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Subject managers' approval

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Subject managers' approval. For the shipowner this can be a somewhat troublesome qualification because it indicates that the charterer's negotiator has to refer all the issues to a third party to make a final decision.

The uncertainty for the owner is considerable. A similar qualification used by a charterer is "subject to Board's approval" where the Board of Directors of the company which wants to charter the vessel hay to decide and it can take considerable time before the Board meets. When a shipbroker uses these in an offer, it could also indicate that perhaps he does not have his principals' authority to negotiate.

 

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