DEFINITION OF PERMISSIBLE DELAYS. Delays on account of such causes as specified in Paragraph 1 of this Article and other delays of a nature which under the terms of this Contract permits postponement of the Delivery Date shall be understood to be permissible delays and are to be distinguished from unauthorized delays on account of which the Contract Price is subject to adjustment as provided in Article III hereof.
Appears in 4 contracts
Samples: Shipbuilding Contract (Globus Maritime LTD), Shipbuilding Contract (Globus Maritime LTD), Shipbuilding Contract (Scorpio Bulkers Inc.)
DEFINITION OF PERMISSIBLE DELAYS. Delays on account of such causes as specified in Paragraph 1 of this Article and other delays of a nature which under the terms of this Contract expressly permits postponement of the Delivery Date shall be understood to be permissible delays and are to be distinguished from unauthorized delays on account of which the Contract Price is subject to adjustment as provided in Article III hereofPermissible Delays.
Appears in 2 contracts
Samples: Shipbuilding Contract (Safe Bulkers, Inc.), Shipbuilding Contract (Safe Bulkers, Inc.)
