Definition of Default. The Owner shall be deemed to be in default of performance of its obligations under this Contract in the following cases: a) If the Owner fails to pay any of the installments to the Builder within the time stipulated in Article 5 hereof, or b) if the Owner fails to take delivery of the Vessel, when the Vessel is duly tendered for delivery by the Builder under the provisions of Article 7.5 and 7.6 hereof.
Appears in 8 contracts
Samples: Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc)
