Common use of Right to Rescind for Excessive Delay Clause in Contracts

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Clause 1 of this ARTICLE VIII and unauthorized delays as described in the Clause 1 of ARTICLE III aggregate to 180 days or more, in any circumstances, then, in such event, the BUYER may rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and in accordance with the provisions of ARTICLE X hereof. The SELLER may, at any time after the accumulated time of the aforementioned delays justifying the rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty one (21) 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 an agreed specific future date. If the BUYER elects to consent to the postponement of the Delivery Date at such agreed specific future date, then such date shall become the contractual delivery date, for the purpose of this Contract and if the VESSEL is not delivered by such revised delivery date, the BUYER shall have the same right of rescission upon the same terms as herein provided. (end of Article)

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Clause Paragraph 1 of this ARTICLE VIII Article, excluding delays of a nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to One Hundred and unauthorized delays as described in the Clause 1 of ARTICLE III aggregate to 180 fifty (150) days or more, in any circumstances, then, in such event, the BUYER may terminate, cancel or rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and in accordance with the provisions of ARTICLE X Article XI hereof. The SELLER SELLERS may, at any time after the accumulated time of the aforementioned delays justifying the termination, cancelation or rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty one (2120) days after such demand is received by the BUYER, either notify the SELLER SELLERS of its intention to terminate, cancel or rescind this Contract, or consent to a postponement of the Delivery Date to an agreed a specific future date. If ; it being understood and agreed by the BUYER elects to consent to the postponement parties hereto that, if any further delay occurs on account of the Delivery Date at such agreed specific future date, then such date shall become the contractual delivery date, for the purpose of causes justifying rescission as specified in this Contract and if the VESSEL is not delivered by such revised delivery dateArticle, the BUYER shall have the same right of termination, cancelation or rescission upon the same terms as herein hereinabove provided. (end End of Article)

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 Clause Paragraph 1 of this ARTICLE VIII and unauthorized Article, excluding other delays as described in of the Clause 1 nature which under the terms of ARTICLE III aggregate this Contract permit postponement of the Delivery Date, amounts to 180 One Hundred Eighty (180) days or more, in any circumstances, then, in such event, the BUYER OWNER may rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and in accordance with the provisions of ARTICLE Article X hereof. The SELLER BUILDER may, at any time after the accumulated time of the aforementioned delays justifying the rescission by the BUYEROWNER, demand in writing that the BUYER OWNER shall make an election, in which case the BUYER OWNER shall, within twenty one fourteen (2114) working days after such demand is received by the BUYER, OWNER either notify the SELLER BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date. If the BUYER elects to consent to the postponement of the Delivery Date at such agreed specific a specified future date, which date BUILDER represents to OWNER is the earliest date BUILDER can deliver the VESSEL to OWNER, based on the circumstances then such date shall become known, it being understood by the contractual delivery date, for the purpose of this Contract and parties hereto that if the VESSEL is not delivered by such revised delivery future date, the BUYER OWNER shall have the same right of rescission upon the same terms and conditions as herein hereinabove provided. (end of Article).

Right to Rescind for Excessive Delay. If the total accumulated time of all delays on account of the causes specified in Clause Paragraph 1 of this ARTICLE VIII and unauthorized delays as described in the Clause 1 of ARTICLE III aggregate Article, amount to 180 one hundred eighty (180) days or more, in any circumstances, then, in such event, the BUYER may rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and CONTRACT in accordance with the provisions of ARTICLE Article X hereof. The SELLER may, at any time after the accumulated time of the aforementioned delays justifying the rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty one (2120) days after such demand is received by the BUYER, either notify the SELLER of its intention to rescind this ContractCONTRACT, or consent to a postponement of the Delivery Date DELIVERY DATE to an agreed a specific future date. If ; it being understood and agreed by the BUYER elects to consent to the postponement parties hereto that, if any further delay occurs on account of the Delivery Date at such agreed specific future date, then such date shall become the contractual delivery date, for the purpose of causes justifying rescission as specified in this Contract and if the VESSEL is not delivered by such revised delivery dateArticle, the BUYER shall have the same right of rescission upon the same terms as herein hereinabove provided. (end End of Article) rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided. (End of Article)

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 Clause 1 of this ARTICLE VIII Article, excluding other delays of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to one hundred and unauthorized delays as described in the Clause 1 of ARTICLE III aggregate to 180 fifty (150) days or more, in any circumstances, then, in such event, the BUYER may rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and in accordance with the provisions of ARTICLE Article X hereof. The SELLER BUILDER may, at any time after the accumulated time of the aforementioned delays justifying the rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty one (21) days after such demand is received by the BUYER, either notify the SELLER BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date. If the BUYER elects to consent to the postponement of the Delivery Date at such agreed specific future date, then such date shall become the contractual delivery date, for the purpose of this Contract and if the VESSEL is not delivered by such revised delivery date, the BUYER shall have the same right of rescission upon the same terms as herein provided. (end of Article)