Rescission By The Buyer. (a) All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance to the SELLER. In the event the BUYER shall exercise its right of rescission of this Contract under and pursuant to any of the provisions of this Contract specifically permitting the BUYER to do so, then the BUYER shall notify the SELLER in writing or by telefax confirmed in writing, and such rescission shall be effective as of the date the notice thereof is received by the SELLER.
Appears in 6 contracts
Samples: Contract (TBS International LTD), Contract (TBS International LTD), Contract (TBS International LTD)
