Common use of Definition of Default Clause in Contracts

Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following cases: (a) If any of the first, second, third and fourth instalment is not paid to the BUILDER within respective DUE DATE of such instalments; or (b) If the DELIVERY INSTALMENT is not deposited at the account of the BUILDER with the BUILDER’s Bank in accordance with Article X 4. (b) hereof or if the said DELIVERY INSTALMENT deposit is not (for reasons not attributable to the BUILDER) released to the BUILDER against presentation by the BUILDER of a duplicate original copy of the PROTOCOL OF DELIVERY AND ACCEPTANCE; or (c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER under the provisions of Article VII hereof; or (d) If an order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); or (e) If the BUYER fails to be in punctual, due and full compliance with any of its obligations under this CONTRACT. In case the BUYER is in default of any of its obligations under this CONTRACT, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.

Definition of Default. The BUYER shall be deemed to be in default under this CONTRACT in the following casescases : (a) If any of the first, second, third and fourth instalment is not paid to the BUILDER within respective DUE DATE Three (3) banking days of such instalments; or (b) If the DELIVERY INSTALMENT fifth instalment is not deposited at the BUILDER’S BANK or at the account of the BUILDER with the BUILDER’s Bank any other bank in accordance with Article X 4. (bX.4.(a)(ii) hereof or if the said DELIVERY INSTALMENT fifth instalment deposit is not (for reasons not attributable to the BUILDER) released to the BUILDER against presentation by the BUILDER of a duplicate original copy of the PROTOCOL OF DELIVERY AND ACCEPTANCE; or (c) If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the BUILDER within Three (3) banking days under the provisions of Article VII hereof; or (d) If an and order or an effective resolution shall be passed for winding up of the BUYER (except for the purpose of reorganization, merger or amalgamation); or (e) If the BUYER fails to be in punctual, due and full compliance with any of its obligations under this CONTRACT. In case the BUYER is in default of any of its obligations under this CONTRACT, the BUILDER is entitled to and shall have the following rights, powers and remedies in addition to such other rights, powers and remedies as the BUILDER may have elsewhere in this CONTRACT and/or at law, at equity or otherwise.