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: A. any adjustments or payments due from the Buyer to the Builder at the time of Delivery and Acceptance in accordance with the terms of this Contract, including payment for any additional Alterations (as such term is defined in Article XV hereof), for which extra payments have been agreed under Article XV(b). B. any adjustments, savings, credits, or payments including but not limited to liquidated damages due from the Builder to the Buyer at the time of the Vessel’s Delivery pursuant to the provisions of this Contract, C. any adjustment resulting from settlement of the costs of any LNG, fuel oil, lubricating oils and greases (except in the Vessel’s systems) or unbroached consumable stores (furnished by Builder for trials), and remaining on board the Vessel after acceptance of the Vessel by Buyer, at the cost thereof to either the Builder or Buyer as may be applicable. Not later than five (5) Business Days prior to the scheduled date for Delivery, the Parties hereto shall execute and deliver an agreement setting forth the ascertained adjustments of the Contract Price, if any, known at the time. It is the intention of the Parties to settle all amounts prior to Delivery and Acceptance. It is understood, however, that any net, after setoff, outstanding adjustments and settlements by either party to the other, not determined prior to Delivery, shall be payable when determined as soon as possible after Delivery; in no event shall Delivery of the Vessel be delayed pending final determination of any such adjustments and settlements. Any disputes as to adjustments shall be settled in accordance with Article XXV.