Right to Rescind for Excessive Delay. If the total accumulated time of all delays claimed by the BUILDER on account of the causes specified in Paragraph 1 of this Article, excluding other delays of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to Two Hundred and Ten (210) days or more, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER may, at any time after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen (14) working days after such demand is received by the BUYER either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date, which date BUILDER represents to BUYER is the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, it being understood by the parties hereto that if the DRILLSHIP is not delivered by such future date, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove provided.
Right to Rescind for Excessive Delay. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240) days or more, then, the BUYER may, at any time thereafter, rescind this CONTRACT by giving a written notice of rescission to the BUILDER. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within fourteen(14) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):
(a) Such future date shall become the contractual delivery date for the purposes of this CONTRACT and shall be subject to extension by reason of permissible delays as herein provided, and
(b) If the VESSEL is not delivered by such revised contractual delivery date (as extended by reason of permissible delays), the BUYER shall have the same right of rescission upon the same terms as provided in the above and Article III. 1. If the BUYER shall not make an election within fourteen(14) days as provided hereinabove, the BUYER shall be deemed to have accepted such extension of the DELIVERY DATE to the future delivery date indicated by the BUILDER.
Right to Rescind for Excessive Delay. If the total accumulated time of all delays whether permissible or not exceeds One Hundred and Eighty (180) days, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The accumulated time as above shall exclude the time lost due to BUYER’s Default or delays in the BUYER’s supplies. The BUILDER may, at any time after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election proposing a new delivery date, in which case the BUYER shall, within Fourteen (14) days after such demand is received by the BUYER, either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as herein above provided. (End of Article)
Right to Rescind for Excessive Delay. If the total accumulated time of (i) all permissible delays aggregate to two hundred and ten (210) days or more or (ii) all permissible delays and non-permissible delays aggregate to two hundred and sixty (260) days or more, the BUYER may in accordance with the provisions set out herein rescind this Contract by serving upon the SELLER telefaxed notice of rescissions which shall be confirmed in writing, in which event the provisions of Article X of this Contract shall apply. Provided, however, that in calculating any periods of non-permissible delay for the purposes of this Article 8.4, there shall be excluded delays (i) due to arbitration as provided for in Article XIII hereof (ii) due to default in performance by the BUYER (iii) due to delays in delivery of the BUYER's supplied items and (iv) due to causes which, under Article V and XI hereof, permit extension or postponement of the time for delivery of the VESSEL. The SELLER may, at any time, after the BUYER’s right to rescind as aforesaid has arisen, 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 rescind, 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 rescission as specified in this Contract, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided.
Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article, amount to one hundred eighty (180) days or more, then, in such event, the BUYER may rescind this CONTRACT in accordance with the provisions of Article X hereof. The SELLER may, at any time after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty (20) days after such demand is received by the BUYER, either notify the SELLER of its intention to rescind this CONTRACT, or consent to a postponement of the DELIVERY DATE to a specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided. rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided.
Right to Rescind for Excessive Delay. (a) If the total accumulated time of all delays claimed by the BUILDER on account of the causes specified in Paragraph 1 of this Article, excluding other delays of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to One Hundred Eighty (180) days or more, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof.
Right to Rescind for Excessive Delay. If the total accumulated time of all delays for any reason (except only for delays due to default by the Buyer) amounts to Two Hundred and Forty (240) days or more beyond 1 June 2002 then in such event, the Buyer may, at its option, rescind this Contract. Such right of rescission shall be exercised by appropriate notice to the Builder within thirty (30) days from the lapse of such period of Two Hundred and Forty (240) days and is exercisable regardless of any other provision of this Contract, including, but not limited to, the provisions of Article III.1 hereof.
Right to Rescind for Excessive Delay. WARRANTY OF QUALITY
Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Paragraph 1) of this Article, excluding delays of a nature which under the terms of this Contract permit postponement of the delivery date, amounts to one hundred and fifty (150) days or more, then in such event, the Buyer may rescind this Contract by serving upon the Seller a written notice of cancellation. Such cancellation shall be effective as of the date the first arriving notice thereof is received by the Seller, and the Seller, after receipt of such notice, shall refund to the Buyer the full amount of all sums paid to the Seller on account of
Right to Rescind for Excessive Delay. If the total accumulated time of all Permissible Delays (as defined in Clause 33.3 hereof) amounts to Ninety (90) days or more, then, in such case, the Buyers may cancel this Agreement whereupon the provisions of Clause 18 hereof shall apply. The Sellers may, at any time after the accumulated time of the aforementioned delays justifying rescission by the Buyers, propose a new delivery date and demand in writing that the Buyers make an election, in which case the Buyers shall, within twenty (20) days after such demand is received by the Buyers, notify the Sellers either of their intention to cancel this Agreement or of their agreement to the postponement of the Delivery Date to the proposed future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Clause, the Buyers shall have the same right of cancellation upon the same terms as provided in this Clause 33.4.
