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Canadian-American Ship Leasing Agreement; [APPROVED]
Topic Started: Oct 26 2014, 05:18 PM (71 Views)
Rezim
His Majesty King Carol I
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Ship Leasing Agreement of 2015
Six Year Lease of Supply class Support Vessels


Preamble: Canada and the United States of America (hereafter referred to as 'parties') agree to a six year lease of the USNS Bridge and USNS Rainier by the Royal Canadian Navy. The parties agree to a buy out at the end of the lease if the lessee desires to do so.

ARTICLE I: LEASE TERM & DELIVERY

i. The parties hereby agree to a lease term of six years from the period delivery;
ii. The parties agree to delivery of the two Supply class vessels by January, 2016;
iii. Payments will begin the year of delivery of the vessels;

ARTICLE II: PAYMENT PER ANNUM

i. The parties hereby agree to a $30,000,000 payment per annum, per ship;
ii. The parties hereby agree that the lessee will pay the leaser $60,000,000 per annum;

ARTICLE III: LEASE RESERVATIONS

i. The party that is receiving the leased vessels reserves the right to end the lease after a four year period without further payment or penalty;
ii. The party that is leasing the vessels out reserves the right to call the vessels back into service after a four year period with a years warning to the lessee;
iii. No penalties are to be incurred upon the leaser should they call the vessels back into service;

ARTICLE IV: BUY OUT

i. The parties agree that after the six year period, the lessee can buy out the vessels for a further $70,000,000 per vessel, or $140,000,000 for both vessels;

ARTICLE V: SIGNATURE & RATIFICATION

i. The agreement is to be signed by representatives from the parties respective departments of national security (Department of National Defence in Canada, Department of Defense in the United States);
ii. The agreement is to be ratified after both parties respective legislatures pass the accord.
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Rezim
His Majesty King Carol I
Signed,

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Robert Douglas Nicholson
Minister of National Defence - Canada
Ministre de la Défense nationale - Canada
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Signed,

Chuck Hagel

Chuck Hagel
Secretary of Defense - United States of America
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Jos1311
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Head Admin
APPROVED

Rezim, please deduct the annual cost from your procurement budgets starting with 2016 budget. US will be compensated in the budgetspreadsheet.
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