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    Cancellation of AGREEMENT

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    erlinda trespicio
    This document terminates a previous Memorandum of Agreement between Elegant Shipping Phils., Inc. and J. Medina Builders Supplies & Services Inc. regarding the charter of a dredging vessel. The original agreement involved a 3-year charter of a 6,000T suction dredger for $26 million per month. However, due to the unavailability of that vessel, the parties agreed to amend the agreement to instead charter a 15,857 DWT, 3-in-1 suction dredger with a pumping capacity of 7,000 cubic meters per hour. This document formally ends the previous agreement given the change in vessels.

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    Cancellation of AGREEMENT

    Uploaded by

    erlinda trespicio
    87 views2 pages
    This document terminates a previous Memorandum of Agreement between Elegant Shipping Phils., Inc. and J. Medina Builders Supplies & Services Inc. regarding the charter of a dredging vessel. The original agreement involved a 3-year charter of a 6,000T suction dredger for $26 million per month. However, due to the unavailability of that vessel, the parties agreed to amend the agreement to instead charter a 15,857 DWT, 3-in-1 suction dredger with a pumping capacity of 7,000 cubic meters per hour. This document formally ends the previous agreement given the change in vessels.

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    This document terminates a previous Memorandum of Agreement between Elegant Shipping Phils., Inc. and J. Medina Builders Supplies & Services Inc. regarding the charter of a dredging vessel. The original agreement involved a 3-year charter of a 6,000T suction dredger for $26 million per month. However, due to the unavailability of that vessel, the parties agreed to amend the agreement to instead charter a 15,857 DWT, 3-in-1 suction dredger with a pumping capacity of 7,000 cubic meters per hour. This document formally ends the previous agreement given the change in vessels.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    87 views2 pages

    Cancellation of AGREEMENT

    Uploaded by

    erlinda trespicio
    This document terminates a previous Memorandum of Agreement between Elegant Shipping Phils., Inc. and J. Medina Builders Supplies & Services Inc. regarding the charter of a dredging vessel. The original agreement involved a 3-year charter of a 6,000T suction dredger for $26 million per month. However, due to the unavailability of that vessel, the parties agreed to amend the agreement to instead charter a 15,857 DWT, 3-in-1 suction dredger with a pumping capacity of 7,000 cubic meters per hour. This document formally ends the previous agreement given the change in vessels.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    TERMINATION OF AGREEMENT

    KNOW ALL MENT BY THESE PRESENTS:

    This Termination of Memorandum of Agreement is entered into this _____ day of


    December, 2022 at Paranaque City by and between:

    ELEGANT SHIPPING PHILS., INC., a duly registered corporation,


    under Philippine Law, with principal office located at Unit 208 ECG Bldg,
    Multinational Ave., Multinational Village, Brgy Moonwalk, Paranaque
    City, Metro Manila, Philippines and represented herein by its
    President/CEO, ENGR. LUCILO D. CABRERA, JR., duly authorized to
    enter into this Memorandum of Agreement by a Resolution, a copy of
    which is hereto attached as Annex A and hereunder referred to as the “Ship
    Owner,”
    and
    J. MEDINA BUILDERS SUPPLIES & SERVICES INC., a duly
    registered corporation under Philippine Law, with principal office address
    located at No. 20 P. Burgos St., San Jose District, Pasig City, Metro
    Manila, Philippines, represented by its President, ENGR. JOSE R.
    MEDINA, JR., who is duly authorized to enter into this Memorandum of
    Agreement by a Resolution, a copy of which is hereto attached as ANNEX
    B and hereafter referred to as the “Charterer”

    WITNESSETH:

    WHEREAS, the Ship Owner by virtue of Memorandum of Agreement


    Chartered/Leased to Charterer a contract of three (3) years’ Time Charter One (1)
    unit 3 in 1 (SELF-PROPELLED, SELF-LOADING, SELF-DISCHARGING) SUCTION TYPE
    DREDGER VESSELS of 6,000T capacity (M/V ELEGANT BAGANI I) referred to “THE
    VESSEL”, with a monthly charter of TWENTY-SIX MILLION UNITED STATES DOLLARS
    (US$26,000,000.00) covered by this Memorandum of Agreement and by the Time Charter
    Agreement between the Parties:

    WHEREAS, upon signing of the Memorandum of Agreement the Charterer paid the Ship
    Owner the amount FIVE MILLION TWO HUNDRED THOUSAND PHILIPPINE
    CURRENCY (PHP5,200,00.00) as lock-in-deposit for mobilization which shall be deductible
    against the first month charter.

    WHEREAS, the delivery of the Vessel shall be a minimum of 45 working days upon
    receipt of cash payments of the lock-in-deposit for mobilization.
    WHEREAS, due to unavailability of the “The Vessel” as specifically described b oth
    parties agreed to amend the Memorandum of Agreement and the Addendum be, and it hereby is
    amended and restated, as follows:

    Section 2.01 Change of Vessel:


    Due to unavailability of the Sand Dredger 3 in 1 (Self-Propelled, Self-Loading, Self-Discharging)
    6,000T capacity, the parties agreed to replace the Vessel with 3-in-1 SUCTION DREDGER
    (7000M3/HR, Self-propelled, Self-loading, Self-Discharging) 15,857 DWT.

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