Common use of Final Installment Clause in Contracts

Final Installment. The Final Installment shall be deposited with the Builder’s Bank by telegraphic transfer remittance at least three (3) Business Days prior to the scheduled Delivery of the Vessel notified by the Builder, with instructions that the said installment is payable to the Builder against presentation by the Builder to the Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by the Builder and the Buyer. Such deposit shall be on terms that if the duly executed Protocol of Delivery and Acceptance of the Vessel has not been submitted to the Builder’s Bank within seven (7) days, the deposit shall be returned to the Buyer together with any interest accrued thereon. The Final Installment shall be adjusted as set forth below:

Final Installment. The Final Installment shall be deposited with the Builder’s Bank by telegraphic transfer remittance at least three (3) Business Days prior to the scheduled Delivery of the Vessel notified by the Builder, with instructions that the said installment is payable to the Builder against presentation by the Builder to the Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by the Builder and the Buyer. Such deposit shall be on terms that if the duly executed Protocol of Delivery and Acceptance of the Vessel has not been submitted to the Builder’s Bank within seven (7) days, the deposit shall be returned to the Buyer together with any interest accrued thereon. The Final Installment shall be adjusted as set forth below:,