Common use of Application of Recovered Amount Clause in Contracts

Application of Recovered Amount. (a) Partial Loss: In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance and delivery thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the Specifications. (b) Total Loss: However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By mutual agreement between the parties hereto, proceed in accordance with the terms of this Contract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL's damages and/or reinstallation of BUYER's supplies without additional expenses to the BUYER, provided the parties hereto shall have first agreed in writing as to such reasonable extension 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; or (ii) If due to whatever reasons the parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments paid to the SELLER under this Contract without interest together with recovered amount for BUYER's supplies onboard, whereupon this Contract shall be deemed to be cancelled and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. Within thirty (30) days after receiving telefax notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax of its agreement or disagreement under this sub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER, this Contract shall be deemed as rescinded and cancelled, the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall apply.

Application of Recovered Amount. (a) Partial Loss: Loss In the event that the VESSEL Vessel, any parts, materials, machinery, equipment, appurtenances and outfits thereof shall be damaged by any insured cause whatsoever prior to acceptance and delivery thereof by the BUYER Buyer and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSELVessel, the SELLER Seller shall cause the Builder to apply the amount insurance moneys recovered under the said insurance policy referred to in Paragraph 1 of this Article to the repair of such damage damage, satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER Buyer shall accept the VESSEL Vessel under this Contract if completed in accordance with this Contract and the SpecificationsSpecifications and free of class recommendations and notations. The Buyer shall not, on account of any such damage or any repair thereof, make any claim for alleged consequential loss or depreciation. (b) Total Loss: Loss However, in the event that the VESSEL Vessel is determined to be an actual or constructive total loss, by the SELLER shall either: (i) By mutual agreement between the parties hereto, either: (i) the Builder shall proceed in accordance with the terms of this Contract, in which case the amount recovered under the said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL's damages and/or reinstallation of BUYER's supplies without additional expenses to the BUYERVessel’s damage, provided the parties hereto shall have first agreed in writing as to such reasonable extension postponement of the Expected Delivery Date and adjustment of other terms of this Contract including the Contract Price as may be necessary for the completion of such reconstruction; or (ii) If due to whatever reasons the parties fail to agree on the above, then Seller shall refund immediately to the BUYER Buyer the amount of all instalments paid to the SELLER Seller under this Contract without interest contract together with recovered amount for BUYER's supplies onboardinterest at the rate of five percent (5%) per annum, provided however that in the case of such total loss being due to causes described in Article VIII, Paragraph 1 no interest shall be payable, whereupon this Contract contract shall be deemed to be cancelled rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. Within thirty If the parties hereto fail to reach such agreement within two (302) days months after receiving telefax notice of any damage the Vessel is determined to the VESSEL constituting be an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax provisions of its agreement or disagreement under this sub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure paragraph (b)(ii) above shall be construed as a disagreement on the part of the BUYER, this Contract shall be deemed as rescinded and cancelled, the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall applyapplied.

Application of Recovered Amount. (a) Partial Loss: In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance and delivery thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall accept the VESSEL under this Contract if completed in accordance with this Contract and the SpecificationsSpecifications and not make any claim for any consequential loss or depreciation. (b) Total Loss: However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By the mutual agreement between the parties hereto, proceed in accordance with the terms of this Contract, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL's damages and/or reinstallation of BUYER's supplies without additional expenses to the BUYERSupplied Items , provided the parties hereto shall have first agreed in writing as to such reasonable extension 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; or (ii) If due to whatever reasons the parties fail to agree on the above, then refund immediately to the BUYER the amount of all instalments installments paid to the SELLER under this Contract without interest together with recovered amount for BUYER's supplies onboardinterest, whereupon this Contract Con-tract shall be deemed to be cancelled canceled and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. Within thirty (30) calendar days after receiving telefax e-mail notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax e-mail of its agreement or disagreement under this sub-paragraphsub‑paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER, this . This Contract shall be deemed as rescinded and cancelled, the BUYER shall receive the refund as hereinabove provided canceled and the provisions hereof Paragraph 2 (b) (ii) of this Article shall apply.

Application of Recovered Amount. (a) Partial Loss: Loss In the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance and delivery thereof by the BUYER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER BUILDER shall apply the amount recovered under the insurance policy referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYERCLASSIFICATION SOCIETY requirements, and the BUYER shall accept the VESSEL under this Contract CONTRACT if completed and if it is upon delivery in all respects in accordance with this Contract CONTRACT and the SpecificationsSPECIFICATIONS. (b) Total Loss: Loss However, in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLER shall either: (i) By BUILDER shall, by the mutual agreement between the parties hereto, proceed either (i) Proceed in accordance with the terms of this ContractCONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL's damages and/or reinstallation of BUYER's supplies without additional expenses to the BUYER’s damage, provided the parties hereto shall have first agreed in writing as to such reasonable extension postponement of the Delivery Date and adjustment of other terms of this Contract CONTRACT including the Contract Price CONTRACT PRICE as may be necessary for the completion of such reconstruction; , or (ii) If due to whatever reasons the parties fail to agree on the above, then refund Refund immediately to the BUYER the amount of all instalments installments paid to the SELLER BUILDER under this Contract without interest CONTRACT together with recovered amount for BUYER's supplies onboardinterest at the rate of ten per cent (10%) from the date of receipt thereof to the date of such refund, whereupon this Contract CONTRACT shall be deemed to be cancelled rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith. Within thirty (30) days after receiving telefax notice of any damage to the VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER in writing or by telefax of its agreement or disagreement under this sub-paragraph. In the event the BUYER fails to so notify the SELLER, then such failure shall be construed as a disagreement on the part of the BUYER, this Contract shall be deemed as rescinded and cancelled, the BUYER shall receive the refund as hereinabove provided and the provisions hereof shall apply.