Common use of 2nd Instalment Clause in Contracts

2nd Instalment. The sum of United States Dollars Two Million Eight Hundred Thousand Only (USD2,800,000.00 only), representing ten percent (10%) of the Original Contract Price, shall become due and payable after the cutting of the first steel plate of the VESSEL, but not earlier than ten (10) months before the Contract Delivery Date. Payment shall be made by the BUYER within Five (5) banking days after the receipt by the BUYER of the original of the invoice issued by the SELLER for the amount of the instalment and of the original certificate signed by the Classification Society attesting that the first steel plate in respect of the VESSEL has been cut;