Common use of INTEREST AND CHARGE Clause in Contracts

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.

Appears in 4 contracts

Samples: Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc)

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INTEREST AND CHARGE. If the Owner is in default of payment of any installment as referred to in Paragraph 8. 2 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.

Appears in 4 contracts

Samples: Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc)

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