and agents indemnified and to hold them harmless against all actions, proceedings, claims, demands
                or liabilities whatsoever or howsoever arising which may be brought against them or any one of them or incurred or suffered by them or any one of them arising out of or in connection with the performance of this Agreement, and against and
                in respect of all loss, damages, costs and expenses (including legal costs and expenses on a full indemnity basis) which the Company may suffer or incur (either directly or indirectly) in defending or settling the same.

            

    

    
    

    

  
    
      

  

  
  
  
    	14.2	
            The Company shall be under no liability whatsoever to the Owner for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out
              of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of the performance of the Services hereunder unless same is proved to have resulted solely from the negligence, gross negligence or willful
              default of the Company or its employees or agents or subcontractors employed by it in connection with the Vessel.

          

     

      

    	14.3	
            No employee, agent or subcontractor of the Company shall in any circumstances whatsoever be liable to the Owner for any loss, damage or delay arising or resulting directly or indirectly from any act, neglect or
              default on his part while acting in the course or in connection with his employment and without prejudice to the generality of the forgoing provisions of this Clause 14, every exemption, limitation, condition and liberty herein contained and
              every right, exemption from liability, defense and immunity of whatsoever nature applicable to and enjoyed by the Company or to which the said Company is entitled hereunder shall also be available and shall extend to protect every such
              employee, agent or subcontractor of the Company acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 14 the Company is or shall be deemed to be acting as agents or trustee on behalf of and for the benefit of
              all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

          

     

      

    
      	
              15

            	
              Confidentiality and Company's Documents

            

    

     

      

    	15.1	
            Save for the purpose of enforcing or carrying out as may be necessary the rights or obligations of the Company hereunder, the Company agrees to maintain and to use its best endeavors to procure that its
              officers and employees maintain confidence and secrecy in respect of all information relating to the Owner's business received by the Company directly or indirectly pursuant to this Agreement.

          

     

      

    
      
        

    

    	16	
            Notices and Other Matters

          

     

      

    
      
        
          	
                  16.1

                	
                  Every notice, demand or other communication under this Agreement shall:

                

        

      

    

     

      

    	

          	(a)	
            be in writing, delivered personally or by registered or recorded first-class prepaid mail, facsimile or email;

          

     

      

    	

          	(b)	
            be deemed to have been received, subject as otherwise provided in this Agreement, in the case of a telex at the time of dispatch with confirmed answerback of the addressee appearing at the beginning and end of
              the communication (provided that if the date of dispatch is not a business day in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day), in the case of a facsimile at
              the time of dispatch evidenced by a timed and dated transmittal confirmation (provided that if the date of dispatch is not a business day in the country of the addressee it shall be deemed to have been received at the opening of business on
              the next business day), in the case of an email at the time of dispatch and in the case of a letter when delivered personally or five (5) running days after it has been put into the post; and

          

     

      

    	

          	(c)	
            be sent to the respective addresses hereto or to such other address, facsimile, email or telex number as is notified by the parties hereto to the other parties to this Agreement:

          

     

      

    (i) in respect of the Owner to:

     

      

    [name of owner]

    [address, email address, facsimile and telephone number of owner]

    

    

    (ii) in respect of the Company to:

     

      

    SEANERGY SHIPMANAGEMENT CORP.

    154 Vouliagmenis Avenue

    166 74 Glyfada, Athens, Greece

    Email: insurance@seanergy.gr

    Tel.: +30 213 0181507

    Fax: +30 2109638404

    

    

    
      	
              17

            	
              Law and Arbitration

            

    

     

      

    	17.1	
            This Agreement shall be governed by English Law and any dispute arising out of or in connection herewith shall be referred to arbitration in London.

          

     

      

    	17.2	
            Arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) rules current at the time of commencement of the arbitration.

          

    
    
     

      

    
      
        

    

    
    
    
      	17.3	
              Any referral made pursuant to this Clause 17 shall be to three (3) Arbitrators on the following basis: if a dispute arises between the parties then each shall appoint an Arbitrator and the two Arbitrators so
                appointed shall appoint a third.

            

       

        

      	17.4	
              Upon receipt notice of appointment of an Arbitrator by the first notifying party (who shall therein state that it shall appoint its own arbitrator as sole arbitrator if the other party does not appoint an
                Arbitrator in accordance herewith), the second party shall appoint its Arbitrator and give notice of such appointment within fourteen (14) running days, failing which the prior notifying party shall be entitled either to appoint its
                Arbitrator as Sole Arbitrator or appoint an Arbitrator on behalf of the second party who shall accept such appointment as if it had been made by itself.

            

       

        

      	17.5	
              If a party does not appoint its own Arbitrator and give due notice in accordance with sub-Clause 17.4 the party referring the dispute to arbitration may without requirement for further notice to such other
                party failing to so appoint make appointment in accordance with sub-Clause 17.4 and shall advise the other party accordingly and the award of a Sole Arbitrator or panel appointed in accordance with sub-Clause 17.4 shall be binding on all
                parties as if appointment had been by agreement.

            

       

        

      	17.6	
              Nothing in this Clause 17 shall prevent the parties agreeing in writing to vary these provisions to provide for appointment of a Sole Arbitrator or to consolidate arbitration proceedings hereunder where
                thought appropriate or desirable.

            

       

        

      	17.7	
              In cases where neither the claim nor any counterclaim exceeds the sum of USD$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims
                Procedure current at the time when the arbitration proceedings are commenced.

            

       

        

      	17.8	
              Any such Arbitration shall be in accordance with and subject to the Arbitration Act 1996 and any statutory amendment or modification thereto.

            

       

        

      	18	
              Miscellaneous

            

       

        

      	18.1	
              Subject to sub-Clause 18.2 this Agreement contains the entire agreement and understanding between the parties and supersedes ail prior negotiations, representations, warranties and other documents or matter
                related to any of the subject matter of this Agreement.

            

       

        

      
        	18.2	
                This Agreement may be amended by mutual agreement of parties hereto provided that any such amendment is evidenced by written amendment duly executed by both parties and following which any such amendment
                  shall be  considered part of, appended to and read together with this Agreement.

              

         

          

         

      
        
          

      

      
      
       
        	18.3	
                This Agreement may be executed in one or more written counterparts each of which shall be deemed an original, but all of which together shall constitute one instrument.

              

         

          

        	18.4	
                All details of or pertaining to this Agreement shall be kept strictly private and confidential.

              

        

        

        IN WITNESS WHEREOF the Owner and the Company have caused this Agreement to be duly executed as a deed the day and year first above written.

        

        

        	
                EXECUTED as a DEED

              	
                )

              
	
                By

              	
                )

              
	
                for and on behalf

              	
                )

              
	
                [name of owner]

              	
                )

              
	
                of the

              	 	 	
                )

              

        

        

        	
                in the presence of:

              	
                )

              
	 	 
	
                EXECUTED as a DEED

              	
                )

              
	
                by

              	
                )

              
	
                for and on behalf

              	
                )

              
	
                SEANERGY SHIPMANAGEMENT CORP.

              	
                )

              
	
                of the Republic of the Marshall Islands

              	
                )

              
	
                in the presence of:

              	
                )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]