Third Instalment. The third instalment amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable upon the later of keel laying of the Vessel and within five (5) banking days after the receipt of the Builder’s confirmation that keel laying has occurred and confirmed in writing by the Classification Society.
Third Instalment. Ten percent (10%) of the Contract Price, amounting to United States Dollars Nine Million Four Hundred Five Thousand only (USD9,405,000.-), shall be paid within five (5) banking days from the date of receipt by Buyer of a notice from Builder together with a certificate issued by the Classification Society confirming that the steel cutting for the Vessel has commenced, it being understood that in no eventuality shall this installment become due more than twelve (12) months prior to the Delivery Date in Article VII. herein
Third Instalment. Ten per cent (10%) of the CONTRACT PRICE amounting to U.S.Dollars Nine Million One Hundered Fifty Thousand only (US$ 9,150,000.-) shall be paid within three (3) business days of receipt by the BUYER of a facsimiled advice from the BUILDER that the first block of the keel has been laid.
Third Instalment. Ten per cent (10%) of the CONTRACT PRICE amounting to U.S.Dollars Nine Million Seven Hundred Thirty Thousand (US$ 9,730,000) shall be paid within three (3) business days after the BUILDER has notified the BUYER by email or facsimile accompanied by a certificate signed by the CLASSIFICATION SOCIETY stating that steel cutting of the VESSEL has been commenced.
Third Instalment. Within five (5) banking days after the Buyer’s receipt of e-mail or telefax advice from the Builder that the keel laying of the Vessel has been completed, the Buyer shall remit by bank transfer by telex or cable the third instalment to the Bank in favour of the Builder payable against the Builder’s written statement endorsed by the Classification Society that the keel laying of the Vessel has been completed.
Third Instalment. The third instalment amounting to US$4,125,000 representing ten percent (10%) of the Contract Price shall be due and payable and shall be paid within seven (7) Banking Days of receipt of the notice of cutting of the first steel plate of the VESSEL in the SELLER’s workshop has occurred. The SELLER shall give a fax or letter notice to the BUYER stating that the first steel plate has been cut in its workshop and demand for payment of this instalment. Such notice shall include a Builder’s certificate of steel cutting, which shall be endorsed by the Classification Surveyor.
Third Instalment. United States Dollars Eighteen Million Eight Hundred Ninety Five Thousand only (US$18,895,000) shall be paid within five (5) business days of receipt by the BUYER of a facsimiled notice from the BUILDER together with a Certificate issued by the CLASSIFICATION SOCIETY confirming that steel cutting has commenced, it being understood that in no eventuality shall this instalment become due earlier than 11 months prior to the DELIVERY DATE in Article VII herein.
Third Instalment. Ten per cent (10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Start of Fabrication has taken place. FOURTH INSTALMENT: Fifteen per cent ( 15 %) of the Contract Price, being Twelve Million Six Hundred Thousand U.S. Dollars, (US$ 12,600,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the keel laying for the pontoons has taken place. FIFTH INSTALMENT: Ten per cent ( 10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Pontoons of the Vessel have successfully been launched. SIXTH INSTALMENT: Five per cent (5 %) of the Contract Price, being Four Million Two Hundred Thousand U.S. Dollars, (US$ 4,200,000) within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that the Substructure has successfully been erected on the Deck Box.
Third Instalment. The sum of United States Dollars Sixty-Nine Million and Two Hundred Thousand (US$69,200,000) equivalent to 20% of the Contract Price shall be paid on or before 31 December 2017.
Third Instalment. 5 per cent increase in the salaries prescribed for all Employees covered by the Agreement, as set out in Schedule 1 shall be effective from 01/07/2022 (“Third Instalment”).
