Common use of Third Instalment Clause in Contracts

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.