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and taken up as aforesaid, and shall be delivered for no other. use or purpose whatever, until this bond is first paid, together with the premium hereby agreed to be paid thereon.
Now, the condition of this obligation is such, that if the above-bounden John Doe shall well and truly pay, or cause to be paid, unto the said RICHARD Roe, his certain attorney, executors, administrators, and assigns, the just and full sum of one thousand dollars, lawful money as aforesaid, being the sum borrowed, and also the premium aforesaid, at or before the expiration of ten days after the arrival of the said vessel at the port of New York—then this obligation, and the said hypothecation, to be void and of no effect, otherwise to remain in full force and virtue. Having signed and executed two bonds of the same tenor and date, one of which being accomplished, the other to be void and of no effect.
JOHN DOE (seal). Sealed and delivered in the
Note.-Bottomry is the act of borrowing money, and pledge ing the keel or bottom of the ship (that is, the ship itself) as security for the repayment of the money. The contract of bottomry is in the nature of a mortgage - the owner of a ship borrowing money to enable him to carry on a voyage, and pledging the ship as security for the money: but if the ship is lost, the lender loses the money; if she arrives safe, he is to receive back the money lent, with the interest agreed upon, although it may exceed the legal rate of interest. The tackle of the ship is also liable as well as the ship itself, and the borrower is likewise personally responsible if the ship arrive.
Respondentia is where the money is borrowed upon goods shipped, instead of the ship itself.
COMPOSITION WITH CREDITORS.
This is a contract between a debtor who is able only to pay a portion of his debts, with his creditors, whereby they agree to accept a certain sum less than the original claim; and,
upon the receipt thereof, not to prosecute or trouble the debtor on account of his debt.
No. 52.-Form for Composition with Creditors.
Know all Men by these presents, that whereas John Doe is justly indebted unto us, John Jones, Henry Smith, and Thomas' SHARPE, creditors of the said John Doe, in divers sums of money, which he has become unable fully to pay and discharge:' therefore we, the said creditors, do consent and agree with the said John Doe to demand less than the full amount of our respective claims, and to accept of ten cents for
every dollar owing to each of us the said creditor's of the said John Doe, in full satisfaction and discharge of our several claims and demands; the said sum of ten cents on a dollar to be paid to each of us, our heirs, executors, and administrators, within the space
of thirteen months from the date hereof. And we, the creditors aforesaid, do further severally and respectively covenant and agree with the said John Doe, that he may, within the said time of thirteen months from the date hereof, sell and dispose of his goods and chattels, wares and merchandise, at his own free will and pleasure, for the payment of the ten cents on the dollar of each of our respective debts; and that neither of us will, at any time hereafter, sue, arrest, or attach the said John Doe, or his goods and chattels, for
debt now due and owing to us or any of us, provided the said John Doe does well and truly pay, or cause to be paid, the said ten cents for every dollar of each of our several and respective claims against him. And all and each of the covenants and agreements herein contained shall extend to and bind our several executors, administrators, and assigns.
In witness whereof, &c. (as in No. 25).
A contract is an agreement, between two or more parties, for the performance of some certain thing by them respectively agreed upon. For forms of contracts, see under the head “ AGREEMENTS."
A charter-party is a contract of affreightment in writing, by which the owner of a vessel lets the whole or a part of her to another for the conveyance of goods on a particular · voyage, in consideration of the payment of freight.
No. 53.-Form of Charter-Party. This Charter-Party, made and concluded upon in the city of New York, the tenth day of October, in the year one thousand eight hundred and fifty, between John Doe, agent for the owner and master of the brig Eagle, of the city of New York, of the burden of four hundred tons or thereabouts, register measurement, now lying in the harbor of Mobilc, in tbe state of Alabama, of the first part, and Richard Roe, merchant, of the city of Mobile, in the state of Alabama, of the second part, Witnesseth, that the said party of the first part,
for and in consideration of the covenants and agreements hereinafter mentioned, to be kept and performed by the said party of the second part, doth covenant and agree on the freighting and chartering of the said vessel unto the said party of the second part, for a voyage from the port of Mobile, in the state of Alabama, to Liverpool, England, on the terms following, that it is to say:
First. The said party of the first part does engage that the said vessel in and during the said voyage shall be kept tight, stanch, well fitted, tackled, and provided with every requisite, and with men and provisions necessary for such a voyage. Second. The said party of the first
does further engage that the whole of said vessel (with the exception of the cabin, the deck, and the necessary room for the accommodation of the crew, and the stowage of the sails, cables, and provisions)
shall be at the sole use and disposal of the said party of the second part during the voyage aforesaid; and that no goods or merchandise whatever shall be laden on board, otherwise than from the said party of the second part, or his agent, without his consent, on pain of forfeiture of the amount of freight agreed upon for the same.
Third. The said party of the first part does further engage to take and receive on board the said vessel, during the aforesaid voyage, all such lawful goods and merchandise 'as the said party of the second part or his agents think proper to ship.
And the said party of the second part, for and in consideration of the covenants and agreements to be kept and per. formed by the said party of the first part, does covenant and agree with the said party of the first part, to charter and hire the said vessel as aforesaid, on the terms following, that is to say :
First. The said party of the second part does engage to provide and furnish to the said vessel a sufficient cargo of freight for ballast from one port to another on her voyage.
Second. The said party of the second part does further engage to pay to the said party of the first part, or his agent, for the charter or freight of the said vessel during the voyage aforesaid, in the manner following, that is to say:
For the voyage to Liverpool, the sum of four thousand dollars, lauful money of the United States, on the delivery of the freight aforesaid in the port of Liverpool. It is further understood and agreed that the said party of the second part, or his agent, is to pay all foreign port-charges, pilotage, and dues incurred by the vessel on her voyage, exclusive of the before-mentioned sum of four thousand dollars; the said party of the second part, or his agent, to furnish the said party of the first part sufficient money in the port aforesaid free of charge for the same.
It is further agreed between the parties to this instrument, that the said party of the second part shall be allowed for the Joading and discharging of the vessel at the respective ports aforesaid, lay days as follows, that is to say: in the port of Mobile twenty lay days, and customary despatch in the port of Liverpool. And in case the vessel is longer detained. the said party of the second part agrees to pay to the said party of the first part at the rate of fifty Spanish milled dollars per day, day by day, for every day so detained, provided such
detention shall happen by default of said party of the second part, or his agent.
It is also further understood and agreed, that the cargo or cargoes shall be received and delivered alongside of the vessel, within reach of her tackles, or according to the custom and usages at the ports of loading and discharging.
It is also further understood and agreed, that this charter shall commence when the vessel is ready to receive cargo at her place of loading, and notice thereof is given to the party of the second part, or his agent; and the said party of the first part agrees to proceeed with all despatch from Mobile direct to Liverpool, and there discharge the cargo aforesaid.
To the true performance of all and every of the foregoing covenants and agreements, the said parties each to the other do hereby bind themselves, their heirs, executors, administrators, and assigns (especially the said party of the first part the vessel, her freight, tackle, and appurtenances; and the said party of the second part the merchandise to be laden on board), each to the other in the penal sum of eight thousand dollars.
In witness whereof, the said parties have hereunto interchangeably set their hands and seals the day and year first above written. Sealed and delivered in the presence of
JOHN DOE (seal).
RICHARD ROE (seal).