Common use of Delayed Delivery Price Adjustment Clause in Contracts

Delayed Delivery Price Adjustment. i) No payment shall be made by the Builder to the Buyer for a delay in the Delivery of the Vessel of up to thirty (30) days beyond the Delivery Date as specified in Article V(a), and as may be adjusted under the provisions of Article IV(c), IX(b), XII, or XV(b). ii) If the Delivery is delayed more than the aforesaid thirty (30) days, the Builder shall pay the Buyer, as liquidated damages (not as penalty), the amount of United States Dollars ***** for each calendar day of delay beyond the aforesaid thirty (30) days up to and including two hundred (200) days after the Delivery Date and the Contract Price shall be reduced by the amount of such liquidated damages. iii) Under the conditions set forth in Article V(f), if Delivery of the Vessel is delayed for a period of more than two hundred (200) days beyond the Delivery Date, the Buyer may reject the Vessel or, alternatively, the Buyer may accept the Vessel with a longer delay in Delivery at an agreed future date for delivery and upon reduction in the Contract Price. The Buyer shall make such election to delay Delivery with liquidated damages or reject the Vessel within fifteen (15) days following expiration of the two hundred (200) days following the Delivery Date. If the Buyer does not make an election within fifteen (15) days as provided, the Buyer shall be deemed to have not rejected the Vessel and to have agreed to permit delayed Delivery and the payment of liquidated damages by Builder. The Parties shall negotiate in good faith the amount of these liquidated damages, which shall in no event be less than as would be the case for a delay of one hundred and seventy days counting from midnight of the thirtieth (30th) day after the Delivery Date (the “Floor”) at the above specified rate of reduction. iv) In the event that the Buyer elects to reject the Vessel as allowed under this Article VIII(a), the Builder shall immediately repay to the Buyer the amounts set forth in Article VII(g), whereupon this Contract shall terminate and such payment shall forthwith discharge all obligations, duties and liabilities of each party hereto to the other under this Contract. v) The liquidated damages calculated under this Article shall be reduced by the number of days excused for Force Majeure under Article V(d) for which proper notice was given under Article V(e). Such Force Majeure offset shall be applied prior to applying the Floor in subarticle (a)(iii).

Delayed Delivery Price Adjustment. (i) No payment shall be made by the Builder to the Buyer for a delay in the Delivery of the Vessel of up to thirty (30) days beyond the Delivery Date as specified in Article V(a), and as may be adjusted under the provisions of Article IV(c), IX(b), XII, or XV(b). ii) If the Delivery is delayed more than not made on the aforesaid thirty (30) daysDelivery Date, the Builder shall pay the Buyer, as liquidated damages (not as penalty), the amount of United States Dollars ***** $24,200 for each calendar day of delay beyond the aforesaid thirty (30) days up to and including two hundred (200) days after the Delivery Date and the Contract Price shall be reduced by the amount of such liquidated damages. iii) Under the conditions set forth in Article V(f), if Delivery . If delivery of the Vessel is delayed for a period of more than two one hundred eighty (200180) days beyond the Delivery Date, the Buyer may reject the Vessel or, alternatively, the Buyer may accept the Vessel with a longer delay in Delivery at an agreed future date for delivery and upon reduction in the Contract Price. The Buyer Such reduction in the Contract Price shall make such election to delay Delivery with liquidated damages or reject the Vessel be agreed within fifteen thirty (15) days following expiration of the two hundred (20030) days following the Delivery DateBuilder's receipt of the Buyer's notice that it elects to accept the Vessel (with longer delay in Delivery), but in no event shall the Contract Price reduction be less than the maximum price adjustment set forth above and calculated in accordance with Schedule 2. If the Buyer does agreement is not make an election within fifteen reached in such thirty (1530) days as providedday period, the Buyer shall be deemed to have not rejected the Vessel. (ii) If the Vessel and is delivered earlier than the Delivery Date, the Buyer shall pay to have agreed to permit delayed Delivery and the payment of liquidated damages by Builder. The Parties shall negotiate in good faith the amount of these liquidated damages, a premium, which shall in be US$24,200 for each calendar day prior to the Delivery Date; provided however no event delivery shall be less made earlier than as would be the case for a delay of one hundred and seventy days counting from midnight of the thirtieth (30th) day after 8 weeks prior to the Delivery Date as provided in Article IV (the “Floor”) at the above specified rate of reductionf). iv(iii) In the event that the Buyer elects to reject the Vessel as allowed under this Article VIII(aVII (a), the Builder shall immediately repay to the Buyer the amounts set forth in Article VII(gVI (h), whereupon this Contract shall terminate and such payment shall forthwith discharge all obligations, duties and liabilities of each party hereto to the other under this Contract. v) The liquidated damages calculated under this Article shall be reduced by the number of days excused for Force Majeure under Article V(d) for which proper notice was given under Article V(e). Such Force Majeure offset shall be applied prior to applying the Floor in subarticle (a)(iii).

Delayed Delivery Price Adjustment. (i) No payment shall be made by the Builder to the Buyer for a delay in the Delivery of the Vessel of up to thirty (30) days beyond the Delivery Date as specified in Article V(a), and as may be adjusted under the provisions of Article IV(c), IX(b), XII, or XV(b). ii) If the Delivery is delayed more than not made on the aforesaid thirty (30) daysDelivery Date, the Builder shall pay the Buyer, as liquidated damages (not as penalty), the amount of United States Dollars ***** $24,200 for each calendar day of delay beyond the aforesaid thirty (30) days up to and including two hundred (200) days after the Delivery Date and the Contract Price shall be reduced by the amount of such liquidated damages. iii) Under the conditions set forth in Article V(f); provided, if the Delivery Date is delayed by more than 30 days, the Builder shall be required to pay the Buyer a portion of the liquidated damages in an amount equal to $400,000 on July 30, 1999. The balance of any liquidation damages which are incurred by the Builder less the amount paid on July 30, 1999 shall reduce the Contract Price payable for such Vessel. If delivery of the Vessel is delayed for a period of more than two one hundred eighty (200180) days beyond the Delivery Date, the Buyer may reject the Vessel or, alternatively, the Buyer may accept the Vessel with a longer delay in Delivery at an agreed future date for delivery and upon reduction in the Contract Price. The Buyer Such reduction in the Contract Price shall make such election to delay Delivery with liquidated damages or reject the Vessel be agreed within fifteen thirty (15) days following expiration of the two hundred (20030) days following the Delivery DateBuilder's receipt of the Buyer's notice that it elects to accept the Vessel (with longer delay in Delivery), but in no event shall the Contract Price reduction be less than the maximum price adjustment set forth above and calculated in accordance with Schedule 2. If the Buyer does agreement is not make an election within fifteen reached in such thirty (1530) days as providedday period, the Buyer shall be deemed to have not rejected the Vessel. (ii) If the Vessel and is delivered earlier than the Delivery Date, the Buyer shall pay to have agreed to permit delayed Delivery and the payment of liquidated damages by Builder. The Parties shall negotiate in good faith the amount of these liquidated damages, a premium, which shall in be US$24,200 for each calendar day prior to the Delivery Date; provided however no event delivery shall be less made earlier than as would be the case for a delay of one hundred and seventy days counting from midnight of the thirtieth (30th) day after 8 weeks prior to the Delivery Date as provided in Article IV (the “Floor”) at the above specified rate of reductionf). iv(iii) In the event that the Buyer elects to reject the Vessel as allowed under this Article VIII(aVII (a), the Builder shall immediately repay to the Buyer the amounts set forth in Article VII(gVI (h), whereupon this Contract shall terminate and such payment shall forthwith discharge all obligations, duties and liabilities of each party hereto to the other under this Contract. v) The liquidated damages calculated under this Article shall be reduced by the number of days excused for Force Majeure under Article V(d) for which proper notice was given under Article V(e). Such Force Majeure offset shall be applied prior to applying the Floor in subarticle (a)(iii).