Deadweight. (a) If the Deadweight stipulated in Article I, is not attained and the reduction exceeds 7 % of the stipulated Deadweight, the BUILDER shall as full compensation for the loss caused thereby pay to the BUYER - for each metric ton of reduction in excess of the said 7 %. (b) The maximum compensation for any deficiency in Deadweight shall in any event not exceed (c) If the reduction in Deadweight is more than 15 % of the stipulated Deadweight the BUYER may cancel this Contract.
Appears in 3 contracts
Samples: Memorandum of Agreement, Memorandum of Agreement (Nordic American Offshore Ltd.), Memorandum of Agreement (Nordic American Offshore Ltd.)
Deadweight. (a) If the Deadweight stipulated in Article I, is not attained and the reduction exceeds 7 % of the stipulated Deadweight, the BUILDER shall as full compensation for the loss caused thereby pay to the BUYER ),- for each metric ton of reduction in excess of the said 7 %.
(b) The maximum compensation for any deficiency in Deadweight shall in any event not exceed
(c) If the reduction in Deadweight is more than 15 % of the stipulated Deadweight the BUYER may cancel this Contract.
Appears in 2 contracts
Samples: Memorandum of Agreement (Nordic American Offshore Ltd.), Memorandum of Agreement (Nordic American Offshore Ltd.)
