Common use of Third Instalment Clause in Contracts

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 percent (10%) of the Contract Price, amounting to United States Dollars Nine Million Four Seven Hundred Five Thousand only (USD9,405,000.-USD9,705,000.-), 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