ADJUSTMENT OF THE CONTRACT PRICE. The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth. It is hereby understood by both parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.
Appears in 9 contracts
Samples: Shipbuilding Contract (Performance Shipping Inc.), Shipbuilding Contract (Performance Shipping Inc.), Form of Shipbuilding Contract (Aegean Marine Petroleum Network Inc.)
ADJUSTMENT OF THE CONTRACT PRICE. The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth. It is hereby understood by both all parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.
Appears in 3 contracts
Samples: Shipbuilding Contract (Scorpio Bulkers Inc.), Contract (Himalaya Shipping Ltd.), Contract (Himalaya Shipping Ltd.)
ADJUSTMENT OF THE CONTRACT PRICE. The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth. It is hereby understood by both parties that any reduction of the Contract Price under this Article is by way of liquidated damages and not by way of penalty.
Appears in 1 contract
ADJUSTMENT OF THE CONTRACT PRICE. The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forthforth in the event of the following contingencies. It is hereby understood by both parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.
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