Common use of Builder’s Default - Cancellation by Buyer Clause in Contracts

Builder’s Default - Cancellation by Buyer. The payment of any sums under this Contract by the Buyer prior to delivery of the Vessel shall be by way of advances to the Builder. In the event that the Buyer shall exercise its right of cancelling the Contract under and pursuant to any of the provisions of the Contract specifically permitting the Buyer to do so, then the Buyer shall notify the Builder in writing or by telefax confirmed by registered mail, and such cancellation shall be effective as of the date notice thereof is received by the Builder. Upon such cancellation the Builder shall promptly either accept the notice of cancellation , or declare its intention to dispute the same under the provisions of Article XIX hereof. Upon cancellation the Builder shall refund all sums paid by Buyer to the Builder under Article III hereof, including interest thereon at the rate of 3 months Nibor plus 1,5% (per cent) per annum from the date of payment to the date of refund. The Builder shall also return Buyer's Supplies, or if they cannot be returned, the Builder shall pay to the Buyer an amount equal to the Buyer's costs for such equipment. Save for the Builder's obligation to refund amounts as set out above, the Builder shall have no liability for any other loss suffered by the Buyer caused by a cancellation pursuant to this Article XII, clause 1, first paragraph.

Builder’s Default - Cancellation by Buyer. The payment of any sums under this Contract by the Buyer prior to delivery of the Vessel shall be by way of advances to the Builder. In the event that the Buyer shall exercise its right of cancelling the Contract under and pursuant to any of the provisions of the Contract specifically permitting the Buyer to do soso (inclusive of cancellation due to total loss), then the Buyer shall notify the Builder in writing or by telefax confirmed by registered mail, and such cancellation shall be effective as of the date notice thereof is received by the Builder. Upon such cancellation the Builder shall promptly either accept the notice of cancellation cancellation, or declare its intention to dispute the same under the provisions of Article XIX hereof. Upon cancellation the Builder shall refund all sums paid by Buyer to the Builder under Article III hereof, including interest thereon at the rate of 3 months Nibor plus 1,56 % (per cent) per annum from the date of payment to the date of refund. The Builder shall also return Buyer's ’s Supplies, or if they cannot be returned, the Builder shall pay to the Buyer an amount equal to the Buyer's costs for such equipment. Save for the Builder's obligation to refund amounts as set out above, the Builder shall have no liability for any other loss suffered by the Buyer caused by a cancellation pursuant to this Article XII, clause 1, first paragraph.not

Builder’s Default - Cancellation by Buyer. The payment of any sums under this Contract by the Buyer prior to delivery of the Vessel shall be by way of advances to the Builder. In the event that the Buyer shall exercise its right of cancelling the Contract under and pursuant to any of the provisions of the Contract specifically permitting the Buyer to do soso (inclusive of cancellation due to total loss), then the Buyer shall notify the Builder in writing or by telefax confirmed by registered mail, and such cancellation shall be effective as of the date notice thereof is received by the Builder. Upon such cancellation the Builder shall promptly either accept the notice of cancellation , or declare its intention to dispute the same under the provisions of Article XIX hereof. Upon cancellation the Builder shall refund all sums paid by Buyer to the Builder under Article III hereof, including interest thereon at the rate of 3 months Nibor plus 1,56 % (per cent) per annum from the date of payment to the date of refund. The Builder shall also return Buyer's ’s Supplies, or if they cannot be returned, the Builder shall pay to the Buyer an amount equal to the Buyer's ’s costs for such equipment. Save for the Builder's ’s obligation to refund amounts as set out above, the Builder shall have no liability for any other loss suffered by the Buyer caused by a cancellation pursuant to this Article XII, clause 1, first paragraph.

Builder’s Default - Cancellation by Buyer. The payment of any sums under this Contract by the Buyer prior to delivery of the Vessel shall be by way of advances to the Builder. In the event that the Buyer shall exercise its right of cancelling the Contract under and pursuant to any of the provisions of the Contract specifically permitting the Buyer to do so, then the Buyer shall notify the Builder in writing or by telefax confirmed by registered mail, and such cancellation shall be effective as of the date notice thereof is received by the Builder. Upon such cancellation the Builder shall promptly either accept the notice of cancellation cancellation, or declare its intention to dispute the same under the provisions of Article XIX hereof. Upon cancellation the Builder shall refund all sums paid by Buyer to the Builder under Article III hereof, including interest thereon at the rate of 3 months Nibor plus 1,5LIBOR + 2% (per cent) per annum from the date of payment to the date of refund. The Builder shall also return Buyer's ’s Supplies, or if they cannot be returned, the Builder shall pay to the Buyer an amount equal to the Buyer's ’s costs for such equipment. Save for the Builder's ’s obligation to refund amounts as set out above, the Builder shall have no liability for any other loss suffered by the Buyer caused by a cancellation pursuant to this Article XII, clause 1, first paragraph.