Speed. Should the speed of the vessel as recorded on the official Sea Trial be less than the Speed specified in Article 2.7, and should the Builder be unable to remedy this defect within reasonable time then, the Owner can reject the Vessel. In such event the Builder shall refund immediately to the Owner the full amount the Owner has paid to the Builder under this Contract together with the original cost of the Owner Furnished Equipment delivered to the Builder, plus interest thereon at the rate of 2% above prevailing prime rate of DBS Bank, Singapore from the date following the date of receipt by the Builder of such pre-delivery installment(s) to the date of payment by the Builder to the Owner of the refund, whereupon this Contract shall be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the Parties to the other shall terminate.
Appears in 8 contracts
Samples: Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc), Shipbuilding Contract (Seabulk International Inc)
