Common use of MODIFICATION, CHANGES AND EXTRAS Clause in Contracts

MODIFICATION, CHANGES AND EXTRAS. 1. HOW EFFECTED Minor modifications or changes to the SPECIFICATIONS and the PLAN under which the VESSEL is to be constructed may be made at any time hereafter by written agreement of the parties hereto. Any modification or change requested by the BUYER which does not affect the frame-work of the SPECIFICATIONS or the PLAN and also does not adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments which have been entered into at that time shall be agreed to by the BUILDER if the BUYER agrees to adjustment of the CONTRACT PRICE(if any), deadweight and/or cubic capacity, speed requirements, the Delivery Date and other terms and conditions of this CONTRACT reasonably required as a result of such modifications or change. The BUILDER has the right to continue construction of the VESSEL on the basis of the SPECIFICATIONS and the PLAN until the BUYER and BUILDER has agreed to the necessary adjustments to the Contract Price of the VESSEL, the time of delivery and any other alterations in this CONTRACT, or the SPECIFICATIONS. The BUILDER shall be entitled to refuse to make any alteration, change or modification of the SPECIFICATIONS and/or the PLAN requested by the BUYER, if the BUYER and BUILDER do not agree to the aforesaid adjustments within seven (7) days of the BUILDER’s notification of its proposal for the same to the BUYER, or, if, in the BUILDER’s reasonable judgement, the compliance with such request of the BUYER would cause an unreasonable disruption of the normal working schedule of the SHIPYARD. The BUILDER, however, agrees to exert its best efforts to accommodate such reasonable request by the BUYER so that the said change and modification shall be made at a reasonable cost and within the shortest period of time reasonably possible. The aforementioned agreement to modify and change the SPECIFICATIONS and the PLAN may be effected by exchange of letters, e-mail or facsimiles manifesting the agreement. The letters, e-mail and facsimiles exchanged by the parties pursuant to the foregoing shall constitute an amendment to this CONTRACT and the SPECIFICATIONS or the PLAN under which the VESSEL shall be built. Upon consummation of such an agreement to modify and change the SPECIFICATIONS or the PLAN, the BUILDER shall alter the construction of the VESSEL in accordance therewith including any addition to, or deduction from, the work to be performed in connection with such construction.

MODIFICATION, CHANGES AND EXTRAS. 1. HOW EFFECTED Minor modifications or changes to the SPECIFICATIONS and the PLAN under which the VESSEL is to be constructed may be made at any time hereafter by written agreement of the parties hereto. Any modification or change requested by the BUYER which does not affect the frame-work of the SPECIFICATIONS or the PLAN and also does not adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments which have been entered into at that time shall be agreed to by the BUILDER if the BUYER agrees to adjustment of the CONTRACT PRICE(if any)PRICE, deadweight and/or cubic capacity, speed requirements, the Delivery Date and other terms and conditions of this CONTRACT reasonably required as a result of such modifications or change. The BUILDER has the right to continue construction of the VESSEL on the basis of the SPECIFICATIONS and the PLAN until the BUYER and BUILDER has agreed to the necessary adjustments to the Contract Price of the VESSEL, the time of delivery and any other alterations in this CONTRACT, or the SPECIFICATIONSsuch adjustments. The BUILDER shall be entitled to refuse to make any alteration, change or modification of the SPECIFICATIONS and/or the PLAN requested by the BUYER, if the BUYER and BUILDER do does not agree to the aforesaid adjustments within seven (7) days of the BUILDER’s 's notification of its proposal for the same to the BUYER, or, if, in the BUILDER’s 's reasonable judgement, the compliance with such request of the BUYER would cause an unreasonable disruption of the normal working schedule of the SHIPYARD. The BUILDER, however, agrees to exert its best efforts to accommodate such reasonable request by the BUYER so that the said change and modification shall be made at a reasonable cost and within the shortest period of time reasonably possible. The aforementioned agreement to modify and change the SPECIFICATIONS and the PLAN may be effected by exchange of letters, e-mail letters or telexes or cables or facsimiles manifesting the agreement. The letters, e-mail telexes, cable and facsimiles exchanged by the parties pursuant to the foregoing shall constitute an amendment to this CONTRACT and the SPECIFICATIONS or the PLAN under which the VESSEL shall be built. Upon consummation of such an agreement to modify and change the SPECIFICATIONS or the PLAN, the BUILDER shall alter the construction of the VESSEL in accordance therewith including any addition to, or deduction from, the work to be performed in connection with such construction.

MODIFICATION, CHANGES AND EXTRAS. 1. HOW EFFECTED Minor modifications or changes to the SPECIFICATIONS The Specifications and the PLAN under Plans in accordance with which the VESSEL is to shall be constructed constructed, may be made modified and/or changed at any time hereafter by written agreement of the parties hereto. Any modification , provided that such modifications and/or changes or change requested by an accumulation thereof will not, in the BUYER which does not affect the frame-work of the SPECIFICATIONS or the PLAN and also does not SELLER’s reasonable judgement, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments which have been entered into at and provided further that time shall be agreed to by the BUILDER if the BUYER agrees shall consent, if necessary, to affair and reasonable adjustment of the CONTRACT PRICE(if any)Contract Price, deadweight and/or cubic capacity, speed requirements, time of delivery of the Delivery Date VESSEL and other terms and conditions of this CONTRACT reasonably required Contract, and/or the Specifications occasioned by such modification and/or changes, if any, as a result of such modifications or changehereinafter provided. The BUILDER has the right to continue construction of the VESSEL on the basis of the SPECIFICATIONS and the PLAN until the BUYER and BUILDER has agreed Subject to the necessary adjustments to the Contract Price of the VESSELabove, the time of delivery and any other alterations in this CONTRACT, or the SPECIFICATIONS. The BUILDER shall be entitled to refuse to make any alteration, change or modification of the SPECIFICATIONS and/or the PLAN requested by the BUYER, if the BUYER and BUILDER do not agree to the aforesaid adjustments within seven (7) days of the BUILDER’s notification of its proposal for the same to the BUYER, or, if, in the BUILDER’s reasonable judgement, the compliance with such request of the BUYER would cause an unreasonable disruption of the normal working schedule of the SHIPYARD. The BUILDER, however, SELLER hereby agrees to exert its best efforts to accommodate such reasonable request requests by the BUYER so that the said change and modification shall changes and/or modifications may be made at a reasonable cost and within the shortest period practicable time. Any such agreement for modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of time reasonably possiblethe VESSEL together with an agreement as to any extension or reduction in the date of delivery, the provision to the SELLER of any additional securities necessary to the SELLER, or any other alterations in this Contract, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and and/or to change the SPECIFICATIONS and the PLAN Specifications may be effected by an exchange of lettersletter, e-mail or facsimiles telefaxes signed in each case by an authorised representative of the relevant party, manifesting the such agreement. The letters, e-mail and facsimiles letters as well as telefaxes exchanged by the parties hereto pursuant to the foregoing shall constitute an amendment to this CONTRACT and the SPECIFICATIONS or the PLAN Specifications under which the VESSEL shall be built, and such letters and telefaxes shall be deemed to be incorporated into this Contract and the Specifications by reference and made a part hereof. Upon consummation of such an the agreement to modify and and/or to change the SPECIFICATIONS or the PLANSpecifications, the BUILDER SELLER shall without delay alter the construction of the VESSEL in accordance therewith therewith, including any addition additions to, or deduction deductions from, the work to be performed in connection with such construction. If due to whatever reasons, the parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or the provision of additional security to the SELLER or modification of any terms of this Contract which are necessitated by such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER’s request for any modification and/or changes. 2. CHANGES IN RULES OF CLASSIFICATION SOCIETY, REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to classification or as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or any regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of information thereof, shall transmit such information in full to each other in writing, whereupon within twenty-one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any fair increase or decrease in the Contract Price of the VESSEL that is fairly and reasonably occasioned by the cost for such compliance; and/or (b) As to any extension in the time of delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any increase or decrease in the guaranteed deadweight and/or speed of the VESSEL, if such compliance results in increased or reduced deadweight and/or speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary; and/or (e) If the Contract Price is to be increased, then, in addition or as an alternative to any of the provisions above, as to the provision of additional security by the BUYER to the SELLER if deemed necessary by the SELLER. Agreement as to such alterations or changes under this Paragraph shall be made in the same manner as provided in Paragraph 1 of this Article for modifications and/or changes of the Specifications, and/or Plans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the guaranteed speed and deadweight or the provision of additional security to the SELLER or any alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes.