Common use of Deadweight Clause in Contracts

Deadweight. (a) In the event that the deadweight of the VESSEL as determined in accordance with the SPECIFICATIONS is less than the guaranteed deadweight as specified in Paragraph 2 of Article I, the Contract Price shall be reduced by the sum of Xxx Xxxxxxxx Xxx Xxxxxxx Xxxxxx Xxxxxx Dollars (US$ 1,100.-) for each full metric ton of such deficiency being more than Seven Hundred (700) metric tons, up to a maximum reduction of Xxx Xxxxxxx Xxx Xxxxxxx xxx Xxx Xxxxxxxx Xxxxxx Xxxxxx Dollars (US$ 1,210,000.-). (b) In the event of such deficiency in the deadweight of the VESSEL being One thousand eight hundred (1,800) 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 One Thousand Eight Hundred (1,800) metric tons only, that is, at a total reduction of Xxx Xxxxxxx Xxx Xxxxxxx xxx Xxx Xxxxxxxx Xxxxxx Xxxxxx Dollars (US$1,210,000.-).