INTEREST AND CHARGE. (a) If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1 (b) of this Article, the BUYER shall pay interest on such instalment at the rate of five percent (5%) per annum until the date of the payment of the full amount, including all aforesaid interest. In case the BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1 (c) of this Article, the BUYER shall be deemed in default of payment of the 5th Instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII Paragraph 6 hereof.
(b) In any event of default by the BUYER under 1 (a) or 1 (b) or 1 (c) above, the BUYER shall also pay all reasonable costs, charges and expenses incurred by the SELLER in consequence of such default.
INTEREST AND CHARGE. If the Owner is in default of payment of any installment as referred to in Paragraph 8.
2 a) of this Article, the Owner shall pay interest on such installment at the annual rate of 2% above prevailing prime rate of DBS Bank, Singapore from due-date of the installment until the date of payment to the Builder of the full amount including interest.
INTEREST AND CHARGE. If the BUYER is in default to payment as to any Installment as provided in Paragraph 1 (a) (b) and (c) of this Article, the BUYER shall pay interest on such Installment at the rate of six percent ( 6 %) per annum from the due date thereof to the date of payment to the SELLERS of the full amount including interest; in case the BUYER shall fail take delivery of the VESSEL as provided in Paragraph 1 (d) of this Article, the BUYER shall be deemed in default of payment of the Fifth Installment and shall pay interest thereon at same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLERS. In any event default by the BUYER, the BUYER shall also pay all charges and expenses incurred by the SELLERS in consequence of such default.
INTEREST AND CHARGE. (1) If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1(b) of this Article, the BUYER shall pay interest on such installment at the rate of five percent (5%) per annum from the date when such installment(s) becomes due and payable under the provisions of Article II hereof to the date of the payment of the full amount, including all aforesaid interest. In case the BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1 (c) of this Article, the BUYER shall be deemed in default of payment of the fifth instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII Paragraph 6 hereof.
(2) In any event of default by the BUYER under 1 (a) or 1 (b) or 1 (c) above, the BUYER shall also pay all costs, charges and expenses incurred by the SELLER in consequence of such default.
INTEREST AND CHARGE. If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and (b) of this Article, the BUYER shall pay interest on such instalments at the rate of eight percent (8%) per annum from the due date thereof to the date of payment to the BUILDER of the full amount including interest; in case the BUYER shall fail to take delivery of the VESSEL as provided in Paragraph 1 (c) of this Article, the BUYER shall be deemed to be in default of payment of the fifth instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the BUILDER. In any event of default by the BUYER, the BUYER shall also pay all direct proven charges and expenses incurred by the BUILDER which are caused by such default, however, no indirect and/or consequential damages. The payment of interest shall be made simultaneously with the payment of the principal by telegraphic transfer in the manner as provided for in Paragraph 5, Article II of this Contract.
INTEREST AND CHARGE. (a) If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1 (b) and Paragraph 2 of this Article and the SELLER has notified the BUYER pursuant to Paragraph 2 of this ARTICLE XI, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof until the date of the payment of the full amount, including all aforesaid interest. In case the BUYER shall fail to take delivery of the VESSEL when this is tendered for delivery by the SELLER pursuant to ARTICLE VII Paragraph 6, the BUYER shall be deemed in default of payment of the 4th instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is so tendered for delivery. Date: 13th November, 2013
INTEREST AND CHARGE. If the Buyer is in default of payment as to any installment as provided in the Paragraph 1 (a) or
INTEREST AND CHARGE. If the Buyer is in default of payment of any of the instalments, then in such event, the Buyer shall pay to the Seller interest on such amount unpaid at the rate of ten percent (10%) per annum from the Due Date thereof to the date of full payment; in the event that the Buyer shall fail to take delivery of the Vessel without any specific and valid ground under this Contract as provided in Paragraph 1 (c) of this Article, the Buyer shall be deemed to be in default of payment of the instalment due on delivery of the Vessel and shall pay interest thereon at the same rate as aforesaid and from the day on which the Vessel is tendered for delivery by the Seller to the day on which the Vessel has been delivered. Upon payment to the Seller of the relevant instalment or instalments together with interest accrued thereon and reasonable expenses incurred by the Seller for recovering the same, the Seller or the Builder shall have no other claim for damages against the Buyer.
INTEREST AND CHARGE. (a) If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1 (b) of this Article, the BUYER shall pay interest on such instalment the rate of six percent (6.0%) per annum until the date of the payment of the full amount, including interest. In case the BUYER shall fail to take delivery of the VESSEL as provided in Paragraph 1 (c) of this Article, the BUYER shall be deemed to be in default of payment of the Final instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER.
(b) In any event of default by the BUYER under 1 (a) or 1 (b) or 1 (c) above, the BUYER shall also pay all costs, charges and expenses reasonably and directly incurred by the SELLER in consequence of such default.
INTEREST AND CHARGE. (a) If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1 (b) of this Article, and provided the SELLER has given notice to the Date: 36/58 Shipbuilding Contract Hull No. BUYER as required by Paragraph 2 above by letter sent by telefax or email the BUYER shall pay interest on such instalment at the rate of Five percent (5%) per annum until the date of the payment of the full amount, including all aforesaid interest. In case the BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1 (d) of this Article, the BUYER shall be deemed in default of payment of the Fourth instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII Paragraph 6 hereof.
(b) In any event of default by the BUYER under 1 (a) or 1 (b) or 1 (c) or 1 (d) above, the BUYER shall also pay all reasonable costs, charges and expenses incurred by the SELLER in consequence of such default.
