Fourth Instalment. Ten per cent (10%) of the CONTRACT PRICE amounting to U.S. Dollars Nine Million Two Hundred and Seventy Three Thousand Seven Hundred (US$ 9,273,700) shall be paid within three (3) business days after the BUILDER has notified the BUYER by email or facsimile accompanied by a certificate signed by the CLASSIFICATION SOCIETY, stating that the first block of the keel has been laid.
Fourth Instalment. The fourth instalment amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable upon the later of the launching of the Vessel and within five (5) banking days after the receipt of the Builder’s confirmation that launching has taken place and confirmed in writing by the Classification Society.
Fourth Instalment. The Foruth Instalment amounting to Six Million Three Hundred and Eighty Thousand Million United States Dollars (US$ 6,380,000.-) shall be due and payable upon keel laying of the VESSEL.
Fourth Instalment. Ten percent (10%) of the Contract Price, amounting to United States Dollars Nine Million Four Hundred Five Thousand only (USD9,405,000.-), shall be paid within five (5) banking days from the date of receipt by Buyer of a notice from Builder together with a certificate issued by the Classification Society confirming that keel laying for the first block of the Vessel has been completed, it being understood that in no eventuality shall this instalment become due more than seven (7) months prior to the Delivery Date in Article VII. herein.
Fourth Instalment. The fourth 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 keel-laying of the first section of the VESSEL. The SELLER shall give a fax or letter notice to the BUYER stating that the first section has been carried out and demand for payment of this instalment. Such notice shall include a Builder’s certificate of keel-laying, which shall be endorsed by the Classification Surveyor.
Fourth Instalment. Within five (5) banking days after the Buyer’s receipt of e-mail or telefax advice from the Builder that the launching of the Vessel has been completed, the Buyer shall remit by bank transfer by telex or cable the fourth instalment to the Bank in favour of the Builder payable against the Builder’s written statement endorsed by the Classification Society that the launching of the Vessel has been completed.
Fourth Instalment. Within three (3) Banking Days after the Due Date of the Fourth Instalment the Buyer shall remit the Fourth Instalment by telegraphic transfer to the Seller’s Bank Account.
Fourth Instalment. United States Dollars Fifty Six Million Six Hundred Eighty Five Thousand only (US$56,685,000) 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 four 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 no payments under the provisions of this Article shall 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. It is understood that any expenses for receiving such payment shall be for the account of the BUILDER.
Fourth Instalment. An increase in base rates of 4% (as per column Rate Increase 4 at Appendix B) will be made from the beginning of the first full pay period in November 2009.
Fourth Instalment. Ten percent (10%) of the Contract Price, amounting to United States Dollars , shall be paid within five (5) banking days from the date of receipt by Buyer of a notice from Builder together with a certificate issued by the Classification Society confirming that the steel cutting for the Vessel has commenced, it being understood that in no eventuality shall this installment become due more than thirteen (13) months prior to the Delivery Date in Article VII. herein
