Common use of Changes in Rules of Classification Society, Regulations, etc Clause in Contracts

Changes in Rules of Classification Society, Regulations, etc. If, after the date of signing this Contract, any requirements as to classification, or as to the rules and regulations to which the construction of the VESSEL is required to conform in accordance with the provisions of Article I. (3), are altered or changed by the Classification Society or regulatory bodies authorized to make such alterations or changes, either of the parties hereto upon receipt of information thereof, shall transmit such information in full to the other party in writing, thereupon within Twenty-one(21) days after receipt of the said notice from the other party, the BUYER shall instruct the BUILDER in writing if such alterations or changes shall be made in the VESSEL or not, in the BUYER’s sole discretion. (a) If such alterations or changes are compulsory for the construction of VESSEL, either of the parties hereto, upon receipt of such information from Classification Society or such other regulatory bodies, shall promptly transmit the same to the other in writing, and the BUILDER shall thereupon incorporate such alterations or changes into the construction of the VESSEL, provided that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the SPECIFICATIONS occasioned by or resulting from such alterations or changes. (b) If such alterations or changes are not compulsory for the construction of the VESSEL, and the BUYER desires to incorporate such alterations or changes into the construction of the VESSEL, then, the BUYER shall notify the BUILDER of such intention. The BUILDER may accept such alterations or changes, provided that such alterations or changes will not, in the judgement of the BUILDER, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments, and provided, further, that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the SPECIFICATIONS occasioned by or resulting from such alterations or changes. In the event of a disagreement on price and delivery, and in the event that such alterations or changes are compulsory for the construction of VESSEL, then the BUILDER shall proceed with the required alterations and the dispute related to the above shall be resolved in accordance with the provisions of Article XII. Such agreement by the BUYER shall be effected in the same manner as provided in Paragraph 1 of this Article for modifications and/or changes of the SPECIFICATIONS .

Changes in Rules of Classification Society, Regulations, etc. IfIn the event that, after the date of signing this Contract, any requirements as to classificationclass, or as to the rules and regulations to which the construction of the VESSEL is required to conform in accordance with the provisions of Article I. (3), are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, either of the parties hereto upon receipt of information thereof, following provisions shall transmit such information in full to the other party in writing, thereupon within Twenty-one(21) days after receipt of the said notice from the other party, the BUYER shall instruct the BUILDER in writing if such alterations or changes shall be made in the VESSEL or not, in the BUYER’s sole discretion.apply: (a) If such alterations or changes are compulsory for the construction of VESSEL, either of the parties hereto, upon receipt of such information from the Classification Society or such other regulatory bodies, shall promptly transmit the same to the other in writing, and the BUILDER SELLER shall thereupon incorporate such alterations or changes into the construction of the VESSEL, provided that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER SELLER in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. (b) If such alterations or changes are not compulsory for the construction of the VESSEL, and but the BUYER desires to incorporate such alterations or changes into the construction of the VESSEL, then, then the BUYER shall notify the BUILDER SELLER of such intention. The BUILDER may SELLER shall accept such alterations or changes, provided that such alterations or changes will not, in the judgement judgment of the BUILDERSELLER, adversely affect the BUILDERSELLER’s planning or program in relation to the BUILDERSELLER’s other commitments, and provided, further, that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER SELLER in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. In the event of a disagreement on price and delivery, and in the event that Agreements as to such alterations or changes are compulsory for the construction of VESSEL, then the BUILDER shall proceed with the required alterations and the dispute related to the above under this Clause 2(b) shall be resolved in accordance with the provisions of Article XII. Such agreement by the BUYER shall be effected made in the same manner as provided in Paragraph Clause 1 of this Article ARTICLE V for modifications and/or or changes to the Specifications. If after the exertion of such best efforts by the SPECIFICATIONS SELLER in response to the BUYER’s reasonable request, the parties fail to conclude the above-mentioned agreement, then the SELLER shall have no obligation to comply with the BUYER’s request.

Changes in Rules of Classification Society, Regulations, etc. (1) If, after the date of signing this Contract, any requirements as to classification, classification or as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform in accordance with the provisions of Article I. (3)conform, are altered or changed by the Classification Society or any regulatory bodies authorized to make such alterations or changes, either of the parties hereto SELLER and/or the BUYER, upon receipt of information thereof, shall shalt transmit such information in full to the each other party in writing, thereupon whereupon within Twentytwenty-one(21one (21) days after receipt of the said notice by the BUYER from the other partySELLER or vice versa, the BUYER shall instruct the BUILDER SELLER in writing if such as to the alterations or changes shall changes, if any, to be made in the VESSEL or notwhich the BUYER, in the BUYER’s its sole discretion. (a) If , shall decide. The SELLER shall promptly comply with such alterations or changes are compulsory for the construction of VESSELchanges, either of the parties hereto, upon receipt of such information from Classification Society or such other regulatory bodies, shall promptly transmit the same to the other if any in writing, and the BUILDER shall thereupon incorporate such alterations or changes into the construction of the VESSEL, VESSEL provided that the BUYER shall first agree agree: (a) As to reasonable and proven adjustments required by the BUILDER any fair increase or decrease in the Contract Price, Price of the Delivery Date VESSEL that is fairly and other terms and conditions of this Contract and the SPECIFICATIONS reasonably occasioned by or resulting from the cost for such alterations or changes.compliance; and/or (b) As to any extension in the time of delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any increase or decrease in the guaranteed deadweight and/or speed of the VESSEL, if such compliance results in increased or reduced deadweight and/or speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary; .and/or (e) If the Contract Price is to be increased, then, in addition or as an alternative to any of the provisions above, as to the provision of additional security by the BUYER to the SELLER if deemed necessary by the SELLER. Agreement as to such alterations or changes are not compulsory for the construction of the VESSEL, and the BUYER desires to incorporate such alterations or changes into the construction of the VESSEL, then, the BUYER under this Paragraph shall notify the BUILDER of such intention. The BUILDER may accept such alterations or changes, provided that such alterations or changes will not, in the judgement of the BUILDER, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments, and provided, further, that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the SPECIFICATIONS occasioned by or resulting from such alterations or changes. In the event of a disagreement on price and delivery, and in the event that such alterations or changes are compulsory for the construction of VESSEL, then the BUILDER shall proceed with the required alterations and the dispute related to the above shall be resolved in accordance with the provisions of Article XII. Such agreement by the BUYER shall be effected he made in the same manner as provided in Paragraph 1 I of this Article for modifications and/or changes of the SPECIFICATIONS Specifications and/or Plans. (2) If due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the guaranteed speed and deadweight or the provision of additional security to the SELLER or any alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes provided the survey of the Class and the issuance of the Certificates by the Class and relevant authorities will not be affected.

Changes in Rules of Classification Society, Regulations, etc. If, after the date Effective Date of signing this Contract, any requirements as to classificationClassification Society, or as to the rules and regulations to which the construction of the VESSEL DRILLSHIP is required to conform in accordance with the provisions of Article I. (3)conform, are altered or changed by the Classification Society or regulatory bodies authorized to make such alterations or changes, either of the parties hereto hereto, upon receipt of information thereof, shall transmit such information in full to the other party in writing, thereupon writing within Twenty-one(21fourteen (14) days after receipt of the said notice from the other party, information and thereafter the BUYER shall instruct the BUILDER in writing if such alterations or changes shall be made in the VESSEL DRILLSHIP or not, in the BUYER’s sole discretion. (a) If However, if such alterations or changes are compulsory for the construction of VESSELDRILLSHIP, either of the parties hereto, upon receipt of such information from Classification Society or such other regulatory bodies, shall promptly transmit the same to the other in writing, and the BUILDER shall thereupon incorporate such alterations or changes into the construction of the VESSELDRILLSHIP, provided that the BUYER parties shall first agree to reasonable and proven adjustments required by the BUILDER on any increase or decrease in the Contract Price, extension or reduction in time of delivery of the Delivery Date DRILLSHIP and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. (b) If such alterations or changes are not compulsory for the construction of the VESSELDRILLSHIP, and but the BUYER desires to incorporate such alterations or changes into the construction of the VESSELDRILLSHIP, then, then the BUYER shall notify the BUILDER in writing of such intentionintention within fourteen (14) days after receipt of the said information. The BUILDER may shall accept such alterations or changes, provided that such alterations the parties shall agree on any increase or changes will not, in the judgement of the BUILDER, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments, and provided, further, that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER decrease in the Contract Price, extension or reduction in time of delivery of the Delivery Date DRILLSHIP and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. In the event of a disagreement on price and delivery, and in the event that such alterations or changes are compulsory for the construction of VESSEL, then the BUILDER shall proceed with the required alterations and the dispute related to the above shall be resolved in accordance with the provisions of Article XII. Such agreement by of the BUYER shall be effected in the same manner as provided in Paragraph 1 of this Article for modifications and/or changes of the SPECIFICATIONS Specifications. The failure of the parties to agree on the increase or decrease in the Contract Price, or extension or reduction in the time of delivery, if any, for any modifications or changes requested by the BUYER shall not prevent the BUILDER from performing any agreed work so as not to prevent the proper progress of the DRILLSHIP’s design, construction, building, launching, equipping, testing and completion, but shall be dealt with in accordance with Article XII.

Changes in Rules of Classification Society, Regulations, etc. If, after the date Effective Date of signing this Contract, any requirements as to classificationClassification Society, or as to the rules and regulations to which the construction of the VESSEL DRILLSHIP is required to conform in accordance with the provisions of Article I. (3)conform, are altered or changed by the Classification Society or regulatory bodies authorized to make such alterations or changes, either of the parties hereto hereto, upon receipt of information thereof, shall transmit such information in full to the other party in writing, thereupon writing within Twenty-one(21fourteen (14) days after receipt of the said notice from the other party, information and thereafter the BUYER shall instruct the BUILDER in writing if such alterations or changes shall be made in the VESSEL DRILLSHIP or not, in the BUYER’s ’S sole discretion. (a) If However, if such alterations or changes are compulsory for the construction of VESSELDRILLSHIP, either of the parties hereto, upon receipt of such information from Classification Society or such other regulatory bodies, shall promptly transmit the same to the other in writing, and the BUILDER shall thereupon incorporate such alterations or changes into the construction of the VESSELDRILLSHIP, provided that the BUYER parties shall first agree to reasonable and proven adjustments required by the BUILDER on any increase or decrease in the Contract Price, extension or reduction in time of delivery of the Delivery Date DRILLSHIP and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. (b) If such alterations or changes are not compulsory for the construction of the VESSELDRILLSHIP, and but the BUYER desires to incorporate such alterations or changes into the construction of the VESSELDRILLSHIP, then, then the BUYER shall notify the BUILDER in writing of such intentionintention within fourteen (14) days after receipt of the said information. The BUILDER may shall accept such alterations or changes, provided that such alterations the parties shall agree on any increase or changes will not, in the judgement of the BUILDER, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments, and provided, further, that the BUYER shall first agree to reasonable and proven adjustments required by the BUILDER decrease in the Contract Price, extension or reduction in time of delivery of the Delivery Date DRILLSHIP and other terms and conditions of this Contract and the SPECIFICATIONS Specifications occasioned by or resulting from such alterations or changes. In the event of a disagreement on price and delivery, and in the event that such alterations or changes are compulsory for the construction of VESSEL, then the BUILDER shall proceed with the required alterations and the dispute related to the above shall be resolved in accordance with the provisions of Article XII. Such agreement by of the BUYER shall be effected in the same manner as provided in Paragraph 1 of this Article for modifications and/or changes of the SPECIFICATIONS Specifications. The failure of the parties to agree on the increase or decrease in the Contract Price, or extension or reduction in the time of delivery, if any, for any modifications or changes requested by the BUYER shall not prevent the BUILDER from performing any agreed work so as not to prevent the proper progress of the DRILLSHIP’s design, construction, building, launching, equipping, testing and completion, but shall be dealt with in accordance with Article XII.