Common use of Fourth Instalment Clause in Contracts

Fourth Instalment. United States Dollars Fifty Six Million Six Hundred Eighty Five Thousand only (US$56,685,000) plus or minus any increase or decrease due to modifications and/or adjustment, if any, arising prior to delivery of the VESSEL of the CONTRACT PRICE under Articles III and V of this CONTRACT shall be paid to the BUILDER concurrently with the delivery of the VESSEL. (The date stipulated for payment of each of the four instalments mentioned above is hereinafter in this Article and in Article XI referred to as the “DUE DATE” of that instalment). It is understood and agreed upon by the BUILDER and the BUYER that no payments under the provisions of this Article shall be delayed or withheld by the BUYER due to any dispute or disagreement of whatsoever nature arising between the BUILDER and the BUYER. Should there be any dispute in this connection, the matter shall be dealt with in accordance with the provisions of arbitration in Article XIII hereof. It is understood that any expenses for receiving such payment shall be for the account of the BUILDER.