Common use of Variations of Contract Clause in Contracts

Variations of Contract. releases and waivers of Contract agree to any variation of the Contract or any substantial variation of the specification of the Ship (and for the purpose of this paragraph any extras, additions or alterations which the Buyer may desire to effect in the building of the Ship shall be deemed to constitute a substantial change if the cost thereof (which shall in every case be agreed in writing between the Buyer and the Builders before the work is put in hand irrespective of whether the prior consent thereto of the Bank be required hereunder) or if the aggregate cost of the proposed work together with the cost of any work already ordered, will alter the fixed price of the Ship (namely Sixty million two hundred thousand Dollars ($60,200,000)) by an amount greater than two per cent (2%) of the said fixed price) or release the Builders or either of them from any of their respective obligations under the Contract or waive any breach of the Builders’ obligations thereunder or consent to any such act or omission of the Builders or either of them as would otherwise constitute such breach;

Variations of Contract. releases and waivers of Contract agree to any variation of the Contract or any substantial variation of the specification of the Ship (and for the purpose of this paragraph any extras, additions or alterations which the Buyer may desire to effect in the building of the Ship shall be deemed to constitute a substantial change if the cost thereof (which shall in every case be agreed in writing between the Buyer and the Builders Seller before the work is put in hand irrespective of whether the prior consent thereto of the Bank Security Agent be required hereunder) or if the aggregate cost of the proposed work together with the cost of any work already ordered, ordered will alter the fixed price of the Ship (namely Sixty million two hundred thousand Dollars ($60,200,000)) by an amount greater than two five per cent (25%) of the said fixed price) or release the Builders or either of them Seller from any of their respective its obligations under the Contract or waive any breach of the Builders’ Seller’s obligations thereunder or consent to any such act or omission of the Builders or either of them Seller as would otherwise constitute such breach;