Common use of Third Instalment Clause in Contracts

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. 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 ’S workshop has having 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. 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 occurredoccurred . 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. 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 having 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.