Common use of Third Instalment Clause in Contracts

Third Instalment. The third instalment equal to ten percent (10%) of the Contract Price 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. The third instalment equal to ten percent (10%) of the Contract Price 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.