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/or 1 (b) of this Article, the BUYER shall pay interest on such instalment at the rate of five percent (5 %) per annum from the due date thereat° the date of payment to the SELLER of the full 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 I (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 to the date on which payment of the fifth instalment is received by the SELLER. In any event of default by the BUYER under 1(a) or 1(b) or 1(c) or 1(d) or 1(e) of this Article, the BUYER shall also pay all 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/or 1 (b) of this Article, the BUYER shall pay interest on such instalment at the rate of five percent (5 5%) per annum from the due date thereat° thereof to the date of payment to the SELLER of the full 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 I 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 to the date on which payment of the fifth instalment is received by the SELLER. In any event of default by the BUYER under 1(al(a) or 1(bl(b) or 1(c) or 1(d) or 1(el(c) of this Article, the BUYER shall also pay all 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/or 1 (b) of this Article, the BUYER shall pay interest on such instalment at the rate of five percent (5 %) per annum from the due date thereat° thereof to the date of payment to the SELLER of the full 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 I 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 to the date on which payment of the fifth instalment is received by the SELLER. In any event of default by the BUYER under 1(a) or 1(b) or 1(c) or 1(dl(d) or 1(el(e) of this Article, the BUYER shall also pay all charges and expenses incurred by the SELLER in consequence of such default.