Common use of First Instalment Clause in Contracts

First Instalment. Ten per cent ( 10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days of the Execution Date. SECOND INSTALMENT: Ten per cent (10 %) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Builder has placed the orders for the major equipment, herein defined as the Main Engines, the Thrusters, and the Electrical Integration Subcontract.

First Instalment. Ten per cent ( 10 (10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days of the Execution Date. SECOND INSTALMENT: Ten per cent (10 10%) of the Contract Price, being Eight Million Four Hundred Thousand U.S. Dollars, (US$ 8,400,000) shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Builder has placed the orders for the major equipment, herein defined as the Main Engines, the Thrusters, and the Electrical Integration Subcontract.