Common use of Assignment; Successor and Assigns Clause in Contracts

Assignment; Successor and Assigns. This Contract with the exception of the right to make demand under the Refund Guarantee may, with the prior approval of the SELLER, which the SELLER shall not unreasonably withhold, be assigned and transferred by the BUYER to and title be taken by another company. In the event of any assignment pursuant to the terms of this Contract, the assignee, its successors and assigns shall succeed to all of the rights and obligations of the BUYER hereunder. However, the BUYER shall remain responsible for performance by the assignee, its successors, and assigns of all the BUYER’s obligations, liabilities and responsibilities under this Contract. It is understood that any expenses or charges incurred by the transfer of this Contract shall be for the account of the BUYER. Notwithstanding the above, the BUYER has the right to assign this Contract with the exception of the right to make demand under the Refund Guarantee to a bank or syndicate of banks or financial institution or any commercial corporation assisting in the finance of the VESSEL prior to delivery of the VESSEL provided that the BUYER has given the SELLER a notice of assignment in form and content acceptable to the SELLER and the BUYER, acting reasonably. The SELLER shall, at the BUYER’s request, acknowledge and consent to such assignment by signing an acknowledgement and consent acceptable to the SELLER and the BUYER, acting reasonably. The SELLER shall have the right to assign this Contract at any time after the Effective Date hereof, provided that prior written agreement is obtained from the BUYER, provided always that SELLER shall remain responsible for the due and punctual performance of this Contract by the Assignee. (end of Article)

Assignment; Successor and Assigns. This Contract with the exception (a) The BUILDER agrees that prior to delivery of the right to make demand under the Refund Guarantee VESSEL, this Contract may, with the prior approval of the SELLERBUILDER, which the SELLER BUILDER shall not unreasonably withhold, be assigned and transferred by the BUYER to and title be taken by another company. In the event of any assignment pursuant to the terms of this Contract, the assignee, its successors and assigns shall succeed to all of the rights and obligations of the BUYER hereunder. However, the BUYER shall remain responsible for performance by the assignee, its successors, and assigns of all the BUYER’s obligations, liabilities and responsibilities under this Contract. It is understood that any expenses or charges incurred by the transfer of this Contract shall be for the account of the BUYER. Notwithstanding the above, the BUYER has the right to assign this Contract with the exception of the right to make demand under the Refund Guarantee to a bank or syndicate of banks or financial institution or any commercial corporation assisting in the finance of the VESSEL prior to delivery of the VESSEL provided that the BUYER has given the SELLER BUILDER a notice of assignment in form and content acceptable to the SELLER and the BUILDER AND BUYER, acting reasonably. The SELLER BUILDER shall, at the BUYER’s request, acknowledge and consent to such assignment by signing an acknowledgement and consent acceptable to the SELLER BUILDER and the BUYER, acting reasonably. The SELLER . (b) Subject to Article I 6, the BUILDER shall have the right to assign this Contract at any time after the Effective Date hereof, provided that prior written agreement is obtained from the BUYER, provided always that SELLER BUILDER shall remain responsible for the due and punctual performance of if this Contract by the Assignee. (c) The BUYER and the BUILDER understand and acknowledge that the VESSEL shall be built and constructed as a repeat and series vessel of the BUILDER’s Hull No. 1558 as stipulated in this Contract. Thus, in the event that the BUYER assigns or novates this Contract to any third party after execution of this Contract and the supervision of the construction of the VESSEL will be conducted by other than the BUYER (end who signed this Contract), the BUILDER shall be entitled to readjust the Contract Price of Article)this Contract to compensate the BUILDER’s additional cost resulting from and due to any loss of the repeat and series effect. In such case, the original BUYER shall be responsible to pay such additional cost to the BUILDER. This, however, shall not preclude nor limit the right of the BUYER to hire or appoint third party subcontractors to assist him in the supervision work.