Common use of REFUND BY THE BUILDER Clause in Contracts

REFUND BY THE BUILDER. In case the BUILDER receives the notice stipulated in Paragraph 1 of this Article, the BUILDER shall refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL within Seven (7) days after the date of the notice as provided in paragraph 1 of this Article hereof together with interest if any and with, if appropriate, an amount equal to the original purchase prices of the BUYER’s supplied material as evidenced by the invoice issued by the each supplier of the same including lubricating oil, grease and fuel oil, if any, which are purchased by the BUYER to the VESSEL, except those items which are able to return to the BUYER as they are, unless the BUILDER proceeds to the arbitration under the provisions of Article XIII hereof. In such event, the BUILDER shall pay the BUYER interest at the rate of six percent (6%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective dates on which such sums were paid by the BUYER to the BUILDER to the date of remittance by telegraphic transfer of such refund with interest to the BUYER by the BUILDER, provided, however, that if the said rescission by the BUYER is made under the provisions of Paragraph 4 of Article VIII hereof, then in such event the BUILDER shall not be required to pay the BUYER any interest.

REFUND BY THE BUILDER. In case the BUILDER receives the notice stipulated in Paragraph 1 of this Article, Article the BUILDER shall refund in United States Dollars to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL within Seven Twenty One (721) Chinese banking days after the date of the notice as provided in paragraph 1 of this Article hereof together with interest if any and with, if appropriate, an amount equal to the original purchase prices of the BUYER’s supplied material 's Supplies as evidenced by the invoice issued by the each supplier of the same including lubricating oil, grease and fuel oil, if any, which are purchased by the BUYER to the VESSEL, except those items which are able to return to the BUYER as they are, unless the BUILDER proceeds to the arbitration under the provisions of Article XIII hereof. In such event, the BUILDER shall pay the BUYER interest at the rate of six percent (6%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective dates on which such sums were paid received by the BUILDER from the BUYER to the BUILDER to the date of remittance by telegraphic transfer of such refund with interest to the BUYER by the BUILDER, provided, however, that if the said rescission by the BUYER is made under the provisions of Paragraph 4 of Article VIII hereof, then in such event the BUILDER shall not be required to pay the BUYER any interestinterest for the days/delay caused by permissible delays.