BUILDER'S DEFAULT. The BUYER shall be entitled to terminate this CONTRACT forthwith by the giving of notice to the BUILDER by letter, telex or tele-facsimile should any of the following events occur:
(a) failure to maintain the Refund Guarantee in accordance with the terms of this CONTRACT and in particular Article X hereof; or
(b) the filing of a petition or the making of an order or the passing of an effective resolution for the winding-up of the BUILDER or the placing of the BUILDER under court protection or the appointment of a receiver of the undertaking or property of the BUILDER or the insolvency of or a suspension of payment by the BUILDER or the cessation of the carrying on of business by the BUILDER or the making by the BUILDER of any special arrangement or composition with creditors of the BUILDER or any analogous proceedings and the BUILDER fails to remedy such breach within ten (10) days of receipt by the BUILDER of written notice from the BUYER.
BUILDER'S DEFAULT. 1. The following shall constitute events of default of the BUILDER under this Contract:
a. The BUILDER being dissolved or adjudged a bankrupt or making a general assignment for the benefit of its creditors, or the appointment of a receiver or receivers of any kind whatsoever, whether or not appointed in bankruptcy, common law or equity proceedings, whether temporary or permanent, for the property of the BUILDER, or the filing by the BUILDER of a petition for reorganization or other proceedings with reference to the BUILDER, under any of the provisions of the Bankruptcy Code of the United States or any similar law, state or federal or in any jurisdiction in which the Contractor has assets or is registered to do business, or the filing of such petition by creditors and approval thereof by the Court, whether proposed by a creditor, a stockholder or any other person whatsoever, or the filing of an answer to such petition admitting insolvency or inability to pay its debts.
b. If any default by the BUILDER continues for a period of thirty (30) days, the BUYER may, at its option, terminate this Contract by giving notice of such effect to the BUILDER in accordance with ARTICLE X hereof, which termination shall be effective, without further act or deed immediately upon the receipt of such notice provided, such termination shall not prevent either party from initiating proceedings pursuant to the provisions of Article XIV with respect to any claim it may allege concerning rights and obligations under this Contract. The BUYER, if it so elects, may, notwithstanding the pendency of any such proceedings under ARTICLE XIV require a refund of the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL and, at the BUYER'S option, the BUILDER shall either purchase for their fair market value or return to the BUYER all of the BUYER'S supplies.
BUILDER'S DEFAULT. The BUILDER shall be deemed to be in default under this Contract, if a petition is filed or an order is made or an effective resolution is passed for the winding up or dissolution of the BUILDER or a Receiver is appointed of the undertaking or property of the BUILDER or any similar process or proceeding is initiated under the laws of any relevant jurisdiction, or the BUILDER generally suspends payment or ceases to carry on its business or makes any special arrangement or composition with its creditors. In the event of such BUILDER's default as aforesaid, the BUYER may, at its option, thereafter at any time be entitled (but not bound) to rescind this Contract, but this clause shall not limit any other rights or remedy the BUYER may have in this Contract and/or at law, at equity or otherwise. (End of Article)
BUILDER'S DEFAULT. Notwithstanding anything to the contrary contained in this Agreement, Builder shall not be in breach or default hereunder unless Builder fails to cure any material breach of any obligation of Builder under this Agreement within ten (10) days after the Builder’s receipt of written notice of such default from Transferor, except that such cure period shall not apply to a Construction Default (defined below). If any such failure continues beyond such cure period, then Builder shall be in default under this Agreement (each, a “Builder Default”) and Transferor shall have the following remedies:
BUILDER'S DEFAULT. Should the BUILDER default by:
21.1 Without reasonable or agreed cause, wholly suspending the building before completion thereof; or
21.2 Refusing to proceed with the building works with reasonable diligence or skill or speed or with the appropriate material and plant; or
BUILDER'S DEFAULT. Should the BUILDER default by:
18.1 Without reasonable cause, wholly suspending the building before completion thereof; or
18.3 Refusing, after notice in writing from the OWNER, to remove defective work or improper materials; then, if such default shall continue for FOURTEEN (14) days after a registered letter has been sent to the BUILDER from the OWNER specifying same, the OWNER may, without prejudice to any other rights he may have in terms of this contract or in law, by registered post terminate the employment of the BUILDER under this contract, provided no dispute has been declared in terms of Clause 17. In such event the BUILDER shall be liable for all damages incurred by the OWNER by reason of such default.
BUILDER'S DEFAULT. 1. The BUILDER shall be deemed to be in default under this CONTRACT if the BUILDER, without reasonable excuse, intentionally delays in the commencement or progress of the construction of the VESSEL for a period of ninety (90) days or more and the BUILDER has not rectified the same within fourteen (14) days of being notified by the BUYER of such delay. In such event, the BUYER may by notice in writing to the BUILDER terminate this CONTRACT and the BUILDER shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL and interest thereon at ten percent (10%) per annum on the amount to be refunded to the BUYER, computed from the respective date such sums were paid by the BUYER to the date of remittance of the refundable amount to the BUYER.
2. If the BUILDER duly contests such termination by the BUYER pursuant to Article XIV hereof, then, after the arbitration is decided in favour of the BUYER, the BUILDER shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL. In such event, the BUILDER shall pay the BUYER interest at the rate of ten per cent (10%) per annum on the amount to be refunded to the BUYER computed from the respective date such sums were paid by the BUYER to the date of remittance of the refundable amount to the BUYER.
3. If the BUILDER shall apply for or consent to the appointment of a receiver, trustee or liquidator, shall be adjudicated insolvent, shall apply to the Courts for protection from its creditors, file, a voluntary petition in bankruptcy or take advantage of any insolvency law, or any action shall be taken by the BUILDER having an effect similar to any of the foregoing or the equivalent thereof in any jurisdiction, the BUYER may by notice in writing to the BUILDER terminate this CONTRACT and require the BUILDER to refund, immediately, to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL and interest thereon at ten percent (10%) per annum on the amount to be refunded to the BUYER computed from the respective date such sums were paid by the BUYER to the date of remittance of the refundable amount to the BUYER and immediately upon receipt of such notice the BUILDER shall refund such amount to the BUYER.
BUILDER'S DEFAULT. The Buyer shall have the right to terminate this Contract:
(a) if Builder becomes insolvent or winding-up proceedings (or their equivalent) are commenced against the Builder and/or the Shipyard;
(b) if Builder has defaulted under any provision of this Contract and have not rectified same within Fourteen days (14) of being notified by Buyer of such default.
BUILDER'S DEFAULT. 1. Definition of Default:
BUILDER'S DEFAULT. Should the BUILDER default by:
18.1 Without reasonable cause, wholly suspending the building before
18.2 Refusing to proceed with the building with reasonable diligence; or
18.3 Refusing, after notice in writing from the OWNER, to remove defective work or improper materials; then, if such default shall continue for FOURTEEN (14) days after a registered letter has been sent to the BUILDER from the OWNER specifying same, the OWNER may, without prejudice to any other rights he may have in terms of this contract or in law, by registered post terminate the employment of the BUILDER under this contract, provided no dispute has been declared in terms of Clause
