Common use of Instalment Payable on Delivery Clause in Contracts

Instalment Payable on Delivery. Upon receipt of a notice from Builder, Buyer shall, at its own cost and expense, deposit the Fifth Instalment payable upon delivery of the Vessel (as provided in Article II.3(e)) by telegraphic transfer to the account of the KEXIM with DBTC or to the account of the Builder’s Bank, under advice by authenticated SWIFT message to KEXIM or the Builder’s Bank by the remitting bank, at least two (2) banking days prior to the scheduled delivery date of the Vessel, with irrevocable instruction that the said deposit shall be released to Builder against presentation by Builder to KEXIM or Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by Builder and Buyer. If the Protocol of Delivery and Acceptance of the Vessel shall not have been signed within ten (10) days of the deposit of the Fifth Instalment it, together with accrued interest (if any), shall be returned to Buyer unless otherwise agreed. However when the newly scheduled delivery date is notified to the Buyer by the Builder, the Buyer shall make the cash deposit in accordance with the same terms and conditions as set out above.

Instalment Payable on Delivery. Upon receipt of a notice from Builder, Buyer shall, at its own cost and expense, deposit the Fifth Instalment payable upon delivery of the Vessel (as provided in Article II.3(e)) by telegraphic transfer to the account of the KEXIM HB with DBTC JPMorgan Chase Bank or to the account of the Builder’s Bank, under advice by authenticated SWIFT message to KEXIM HB or the Builder’s Bank by the remitting bank, at least two (2) banking days prior to the scheduled delivery date of the Vessel, with irrevocable instruction that the said deposit shall be released to Builder against presentation by Builder to KEXIM HB or Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by Builder and Buyer. If the Protocol of Delivery and Acceptance of the Vessel shall not have been signed within ten (10) days of the deposit of the Fifth Instalment it, together with accrued interest (if any), shall be returned to Buyer unless otherwise agreed. However when the newly scheduled delivery date is notified to the Buyer by the Builder, the Buyer shall make the cash deposit in accordance with the same terms and conditions as set out above.

Instalment Payable on Delivery. Upon receipt of a notice from Builder, Buyer shall, at its own cost and expense, deposit the Fifth Instalment payable upon delivery of the Vessel (as provided in Article II.3(e11.3(e)) by telegraphic transfer to the account of the KEXIM with DBTC or to the account of the ( Builder’s Bank, under advice by authenticated SWIFT message to KEXIM or the Builder’s Bank by the remitting bank, at least two (2) banking days prior to the scheduled delivery date of the Vessel, with irrevocable instruction that the said deposit shall be released to Builder against presentation by Builder to KEXIM or Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by Builder and Buyer. If the Protocol of Delivery and Acceptance of the Vessel shall not have been signed within ten (10) days of the deposit of the Fifth Instalment it, together with accrued interest (if any), shall be returned to Buyer unless otherwise agreed. However when the newly scheduled delivery date is notified to the Buyer by the Builder, the Buyer shall make the cash deposit in accordance with the same terms and conditions as set out above.

Instalment Payable on Delivery. Upon receipt of a notice from Builder, Buyer shall, at its own cost and expense, deposit the Fifth Instalment payable upon delivery of the Vessel (as provided in Article II.3(e11.3(e)) by telegraphic transfer to the account of the KEXIM with DBTC or to the account of the (Builder’s Bank, under advice by authenticated SWIFT message to KEXIM or the Builder’s Bank by the remitting bank, at least two (2) banking days prior to the scheduled delivery date of the Vessel, with irrevocable instruction that the said deposit shall be released to Builder against presentation by Builder to KEXIM or Builder’s Bank of a duplicate original copy of the Protocol of Delivery and Acceptance of the Vessel signed by Builder and Buyer. If the Protocol of Delivery and Acceptance of the Vessel shall not have been signed within ten (10) days of the deposit of the Fifth Instalment it, together with accrued interest (if any), shall be returned to Buyer unless otherwise agreed. However when the newly scheduled delivery date is notified to the Buyer by the Builder, the Buyer shall make the cash deposit in accordance with the same terms and conditions as set out above.