Common use of Buyer’s Termination Clause in Contracts

Buyer’s Termination. The Buyer shall have the right to terminate this Contract forthwith upon giving notice in the event that: (i) the guarantor providing the Refund Guarantees on behalf of the Builder in accordance with Clause 14(b) (Guarantees – Builder’s Refund Guarantees) is deemed insolvent pursuant to Sub-clause (d) below, unless the Builder provides replacement Refund Guarantees acceptable to the Buyer within 30 days of the Buyer’s notice requiring replacement Refund Guarantees to be provided, during which period no further payments shall be made to the Builder by the Buyer and provided that notice of termination is given before acceptable replacement Refund Guarantees are received by the Buyer, or (ii) the Builder fails to perform any work relating to the construction of the Vessel for a running period of at least the number of days stated in Box 22(i), excluding Permissible Delays, provided that thereafter the Buyer gives the Builder at least the number of days’ written notice stated in Box 22(ii) of its intention to terminate this Contract under this Clause and within that period the Builder fails to remedy its breach and provided further that the notice of termination is given before the Builder has remedied its breach; or (iii) (1) the delivery of the Vessel is delayed by more than 180 days in aggregate by virtue of events that fall within Clause 34(a)(i) (Permissible Delays – Force Majeure events); or