Common use of SUBSTITUTION OF MATERIAL Clause in Contracts

SUBSTITUTION OF MATERIAL. If any materials, machinery of equipment required for the construction of the VESSEL by the SPECIFICATIONS and the PLAN or otherwise under this CONTRACT cannot be procured in time to meet the BUILDER’S construction schedule for the VESSEL, or are in short supply, or are unreasonably high in price compared with the prevailing international market price, the BUILDER may supply, subject to the BUYER’S prior written approval, other materials, machinery or equipment of equal and effect capable of meeting the Rules and Regulations of the CLASSIFICATION SOCIETY and other regulatory bodies. The BUILDER shall not, however, be relieved of its obligations if such non-availability could have been for seen or occasioned by forward planning. In this case, the BUILDER shall not be entitled to an extension of the DELIVERY DATE or to increase in the CONTRACT PRICE by reason of such non-availability.