Second Instalment. Within five (5) banking days after the Buyer’s receipt of e-mail or telefax advice from the Builder that the steel cutting of the Vessel has been commenced and, in any case, not earlier than twelve (12) months prior to delivery, the Buyer shall remit by bank transfer by telex or cable the second instalment to the Bank in favour of the Builder payable against the Builder’s written statement endorsed by the Classification Society that the steel cutting of the Vessel has been completed.
Appears in 4 contracts
Samples: Shipbuilding Contract (Ardmore Shipping Corp), Shipbuilding Contract (Ardmore Shipping Corp), Shipbuilding Contract (Ardmore Shipping Corp)