Speed Deficiency. If the speed of the Vessel as stated in Box 4D(ii) is not achieved in the manner stated in the Specification or Clause 2(b)(i) the following shall apply: (a) There shall be no adjustment of the Contract Price except to the extent provided in Sub-clause 8(b). (b) If the reduction in speed is greater than 5/10ths of a knot, the Contract Price shall be reduced by the amount stated in Box 13(i) for each whole 1/10th of a knot reduction in speed in excess of 5/10ths of a knot as liquidated damages up to the maximum amount stated in Box 13(ii). (c) If the reduction in speed would entitle the Buyer to a reduction in the Contract Price greater than the maximum amount stated in Box 13(ii), the Buyer shall have the option to either terminate this Contract in accordance with Clause 39(a)(iv) (Suspension and Termination), or to accept the Vessel at a reduction in the Contract Price in the amount of [REDACTED].
Appears in 8 contracts
Samples: Shipbuilding Contract (Cadeler a/S), Shipbuilding Contract (Cadeler a/S), Shipbuilding Contract (Cadeler a/S)
