Common use of Fourth Instalment Clause in Contracts

Fourth Instalment. The fourth instalment amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable upon the later of the launching of the Vessel and within five (5) banking days after the receipt of the Builder’s confirmation that launching has taken place and confirmed in writing by the Classification Society.

Fourth Instalment. The fourth instalment equal to ten percent (10%) of the Contract Price amounting to United States Dollars Three Million Seven Hundred Thousand only (US$3,700,000) shall be due and payable upon the later of the launching of the Vessel and within five (5) banking days after the receipt of the Builder’s confirmation that launching has taken place and confirmed in writing by the Classification Society.