Common use of HOW EFFECTED Clause in Contracts

HOW EFFECTED. The Specifications and Plans in accordance with which the VESSEL is constructed, may not be modified and/or changed at any time: (1) No modification to the construction and/or plans and/or drawings shall be required by the BUYER in the course of construction. (2) If there is any modification to the construction and/or plans and/or drawings and/or Specifications as required by the Hull No.YZJ2013-1088 Buyer and there is any adjustment of any terms of the Contract for the Hull No.YZJ2013-1088 vessel, such adjustment/modification which will not affect the Contract Price, Delivery Date and the VESSEL’s performance, shall be correspondingly and automatically applied to the VESSEL In the event that there is any modification required by the Hull No.YZJ2013-1088 Buyer involves extra cost, the BUYER shall have the option to decide whether to apply the modification or not. The BUYER shall, within three (3) days after receipt of the SELLER’s notice of such above modification, reply the BUYER’s final decision on application or not. If the BUYER fails to reply the BUYER’s final decision on application or not within three (3) days as above, such modification will be deemed to be automatically rejected by the BUYER.