Common use of WHEN AND HOW EFFECTED Clause in Contracts

WHEN AND HOW EFFECTED. The Vessel is to be delivered fully completed and fitted out, safely afloat, carefully cleaned, properly moored with free access to the sea and ready for oceangoing sailing, with inventories of spare parts and equipments as provided in the Specifications. Provided that the Buyer shall concurrently with delivery of the Vessel release to the Builder the delivery instalment as set forth in Article 10 (b) hereof and shall have fulfilled all of its obligations provided for in this Contract, delivery of the Vessel shall be forthwith effected upon acceptance thereof by the Buyer, as hereinabove provided, by the concurrent delivery by each of the parties hereto to the other of a PROTOCOL OF DELIVERY AND ACCEPTANCE acknowledging delivery of the Vessel by the Builder and acceptance thereof by the Buyer, which PROTOCOL shall be prepared in duplicate and signed by each of the parties hereto. It is expressly understood that acceptance of the Vessel by the Buyer and payment by the Buyer of the delivery instalment to the Builder does not relieve the Builder from liability for defects under this Contract in accordance with Article 9.