Common use of INTEREST AND CHARGE Clause in Contracts

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. If the BUYER is in default of payment as to any instalment Instalment as provided in Paragraph 1 (a) and (b) of this Article, the BUYER shall pay interest on such instalments Instalments at the rate of eight six percent (86%) 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 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. If the BUYER is in default of payment as to any instalment Instalment as provided in Paragraph 1 (a) and (b) of this Article, the BUYER shall pay interest on such instalments Instalments at the rate of eight six percent (86%) 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 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 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.