Common use of CONTRACT EFFECTIVENESS Clause in Contracts

CONTRACT EFFECTIVENESS. 49.1 This Contract shall be effective as at the date of signature. 49.2 It is the intention of the Purchaser to ensure that as soon as possible thereafter financing is in place ("Financial Closure"). In the event that such financing is not in place, by 20 October 1999, then the Supplier shall have the option: 49.2.1 as long as the financing is not available, and up to 31 December 1999, to suspend this Contract and be entitled to claim only an equitable extension of time; and 49.2.2 as long as the financing continues not to be available, and up to 30 June 2000, to continue to suspend this Contract and be entitled to claim an equitable extension of time as well as costs in accordance with Article 15 of this Contract; and 49.2.3 in the event that financing is not available after 30 June 2000 then the Supplier shall be entitled to terminate this Contract in which case the Purchaser's total liability shall be limited to the Supplier's out of pocket expenses to a maximum of the amount payable under Article 22.1.1. In such circumstances the title in the desk top study and the marine route survey report shall transfer to the Purchaser.