Common use of INSUFFICIENT SPEED Clause in Contracts

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft as specified in Paragraph 4 of ARTICLE I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) after correction according to the Specifications) below the Guaranteed Speed as specified in Paragraph 4, ARTICLE I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above 0.30 but below 0.40 knot US$50,000 Above 0.40 but below 0.50 knot US$100,000 Above 0.50 but below 0.60 knot US$ 150,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 knot or more below the Guaranteed Speed, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of United States Dollars One Hundred Fifty Thousand Only (USD150,000.00).

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as described in detail in the Specifications and as determined by the Trial Run after correction according to the Specifications) being equal to or less than three three-tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) after correction Run according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE I 4 of Article 1 of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above 0.30 but below or at 0.40 knot US$50,000 USD 5,000 (Total) Above 0.40 but below or at 0.50 knot US$100,000 USD 10,000 (Total) Above 0.50 but below or at 0.60 knot US$ 150,000USD 15,000 (Total) Above 0.60 but below or at 0.70 knot USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than nine tenths (9/10) of one knot or more below the Guaranteed Speedguaranteed speed of 12.5 knots, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE X Article 10 of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount as above provided for nine tenths (9/10) of one knot, that is United States Dollars One Hundred Fifty Thousand Only forty thousand only (USD150,000.00)USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being equal to or less than three three-tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE I Article 1 of this Contract. (b) However, commencing with and including a deficiency of three above three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE 4 of Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above above 0.30 but below or at 0.40 knot US$50,000 Above USD (total) above 0.40 but below or at 0.50 knot US$100,000 Above USD (total) above 0.50 but below or at 0.60 knot US$ 150,000USD (total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is more than 0.6 knot or more below the Guaranteed Speedguaranteed speed of 14.3 knots , then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE X Article 10 of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided for 0.6 knot only, that is United States Dollars One Hundred Fifty Thousand Only (USD150,000.00)being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract.CONTRACT. Shipbuilding Contract Hull No. H2855 (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE 4 Article I of this ContractCONTRACT, the Original Contract Price shall be reduced as follows: In case of deficiency Above deficiency, at or above 0.30 but below 0.40 knot US$50,000 Above US$ 150,000.00 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 300,000.00 at or above 0.50 but below 0.60 knot US$ 150,000450,000.00 at or above 0.60 but below 0.70 knot US$ 600,000.00 at or above 0.70 but below 0.80 knot US$ 750,000.00 at or above 0.80 but below 0.90 knot US$ 900,000.00 at or above 0.90 but below 1.00 knot US$ 1,050,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial RunRun and/or re-Trial Run(s), is 0.6 more than 1.00 knot or more below the Guaranteed Speedguaranteed speed of 16.0 knots , then the BUYER may may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this Contract CONTRACT in accordance with provisions of ARTICLE Article X of this ContractCONTRACT, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars One Hundred Million Fifty Thousand Only only (USD150,000.00)US$ 1,050,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed at xxxxxxxxx draft as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above of less than 0.30 knot US$ 0 In case of deficiency at or above 0.30 but below 0.40 knot US$50,000 Above US$ 100,000 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 125,000 at or above 0.50 but below 0.60 knot US$ 150,000175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than one (1) knot or more below the Guaranteed Speed, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One Hundred Fifty Thousand Only 82,000 DWT Bulk Carrier (USD150,000.00Hull No.YZJ2013-1145).

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above of less than 0.30 knot US$ In case of deficiency at or above 0.30 but below 0.40 knot US$50,000 Above US$ at or above 0.40 but below 0.50 knot US$100,000 Above US$ at or above 0.50 but below 0.60 knot US$ 150,000at or above 0.60 but below 0.70 knot US$ at or above 0.70 but below 0.80 knot US$ at or above 0.80 but below 0.90 knot US$ (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than 0.90 knot or more below the Guaranteed Speedguaranteed speed, as per Article I. 4, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars One Hundred Fifty Thousand Only (USD150,000.00)being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed at xxxxxxxxx draft as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above of less than 0.30 knot US$ 0 In case of deficiency at or above 0.30 but below 0.40 knot US$50,000 Above US$ 100,000 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 125,000 at or above 0.50 but below 0.60 knot US$ 150,000175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than one (1) knot or more below the Guaranteed Speed, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One Hundred Fifty Thousand Only 82,000 DWT Bulk Carrier (USD150,000.00Hull No.YZJ2013-1142).

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as described in detail in the Specifications and as determined by the Trial Run after correction according to the Specifications) being equal to or less than three three-tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE I Article 1 of this Contract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) after correction Run according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE I 4 of Article 1 of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above 0.30 but below or at 0.40 knot US$50,000 USD 5,000 (Total) Above 0.40 but below or at 0.50 knot US$100,000 USD 10,000 (Total) Above 0.50 but below or at 0.60 knot US$ 150,000USD 15,000 (Total) Above 0.60 but below or at 0.70 knot USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than nine tenths (9/10) of one knot or more below the Guaranteed Speedguaranteed speed of 12.5 knots, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE X Article 10 of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount as above provided for nine tenths (9/10) of one knot, that is United States Dollars One Hundred Fifty Thousand Only forty thousand only (USD150,000.00)USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed at xxxxxxxxx draft as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above of less than 0.30 knot US$ 0 In case of deficiency at or above 0.30 but below 0.40 knot US$50,000 Above US$ 100,000 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 125,000 at or above 0.50 but below 0.60 knot US$ 150,000175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than one (1) knot or more below the Guaranteed Speed, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One Hundred Fifty Thousand Only 82,000 DWT Bulk Carrier (USD150,000.00Hull No.YZJ2013-1144).

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract.CONTRACT. 16 / 82 Shipbuilding Contract Hull No. H2854 (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE 4 Article I of this ContractCONTRACT, the Original Contract Price shall be reduced as follows: In case of deficiency Above deficiency, at or above 0.30 but below 0.40 knot US$50,000 Above US$ 150,000.00 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 300,000.00 at or above 0.50 but below 0.60 knot US$ 150,000450,000.00 at or above 0.60 but below 0.70 knot US$ 600,000.00 at or above 0.70 but below 0.80 knot US$ 750,000.00 at or above 0.80 but below 0.90 knot US$ 900,000.00 at or above 0.90 but below 1.00 knot US$ 1,050,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial RunRun and/or re-Trial Run(s), is 0.6 more than 1.00 knot or more below the Guaranteed Speedguaranteed speed of 16.0 knots , then the BUYER may may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this Contract CONTRACT in accordance with provisions of ARTICLE Article X of this ContractCONTRACT, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars One Hundred Million Fifty Thousand Only only (USD150,000.00)US$ 1,050,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above at or above 0.30 but below 0.40 knot US$50,000 Above US$ 50,000.00 at or above 0.40 but below 0.50 knot US$100,000 Above US$ 100,000.00 at or above 0.50 but below 0.60 knot US$ 150,000150,000.00 at or above 0.60 but below 0.70 knot US$ 200,000.00 at or above 0.70 but below 0.80 knot US$ 250,000.00 at or above 0.80 but below 0.90 knot US$ 300,000.00 at or above 0.90 but below 1.00 knot US$ 350,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than 1.00 knot or more below the Guaranteed Speedguaranteed speed of 14.5 knots, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars One Three Hundred Fifty and Five Thousand Only only (USD150,000.00)US$350,000) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three four point five tenths (3/100.45) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three four point five tenths (3/100.45) of one knot in actual speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above 0.30 of less than 0.45 knot US$ In case of deficiency at or above 0.45 but below 0.40 0.55 knot US$ at or above 0.55 but below 0.65 knot US$ at or above 0.65 but below 0.75knot US$ at or above 0.75 but below 0.85 knot US$ at or above 0.85 but below 0.95 knot US$ at or above 0.95 but below 1.05 knot US$ at or above 1.05 but below 1.15 knot US$50,000 Above 0.40 but below 0.50 knot US$100,000 Above 0.50 but below 0.60 knot US$ 150,000 (c) If the deficiency in actual speed (as determined by the Trial Run after Date: 16/63 Shipbuilding Contract Hull No. correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than 1.15 knot or more below the Guaranteed Speedguaranteed speed of 14.3 knots, then the BUYER may at its option reject the VESSEL and rescind or cancel this Contract in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above provided, by United States Dollars One Hundred Fifty Thousand Only (USD150,000.00)being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as described in detail in the Specifications and as determined by the Trial Run after correction according to the Specifications) being equal to or less than three three-tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE I Article 1 of this Contract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run(s) after correction Run according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE I 4 of Article 1 of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above 0.30 but below or at 0.40 knot US$50,000 USD 5,000 (Total) Above 0.40 but below or at 0.50 knot US$100,000 USD 10,000 (Total) Above 0.50 but below or at 0.60 knot US$ 150,000USD 15,000 (Total) Above 0.60 but below or at 0.70 knot USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than nine tenths (9/10) of one knot or more below the Guaranteed Speedguaranteed speed of 12.3 knots, then the BUYER may at its option reject the VESSEL and rescind this Contract in accordance with provisions of ARTICLE X Article 10 of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount as above provided for nine tenths (9/10) of one knot, that is United States Dollars One Hundred Fifty Thousand Only forty thousand only (USD150,000.00)USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft guaranteed speed as specified in Paragraph 4 of ARTICLE Article I of this Contract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual Trial speed (as determined by the Trial Run(s) Run after correction according to the Specifications) below the Guaranteed Speed guaranteed speed as specified in Paragraph 4, ARTICLE Article I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency Above at or above 0.30 but below 0.40 knot US$50,000 Above US$ (Total) at or above 0.40 but below 0.50 knot US$100,000 Above US$ (Total) at or above 0.50 but below 0.60 knot US$ 150,000(Total) at or above 0.60 but below 0.70 knot US$ (Total) at or above 0.70 but below 0.80 knot US$ (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run, is 0.6 more than 0.80 knot or more below the Guaranteed Speedguaranteed speed of 14.4 knots, then the BUYER may at its option reject the VESSEL and rescind or cancel this Contract by giving notice in accordance with provisions of ARTICLE Article X of this Contract, or may accept the VESSEL at a reduction in the Original Contract Price in the maximum amount of as above Date: 11/58 Shipbuilding Contract Hull No. provided, by United States Dollars One Hundred Fifty Thousand Only only (USD150,000.00)US$ ) being the maximum.