Common use of Deadweight Clause in Contracts

Deadweight. (a) In the event that there is a deficiency in the actual deadweight of the VESSEL (33800 MT) determined as provided in the Specifications, the Contract Price shall not be decreased if such deficiency is two hundred (200) metric tons or less below the guaranteed deadweight described in the Specification. (b) In the event that the actual deadweight of the VESSEL as determined in accordance with the Specifications is less than the Guaranteed Deadweight, the Contract Price shall be reduced by the sum of two thousand United States Dollars (US$2,000) for each full metric ton of such deficiency being more than two hundred (200) metric tons. (c) In the event of such deficiency in the actual deadweight of the VESSEL being eight hundred (800) metric tons or more, then the BUYER may, at its option, reject the VESSEL and rescind this Contract in accordance with the provisions of ARTICLE X hereof or accept the VESSEL at a reduction in the Contract Price as above provided for eight hundred (800) metric tons only, that is, at a total reduction of one million two hundred thousand United States Dollars (US$1,200,000).

Deadweight. (a) In The Contract Price shall not be affected or changed by reason of the event that there is a actual deadweight tonnage determined as provided for in the Specifications being below the deadweight tonnage specified and required under Paragraph 3(c) of Article I of this Contract (hereinafter called the “Guaranteed Deadweight”), if such deficiency in the actual deadweight of the VESSEL tonnage is not more than one thousand (33800 MT) determined as provided in the Specifications, the Contract Price shall not be decreased if such deficiency is two hundred (2001,000) metric tons or less below the guaranteed deadweight described in the Specificationtons. (b) In the event that the actual deadweight of the VESSEL as determined in accordance with the Specifications is less than the Guaranteed Deadweightguaranteed deadweight of the VESSEL, the Contract Price shall be reduced by the sum of two thousand United States Dollars one thousand (US$2,0001,000.-) for each full metric ton of such deficiency being more than two hundred one thousand (2001,000) metric tons, up to a maximum reduction of United States Dollars one million five hundred (U.S.$1,500,000.-) but disregarding fractions of one (1) metric ton. (c) In the event of such deficiency in the actual deadweight of the VESSEL being eight two thousand five hundred (8002,500) metric tons or more, then the BUYER may, at its option, reject the VESSEL and rescind this Contract in accordance with the provisions of ARTICLE Article X hereof hereof, or may accept the VESSEL at a reduction in the Contract Price as above provided for eight hundred (800) metric tons only, that is, at a total reduction of one million two hundred thousand United States Dollars one million five hundred (US$1,200,0001,500,000.-).