Fifth Instalment. The fifth instalment amounting to United States Dollars Twenty Two Million Eight Hundred Thousand only (US$22,800,000) including any increase or decrease due to adjustment to the Contract Price hereunder, shall be due and payable upon delivery of the Vessel. Any and all payment due under this Contract shall not be delayed or withheld by the Buyer on account of any dispute or disagreement of whatsoever nature arising between the parties hereto.
Fifth Instalment. The Delivery Instalment amounting to Thirty Eight Million Two Hundred and Eighty Thousand United States Dollars (US$ 38,280,000.-) plus any increase or minus any decrease due to adjustments of the Contract Price under and pursuant to the provisions of this Contract, shall be due and payable upon delivery and acceptance of the VESSEL or upon tender for delivery of the VESSEL referred to in Paragraph 4 of Article VII of this Contract. It is agreed that no payment shall be effected until the original Refund Guarantee is delivered to the BUYER.
Fifth Instalment. At least One (1) banking days prior to delivery and acceptance of the VESSEL, the BUYER shall remit by telegraphic transfer the fifth instalment to the name of the BUYER at BUILDER’s BANK, with an irrevocable instruction that the amount so remitted shall be payable to the BUILDER against a facsimile copy of PROTOCOL OF DELIVERY and ACCEPTANCE OF THE VESSEL signed by the BUYER and the BUILDER or returned to the BUYER if such PROTOCOL OF DELIVERY and ACCEPTANCE has not been presented within 15 days. Simultaneously with each of all such payments, the BUYER shall cause the BUYER’s BANK to advise the BUILDER’s BANK of the details of such payments by authenticated bank cable. Any claim which the BUYER may have against the BUILDER hereunder shall be settled and liquidated separately from any payment by the BUYER to the BUILDER hereunder.
Fifth Instalment. Fifty Five percent (55%) of the Contract Price, amounting to United States Dollars Fifty One Million Seven Hundred Twenty Seven Thousand Five Hundred only (USD51,727,500.-), plus other sums due to Builder under this Contract and any increase or minus any decrease due to adjustments, if any, to the Contract Price shall be paid upon delivery of the Vessel.
Fifth Instalment. Fifty per cent (50%) of the CONTRACT PRICE amounting to U.S.Dollars Forty Six Million Three Hundred and Sixty Eight Thousand Five Hundred (US$ 46,368,500) plus or minus any increase or decrease due to modifications and/or adjustment, if any, arising prior to delivery of the VESSEL of the CONTRACT PRICE under Articles III and V of this CONTRACT shall be paid to the BUILDER concurrently with the execution of the PROTOCOL OF DELIVERY AND ACCEPTANCE of the VESSEL, as provided for in Article VII. (The date stipulated for payment of each of the five instalments mentioned above is hereinafter in this Article and in Article XI referred to as the "DUE DATE" of that instalment). It is understood and agreed upon by the BUILDER and the BUYER that all payments under the provisions of this Article shall not be delayed or withheld by the BUYER due to any dispute or disagreement of whatsoever nature arising between the BUILDER and the BUYER. Should there be any dispute in this connection, the matter shall be dealt with in accordance with the provisions of arbitration in Article XIII hereof. Expenses for remitting payments and any other expenses connected with such payments shall be for the account of the BUYER.
Fifth Instalment. Forty per cent (40%) of the CONTRACT PRICE amounting to U.S.Dollars Thirty Six Million Six Hundred Thousand only (US$ 36,600,000.-) plus or minus any increase or decrease due to modifications and/or adjustment, if any, arising prior to delivery of the VESSEL of the CONTRACT PRICE under Articles III and V of this CONTRACT shall be paid to the BUILDER concurrently with the delivery of the VESSEL. (The date stipulated for payment of each of the five instalments mentioned above is hereinafter in this Article and in Article XI referred to as the “DUE DATE” of that instalment). It is understood and agreed upon by the BUILDER and the BUYER that all payments under the provisions of this Article shall not be delayed or withheld by the BUYER due to any dispute or disagreement of whatsoever nature arising between the BUILDER and the BUYER. Should there be any dispute in this connection, the matter shall be dealt with in accordance with the provisions of arbitration in Article XIV hereof. Expenses for remitting payments and any other expenses connected with such payments shall be for the account of the BUYER.
Fifth Instalment. Fifty per cent (50%) of the CONTRACT PRICE amounting to U.S.Dollars Forty Six Million Three Hundred and Sixty Eight Thousand Five Hundred (US$ 46,368,500) plus or minus any increase or decrease due to modifications and/or adjustment, if any, arising prior to delivery of the VESSEL of the CONTRACT PRICE under Articles III and V of this CONTRACT shall be paid to the BUILDER concurrently with the execution of the PROTOCOL OF DELIVERY AND ACCEPTANCE of the VESSEL, as provided for in Article VII. (The date stipulated for payment of each of the five instalments mentioned above is hereinafter in this Article and in Article XI referred to as the "DUE DATE" of that instalment). It is understood and agreed upon by the BUILDER and the BUYER that all payments under the provisions of this Article shall not be delayed or withheld by the BUYER due to any dispute or disagreement of whatsoever nature arising between the BUILDER and the BUYER. Should there be any dispute in this connection, the matter shall be dealt with in accordance with the provisions of arbitration in Article XIII hereof. Expenses for remitting payments and any other expenses connected with such payments shall be for the account of the BUYER. It is understood and agreed upon by the BUILDER and the BUYER that all payments under the provisions of this Article shall not be delayed or withheld by the BUYER due to any dispute or disagreement of whatsoever nature arising between the BUILDER and the BUYER. Should there be any dispute in this connection, the matter shall be dealt with in accordance with the provisions of arbitration in Article XIII hereof. Expenses for remitting payments and any other expenses connected with such payments shall be for the account of the BUYER.
Fifth Instalment. The fifth instalment amounting to US$4,125,000 representing ten percent (10%) of the Contract Price shall be due and payable and shall be paid within seven (7) Banking Days of receipt of notice of launching of the VESSEL. The SELLER shall give a fax or letter notice to the BUYER stating that the launching has been carried out and demand for payment of this instalment. Such notice shall include a Builder’s certificate of launching which shall be endorsed by the surveyor of the Classification Society.
Fifth Instalment. Upon the cost adjustment to the Contract Price in accordance with the provisions of the Contract, the Buyer shall, at least two (2) banking days prior to the anticipated delivery of the Vessel, remit by bank transfer telex or cable the fifth instalment as adjusted, if any, to the Bank with an irrevocable instruction valid for a period of ten (10) banking days that the amount so remitted shall be payable to the Builder against presentation by the Builder to the Bank a copy of PROTOCOL OF DELIVERY AND ACCEPTANCE of the Vessel executed by the Buyer and the Builder and countersigned by a representative of the Buyer’s bank if presented together with an invoice for the amount due under this instalment. If the Builder fails to present a copy of the signed PROTOCOL OF DELIVERY AND ACCEPTANCE (and duly countersigned by a representative of the Buyer’s bank if presented) to the Bank within the said period of ten (10) banking days or unless the validity of the instruction is further extended by the Buyer based on a mutual understanding reached with the Builder within the said ten (10) days validity period, the Bank shall remit the said amount of the fifth instalment to the Buyer’s bank account immediately upon expiry of the said initial ten (10) days validity period of the instruction. In the event of the fifth instalment having been so returned by the Bank to the Buyer, the Buyer shall remit the fifth instalment again to the Bank as laid down in this Paragraph upon receipt of a further notice from the Builder for readiness of the Vessel for delivery.
Fifth Instalment. The fifth instalment amounting to United States Dollars Twenty Three Million only (US$23,000,000) including any increase or decrease due to adjustment to the Contract Price hereunder, shall be due and payable upon delivery of the Vessel. All other terms and conditions of the Contract which are not stipulated in this ADDENDUM NO. 1 shall remain unaltered and effective. This ADDENDUM NO. 1 shall be governed by English law.
