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.
Appears in 4 contracts
Samples: Construction Of (Seaspan CORP), Seaspan CORP, Seaspan CORP
