Nautical Term: Hand-over
Definition of Hand-over
Hand-over is a term used in maritime contracts, describing the formal process of transferring exclusive and unencumbered possession and access to a concession area and existing operational port infrastructure. Additionally, all rights, title, and interest in all movable assets and facilities provided by the government or port authority on the hand-over date for conducting terminal operations.
For example, a port authority might enter into a hand-over agreement with a private terminal operator. Upon the hand-over date, the private terminal operator would assume exclusive possession and control of the terminal area and all related port infrastructure. Additionally, the private terminal operator would take ownership of all movable assets and facilities located within the terminal area, as well as all rights, title, and interest in those assets and facilities.
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