Common use of Buyer’s Default - Disputes regarding Payment Clause in Contracts

Buyer’s Default - Disputes regarding Payment. (a) If the Buyer fails to make payments as provided for in Article III clause 3, the Builder shall by written notice or by telefax confirmed by registered mail to the Buyer request payment of the unpaid amount. If the amount has not been paid within 7 Banking Days from receipt of such notice, the Builder may postpone the commencement of or stop the work on the Vessel and enforce payment of the claim, the net loss of time caused thereby being Permissible Delay under the Contract.

Buyer’s Default - Disputes regarding Payment. (a) If the Buyer fails to duly make the payments as provided for in Article III III, clause 3, the Builder shall by written notice or by telefax confirmed by registered mail to the Buyer Buyer, request payment of the unpaid amount. If the amount has not been paid within 7 ten (10) Banking Days from receipt of such notice, the Builder may postpone the commencement of of, or stop the work on the Vessel and enforce payment of its claim. Any time lost as a result of the claimBuilder postponing the commencement of, or stopping the net loss of time caused thereby being work on the Vessel in accordance with this provision shall be deemed to amount to Permissible Delay under the ContractDelay.

Buyer’s Default - Disputes regarding Payment. (a) If the Buyer fails to duly make the payments as provided for in Article III III, clause 32, the Builder shall by written notice or by telefax confirmed by registered mail to the Buyer Buyer, request payment of the unpaid amount. If the amount has not been paid within 7 ten (10) Banking Days from receipt of such notice, the Builder may postpone the commencement of of, or stop the work on the Vessel and enforce payment of its claim. Any time lost as a result of the claimBuilder postponing the commencement of, or stopping the net loss of time caused thereby being work on the Vessel in accordance with this provision shall be deemed to amount to Permissible Delay under the ContractDelay.