Common use of INTEREST AND CHARGE Clause in Contracts

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