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By the mutual agreement between the parties hereto, proceeds in accordance with the terms of this Contract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction of the VESSEL damaged, provided the Parties hereto shall have first agreed in writing as to such reasonable postponement of the Delivery Date and adjustment of other terms of this contract including the Contract Price as may be necessary for the completion of such reconstruction.

Does the word proceeds mean money or go on?

  • Is this paragraph part of a longer list of items or points? – Nathan Tuggy Dec 4 '18 at 8:44
  • I have a red flag for this translation. vessel damaged. Proper legal English would say: damaged vessel. Also: rebuilding the vessel, not reconstructing. And other details such as: by the mutual agreement=should be=by mutual agreement of the parties. No: the. So, yes, something is missing. It is a nightmare of subtle English usage and grammar errors. [I do this for a living.] My advice: get the original sentence. – Lambie Mar 16 at 19:54
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As a general technique for understanding difficult text, try seeing what is left after deleting words or phrases which add some merely descriptive detail of information which is not essential to the meaning of the entire sentence. Various terms are used for such things including "parenthetic phrases". I call them "interruptions".

So, "By the mutual agreement between the parties hereto," is not essential, and "in accordance with the terms of this Contract" is not essential either.

That leaves you with:

[P]roceeds, in which case the amount recovered under said insurance policy ...

Now it is obvious that sentence is complete rubbish!

But the general answer to your question about the meaning of 'proceeds'? It means money, but more specifically, money received for a particular reason, and would also include any other items of value received as an alternative to payments with money.

  • by mutual agreement of the Parties is essential. And there is no basis for saying it isn't. Obviously,something has been left out. Furthermore, proceeds cannot mean money as there is no sale. But damaged goods for which moneys are being paid out. – Lambie Mar 16 at 20:09

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