Common use of Construction Matters Clause in Contracts

Construction Matters. (a) for each Ship, a copy, certified by the legal advisor of the relevant Owner to be a true and complete copy, of the relevant Shipbuilding Contract; (b) in relation to the relevant Shipbuilding Contract: (i) confirmation from the relevant Owner that prior instalments under the relevant Shipbuilding Contract have been paid to the Builder; and (ii) a copy of each SWIFT payment instruction or telegraphic transfer to the Builder in relation to each pre-delivery instalment of the relevant Contract Price required to have been paid by the relevant Owner under the terms of the relevant Shipbuilding Contract and a copy of each invoice and other documents provided by the Builder to request payment of such instalment; and (c) evidence satisfactory to the Facility Agent that if applicable any authorisations required from any government entity for the export of such Ship by the Builder have been obtained or that no such authorisations are required.

Appears in 2 contracts

Sources: On Delivery Facility Agreement (Paragon Shipping Inc.), On Delivery Buyer Credit Facility Agreement (DryShips Inc.)