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.