Common use of Definition of Default Clause in Contracts

Definition of Default. The BUYER shall be deemed to be in default of its performance of obligations under this Contract in the following cases : (a) If the first, second, third, fourth or fifth instalment are not paid by the BUYER to the BUILDER within Five (5) banking days after such instalment becomes due and payable as provided in Article II hereof; or (b) If the Delivery instalment is not paid by the BUYER to the BUILDER concurrently with the delivery of the VESSEL as provided in Article II hereof; or (c) If the BUYER, when the VESSEL is duly tendered for delivery by the BUILDER: i) fails to take delivery of the VESSEL within Five (5) banking days from tendered date ii) having initiated the arbitration procedure the BUYER does not accept delivery within Seven (7) days of an arbitration award which is not appealed.

Definition of Default. The BUYER shall be deemed to be in default of its performance of obligations under this Contract in the following cases : (a) If the first, second, third, fourth or fifth instalment are not paid by the BUYER to the BUILDER within Five (5) banking days after such instalment becomes due and payable as provided in Article II hereof; or (b) If the Delivery instalment is not paid by the BUYER to the BUILDER concurrently with the delivery of the VESSEL as provided in Article II hereof; or (c) If the BUYER, when the VESSEL is duly tendered for delivery by the BUILDER: i) fails to take delivery of the VESSEL within Five (5) banking days from tendered date date ii) having initiated the arbitration procedure the BUYER does not accept delivery within Seven (7) days of an arbitration award which is not appealed.