Instalments. The Contract Price shall be paid by the Buyer to the Builder by Instalments, when due and payable in accordance with Box 11 and this Clause, the pre-delivery Instalments being paid as advances and not deposits as follows: (i) Unless otherwise stated in Box 11 the first Instalment shall be due and payable by the Buyer five (5) Banking Days after the Refund Guarantee in respect of that Instalment has been provided in accordance with Clause 14(b) (Builder’s Refund Guarantee). (ii) The Builder shall give the Buyer an invoice and Refund Guarantee for each Instalment under this Contract, save for the Final Instalment (for which only an invoice but no Refund Guarantee shall be required). With the exception of the first and Final Instalment the Builder shall give the Buyer an invoice to cover the sum due to it not less than ten (10) Banking Days prior to the due date of each Instalment. (iii) All Instalments other than the first and Final Instalment shall be payable within five (5) Banking Days of the due date thereof. However, the Buyer shall not be obliged to make any Instalment payment (including the first Instalment) until five (5) Banking Days after the Refund Guarantee in respect of and equal to the value of that Instalment payment plus interest has been electronically received and verified by the Buyer’s nominated bank. (iv) The Final Instalment shall be due and payable upon delivery of the Vessel in accordance with Box 11 and Clause 28 (Delivery).
Appears in 8 contracts
Samples: Shipbuilding Contract (Cadeler a/S), Shipbuilding Contract (Cadeler a/S), Shipbuilding Contract (Cadeler a/S)
