SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, on or before 31st March 2007, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee in a form annexed hereto as Exhibit "C" in favour of the SELLER issued by the Royal Bank of Scotland or other first class international bank acceptable to the SELLER. This guarantee shall secure the Buyer's obligation for the payment of 2nd, 3rd and 4th instalments of the Contract Price.
Appears in 7 contracts
Samples: Shipbuilding Contract (TBS International PLC), Contract (TBS International LTD), Contract (TBS International LTD)
