Common use of SUBSTITUTION OF MATERIAL Clause in Contracts

SUBSTITUTION OF MATERIAL. If, notwithstanding reasonable efforts on the part of the BUILDER, any materials, machinery or 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 (although ordered in due time by the BUILDER) or are unreasonably high in price compared with the prevailing international market price, the BUILDER may supply, at no cost to the BUYER and subject to the BUYER’S prior approval, other materials, machinery or equipment of equal quality and effect capable of meeting the requirements of the CLASSIFICATION SOCIETY and the rules, regulations and requirements with which the construction of the VESSEL must comply.

SUBSTITUTION OF MATERIAL. If, notwithstanding reasonable efforts on the part of the BUILDER, If any materials, machinery or equipment required for the construction of the VESSEL by the SPECIFICATIONS and SPECIFICATIONS, the PLAN or otherwise under this CONTRACT cannot be procured in time to meet the BUILDER’S 's construction schedule for the VESSEL VESSEL, or are in short supply supply, (although ordered in due time by the BUILDEReither case, despite being timely ordered) or are unreasonably high in price compared with the prevailing international market price, the BUILDER may supply, subject to the BUYER's prior approval and at no additional cost to the BUYER and subject to the BUYER’S prior approval[***], other materials, machinery or equipment of equal quality and effect capable of meeting the requirements of the CLASSIFICATION SOCIETY SOCIETY, the SPECIFICATIONS and the rules, regulations and requirements with which the construction of the VESSEL must comply.