Speed. (a) The Contract Price shall not be affected or changed by reason of a deficiency in the actual speed of the Vessel, as determined on the basis of trial run, being less than three-tenths (3/10) of one (1) knot below the guaranteed speed of the Vessel at the designed draft in the conditions as set out in the Specifications. (b) If the deficiency in actual speed of the Vessel amounts to or exceeds three-tenths (3/10) of one (1) knot below the guaranteed speed of the Vessel at the design draft, any fractions less than one-tenth (1/10) of one (1) knot of deficiency shall be regarded as a full one-tenth (1/10) of a knot, the Contract Price shall be reduced as follows:
Appears in 6 contracts
Samples: Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.)
