BUILDER'S DEFAULT. Should the BUILDER default by:
BUILDER'S DEFAULT. Notwithstanding anything to the contrary contained in this Agreement, Builder shall not be in breach or default hereunder unless Builder fails to cure any material breach of any obligation of Builder under this Agreement within ten (10) days after the Builder’s receipt of written notice of such default from Transferor, except that such cure period shall not apply to a Construction Default (defined below). If any such failure continues beyond such cure period, then Builder shall be in default under this Agreement (each, a “Builder Default”) and Transferor shall have the following remedies:
BUILDER'S DEFAULT. The BUILDER shall be deemed to be in default under this Contract, if a petition is filed or an order is made or an effective resolution is passed for the winding up or dissolution of the BUILDER or a Receiver is appointed of the undertaking or property of the BUILDER or any similar process or proceeding is initiated under the laws of any relevant jurisdiction, or the BUILDER generally suspends payment or ceases to carry on its business or makes any special arrangement or composition with its creditors. In the event of such BUILDER's default as aforesaid, the BUYER may, at its option, thereafter at any time be entitled (but not bound) to rescind this Contract, but this clause shall not limit any other rights or remedy the BUYER may have in this Contract and/or at law, at equity or otherwise. (End of Article)
BUILDER'S DEFAULT. The BUYER shall be entitled to terminate this CONTRACT forthwith by the giving of notice to the BUILDER by letter, telex or tele-facsimile should any of the following events occur:
BUILDER'S DEFAULT. 1. The following shall constitute events of default of the BUILDER under this Contract:
BUILDER'S DEFAULT delay in delivery In the event of the Builder fails to deliver to Buyer the Vessels complete in the manner stipulated in this Contract within 5 months after the time provided in this Contract including any permissible extension, the Buyer shall be entitled to terminate this Contract and on such termination the Builder shall refund to the Buyer all amounts they have received as down payment or otherwise , including interest thereon at the rate of 10% (ten per cent) per annum from the date of payment till the date of refund. The Builder shall also return Buyer's Supplies, or if they cannot be returned, the Builder shall pay to the Buyer an amount equal to the Buyer's costs for such equipment. For this purpose the Bank Guarantee’s provided by the builder against all advances paid for by the Buyer shall be en-cashed by the buyer without waiting for the amount to be paid by the builder including the Performance Security Guarantee given by the Builder.
BUILDER'S DEFAULT. In the event of a default hereunder by Builder that has not been cured within the applicable cure period, Owner shall be entitled as its sole and exclusive remedy to terminate this Agreement and retain the Deposit and recover from Builder any then-unpaid Expenses payable by Builder pursuant to Section 3.1 above. The parties have agreed that Owner’s actual damages in the event of a default by Builder would be extremely difficult or impracticable to determine. The parties acknowledge that the amount of the Deposit, and Builder’s payment of any unpaid Expenses pursuant to Section 3.1 above, has been agreed upon, after negotiation, as the parties’ reasonable estimate of Owner’s damages and as Owner’s exclusive remedy against Builder, at law or in equity, in the event of a default under the Agreement by Builder and that payment of such amount to Owner as liquidated damages is not intended as a forfeiture or penalty.
BUILDER'S DEFAULT. The BUYER shall be entitled, but not bound, to declare the BUILDER in default and to rescind this Contract, all as stipulated in this Contract and Specifications, in any of the following cases:
BUILDER'S DEFAULT. 1. Definition of Default:
