Common use of INTEREST AND CHARGE Clause in Contracts

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.

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(b1 (b) of this Article, the BUYER shall pay interest on such installment instalment at the rate of five seven percent (57%) per annum from the due date when such installment(s) becomes due and payable under the provisions of Article II hereof thereof to the date of payment to the payment SELLER of the full amount, amount including all aforesaid interest. In case the BUYER shall unjustifiably 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 and mooring charges from and including the day on which the VESSEL is tendered for delivery by the SELLER to the date on which payment of the fifth instalment is received by the SELLER, as provided in Article VII Paragraph 6 hereof.