Risk of delay due to causes extraneous to the vessel is placed on charterers, because such delay does not interrupt charterers continuing duty to pay hire. Time is money! It follows from this that the vessel’s ability to maintain her promised speed will be of vital importance to charterers, as it will affect the number of voyages that can be performed within the agreed charter period. The vessel’s role in performing cargo operations is similarly important. Tanker charters contain pumping warranties and dry cargo charters for geared vessels will contain a detailed description of the number and lifting capacity of the ship’s cranes. Whilst the description of the vessel is normally taken to refer to her condition at the time that the charter is entered into, the charter will also impose on owners a continuous obligation to maintain the vessel NYPE 1993 Clause 1. The charter will also contain express ‘Off-hire Clauses’ that relieve the charterer from having to pay hire in respect of time lost as a result of specific events, such as breakdown, damage to hull or machinery or grounding NYPE 1993 Clause 15.