Common use of DELAY IN DELIVERY AND DEFICIENCIES Clause in Contracts

DELAY IN DELIVERY AND DEFICIENCIES. 11.1 If the Vessel is delivered later than the Delivery Date, the Builder shall not be required to pay any liquidated damages for the first fifteen (15) days thereafter. The Builder shall then pay to the Owner US$2,000/- per day for each day of further delay as liquidated damages if delivery takes place beyond the above mentioned period. The Owner may not claim on account of any delay compensation over and above said liquidated damages or make any other claim on account of any delay. If the delay in delivery of the Vessel for which the Builder is responsible shall continue for period of more than forty five (45) days beyond the Delivery Date as stipulated in Article 3.1 or if the total cumulative delay in delivery including delays due to force majeure or other reasons or circumstances whatsoever within or beyond the control of the Builder totals more than ninety (90) days counted from the Delivery Date the Owner shall be entitled at its option to : i) reject the Vessel and rescind this Contract. The Builder shall refund immediately to the Owner, or Owner’s lender if lender so directs, the full amount the Owner has paid to the Builder under this Contract together with the original cost of the Owner Furnished Equipment delivered to the Builder, plus interest thereon at the rate of 2% above prevailing prime rate of DBS Bank, Singapore from the date following the date of receipt by the Builder of such pre-delivery installment(s) to the date of payment by the Builder to the Owner of the refund whereupon this Contract shall be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate. ii) accept the Vessel at the Contract Price plus or minus any adjustments pursuant to Article 7 and 9 hereof, minus the liquidated damages, if any, payable under this Article 11.1 and minus the sum of all other liquidated damaged due pursuant to this Article 11; or iii) accept the Vessel at a mutually agreed price, provided always that the maximum liquidated damage payable by the Builder shall not exceed 5% of the Contract Price.

DELAY IN DELIVERY AND DEFICIENCIES. 11.1 If the Vessel is delivered later than the Delivery Date, the Builder shall not be required to pay any liquidated damages for the first fifteen (15) days thereafter. The Builder shall then pay to the Owner US$2,000/- per day for each day of further delay as liquidated damages if delivery takes place beyond the above mentioned period. The Owner may not claim on account of any delay compensation over and above said liquidated damages or make any other claim on account of any delay. If the delay in delivery of the Vessel for which the Builder is responsible shall continue for period of more than forty five (45) days beyond the Delivery Date as stipulated in Article 3.1 or if the total cumulative delay in delivery including delays due to force majeure or other reasons or circumstances whatsoever within or beyond the control of the Builder totals more than ninety (90) days counted from the Delivery Date the Owner shall be entitled at its option to to: i) reject the Vessel and rescind this Contract. The Builder shall refund immediately to the Owner, or Owner’s 's lender if lender so directs, the full amount the Owner has paid to the Builder under this Contract together with the original cost of the Owner Furnished Equipment delivered to the Builder, plus interest thereon at the rate of 2% above prevailing prime rate of DBS Bank, Singapore from the date following the date of receipt by the Builder of such pre-delivery installment(s) to the date of payment by the Builder to the Owner of the refund whereupon this Contract shall be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate. ii) accept the Vessel at the Contract Price plus or minus any adjustments pursuant to Article 7 and 9 hereof, minus the liquidated damages, if any, payable under this Article 11.1 and minus the sum of all other liquidated damaged due pursuant to this Article 11; or iii) accept the Vessel at a mutually agreed price, provided always that the maximum liquidated damage payable by the Builder shall not exceed 5% of the Contract Price.

DELAY IN DELIVERY AND DEFICIENCIES. 11.1 If the Vessel is delivered later than the Delivery Date, the Builder shall not be required to pay any liquidated damages for the first fifteen (15) days thereafter. The Builder shall then pay to the Owner US$2,000/- per day for each day of further delay as liquidated damages if delivery takes place beyond the above mentioned period. The Owner may not claim on account of any delay compensation over and above said liquidated damages or make any other claim on account of any delay. If the delay in delivery of the Vessel for which the Builder is responsible shall continue for period of more than forty five (45) days beyond the Delivery Date as stipulated in Article 3.1 or if the total cumulative delay in delivery including delays due to force majeure or other reasons or circumstances whatsoever within or beyond the control of the Builder totals more than ninety (90) days counted from the Delivery Date the Owner shall be entitled at its option to : i) reject the Vessel and rescind this Contract. The Builder shall refund immediately to the Owner, or Owner’s 's lender if lender so directs, the full amount the Owner has paid to the Builder under this Contract together with the original cost of the Owner Furnished Equipment delivered to the Builder, plus interest thereon at the rate of 2% above prevailing prime rate of DBS Bank, Singapore from the date following the date of receipt by the Builder of such pre-delivery installment(s) to the date of payment by the Builder to the Owner of the refund whereupon this Contract shall be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate. ii) accept the Vessel at the Contract Price plus or minus any adjustments pursuant to Article 7 and 9 hereof, minus the liquidated damages, if any, payable under this Article 11.1 and minus the sum of all other liquidated damaged due pursuant to this Article 11; or iii) accept the Vessel at a mutually agreed price, provided always that the maximum liquidated damage payable by the Builder shall not exceed 5% of the Contract Price.