Common use of Third Instalment Clause in Contracts

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 One Hundered Fifty Thousand only (US$ 9,150,000.-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.