Common use of PROVISIONAL ACCEPTANCE Clause in Contracts

PROVISIONAL ACCEPTANCE. Following satisfactory completion of all tests and trials, correction of all "punch list" deficiencies, and receipt of all contract deliverables, the vessel will be provisionally accepted at the shipyard. Departure and delivery of the vessel may not be started until provisional acceptance of the vessel has been made. Payment of the full contract amount, less retainage and any liquidated damages, will be made in accordance with DFARS 252.217-7007, Payments clause.