Common use of 3rd Instalment Clause in Contracts

3rd 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 keel of the VESSEL is laid in the SELLER's Shipyard, but not earlier than six (6) 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 the original certificate of the Classification Society attesting that the keel of the VESSEL is laid in the SELLER's Shipyard;