Common use of Fifth Instalment Clause in Contracts

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. 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 fifteen (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.