Common use of RIGHT TO CANCEL FOR EXCESSIVE DELAY Clause in Contracts

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time for all delays on account of the causes specified in Paragraph 1 of this Article and non-permissible delays as described in Paragraph 1 of ARTICLE III aggregates to one hundred and twenty (120) days or more, excluding delays due to arbitration as provided for in ARTICLE XIII hereof, then in such event, the BUYER may in accordance with the provisions set out herein cancel this Contract by serving upon the SELLER telefaxed notice of cancellation in writing and the provisions of ARTICLE X of this Contract shall apply. The SELLER may, at any time, after the accumulated time of the aforementioned delays justifying cancellation by the BUYER as above provided for, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER either notify the SELLER of its intention to cancel, or consent to an extension of the time for delivery to an agreed future date. It being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER shall have the right of immediate cancellation of the Contract upon the same terms as hereinabove provided.

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time for of all delays on account of the causes specified in Paragraph 1 I of this Article aggregate to One Hundred and non-permissible delays as described in Paragraph 1 of ARTICLE III aggregates to one hundred and twenty Eighty (120180) days or more, excluding delays awarded by an arbitration as specifically provided fir in Article 13 hereof, and excluding delays which are caused due to arbitration as provided default in performance by the BUYER, or due to delays in delivery of the Buyer’s supplied items or due to causes which, under Article 4,5,6,11 and 12 hereof, permit extension or postponement of the time for in ARTICLE XIII hereofdelivery of the VESSEL, then in such event, the BUYER may in accordance with the provisions set out out. herein rescind/ cancel this Contract by serving upon the SELLER telefaxed notice of cancellation in writing and the provisions of ARTICLE X of this Contract shall applyContract. The SELLER may, at any time, after the accumulated time of the aforementioned delays justifying cancellation by the BUYER as above provided forabove, demand in writing that the BUYER shall make an election, in which case ease the BUYER shall, within thirty fifteen (30I5) days after such demand is received by the BUYER either notify the SELLER of its intention to cancel, or consent to an extension of the time for delivery Delivery Date to an agreed future date. It being understood and agreed by the parties hereto that, if If any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER shall have the same right of immediate cancellation of the Contract upon the same terms as hereinabove provided.

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time for of all delays on account of the causes specified in Paragraph 1 of this Article aggregate to One Hundred and non-permissible delays as described in Paragraph 1 of ARTICLE III aggregates to one hundred and twenty Eighty (120180) days or more, excluding delays due to awarded by an arbitration as specifically provided for in ARTICLE XIII Article 13 hereof, and excluding delays which are caused due to default in performance by the BUYER, or due to delays in delivery of the BUYER’s supplied items or due to causes which, under Article 4,5,6,11 and 12 hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance with the provisions set out herein rescind/ cancel this Contract by serving upon the SELLER telefaxed notice of cancellation in writing and the provisions of ARTICLE X of this Contract shall applyContract. The SELLER may, at any time, after the accumulated time of the aforementioned delays justifying cancellation by the BUYER as above provided forabove, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within thirty fifteen (3015) days after such demand is received by the BUYER either notify the SELLER of its intention to cancel, or consent to an extension of the time for delivery Delivery Date to an agreed future date. It being understood and agreed by the parties hereto that, if If any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER shall have the same right of immediate cancellation of the Contract upon the same terms as hereinabove provided.

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time for of all delays on account of the causes specified in Paragraph 1 of this the Article aggregate to One Hundred and non-permissible delays as described in Paragraph 1 of ARTICLE III aggregates to one hundred and twenty Eighty (120180) days or more, excluding delays due to arbitration as provided for in ARTICLE Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of the BUYER’s supplied items, and excluding delays due to causes which, under Article V, VI, XI and XII hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance with the provisions set out herein cancel this Contract by serving upon the SELLER telefaxed notice of cancellation which shall be confirmed in writing and/or email and the provisions of ARTICLE Article X of this Contract shall apply. The SELLER may, at any time, after the accumulated time of the aforementioned delays justifying cancellation by the BUYER as above provided for, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER either notify the SELLER of its intention to cancel, or consent to an extension of the time for delivery to an agreed future date. It , it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER shall have the same right of immediate cancellation of the Contract upon the same terms as hereinabove provided.