Common use of 4th Instalment Clause in Contracts

4th Instalment. The BUILDER shall give a notice to the BUYER about expected date of launching of the VESSEL at least fifteen (15) days prior to the scheduled launching date. Upon completion of the launching of the VESSEL, the BUILDER shall provide the BUYER with a notice together with a witness statement signed by the Classification Society, advising that the BUILDER has completed the launching of the VESSEL. Within five (5) banking days after the launching of the VESSEL, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER’s bank for the account of the BUILDER.

4th Instalment. The BUILDER shall give a notice to the BUYER about expected date of launching of the VESSEL at least fifteen seven (157) banking days prior to the scheduled launching date. Upon completion receipt of telefax or e-mail notice for the launching of BUILDER together with the VESSELstatement from the Classification Society confirming that “Launching” for the VESSEL has been made, the BUILDER BUYER shall provide the BUYER with a notice together with a witness statement signed by the Classification Society, advising that the BUILDER has completed the launching of the VESSEL. Within five remit within Five (5) banking days after the launching of the VESSEL, the BUYER shall remit the amount of this Instalment instalment by telegraphic transfer to the BUILDER’s bank BANK for the account of the BUILDERBUILDER with remarks of “Hull ”.