SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY. The BUYER shall, within five (5) business days after receipt of the Refund Guarantee as herein above defined for the 1st, 2nd and 3rd instalment from the SELLER, deliver to the SELLER an irrevocable and unconditional Letter of Corporate Guarantee (“Corporate Guarantee”) in favour of the SELLER in the form annexed hereto as APPENDIX "C". This corporate guarantee shall secure the BUYER's obligation for the payment of twenty percent (20%) of the Contract Price covering the 2nd and 3rd instalment of the Original Contract Price.
Appears in 4 contracts
Samples: Shipbuilding Contract (Baltic Trading LTD), Shipbuilding Contract (Baltic Trading LTD), Shipbuilding Contract (Baltic Trading LTD)
