Common use of Rejection and cancellation Clause in Contracts

Rejection and cancellation. either exercise or fail to exercise any right which the Borrower may have to reject the Vessel or cancel or rescind or otherwise terminate the Building Contract Provided always that any such rejection of the Vessel or cancellation, rescission or other termination of the Building Contract by the Borrower after such consent is given shall be without responsibility on the part of the Agent which shall be under no liability whatsoever to the extent that such rejection, rescission, cancellation or termination is thereafter adjudged to constitute a repudiation or other breach of the Building Contract by the Borrower Provided always that if the Agent shall not respond (whether in the positive or the negative) within 30 days of any request for such consent being made the Agent shall be deemed to have consented to such request;