INSUFFICIENT SPEED. (a) The CONTRACT PRICE of the VESSEL shall not be affected or changed, if the actual speed, as determined by trial runs more fully described in Article VI hereof, is less than the speed required under the terms of this CONTRACT and the SPECIFICATIONS provided such deficiency in actual speed is not more than three-tenths (3/10) of a knot below the guaranteed speed.
INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the Guaranteed Speed at xxxxxxxxx draft as specified in Paragraph 4 of ARTICLE I of this Contract.
INSUFFICIENT SPEED. (a) The Contract Price shall not be affected or changed by reason of the trial speed, as determined in accordance with the Specifications, being less than the Guaranteed Speed, if such deficiency is not more than three-tenths (3/10) of a knot.
INSUFFICIENT SPEED. The Contract Price of the Vessel shall not be affected or changed if the speed of the Vessel on trials, as determined in accordance with the Specifications, is less than the guaranteed speed of the Vessel, provided such deficiency is not more than one-fifth (1/5) of one (I) knot below the guaranteed speed. In the event, however, that the deficiency in the speed exceeds one-fifth (1/5) of one (I) knot below the guaranteed speed, the Contract Price shall be reduced, as liquidated damages, by ****** for such deficiency of each 0.1 knots (any fractions to be pro-rated but disregarding fractions of one-hundredth (11100) of one (I) knot). If the deficiency of the Vessel's speed on trials exceeds one (1) full knot below the guaranteed speed, the Buyer at its option may accept the Vessel at a reduction in the Contract Price as above specified for an insufficient speed of one (1) full knot, that is at a total reduction of ******, or, subject to the provisions of Paragraph 4) of Article VII, may reject the Vessel and rescind this {N1783113.1.2} Contract, in which case the provisions in Paragraph 1) of this Article regarding the Buyer's rescission of the Contract shall be applied.
INSUFFICIENT SPEED. Liquidated Damages shall be payable by the Builder to the Buyer if the speed of each of the Vessels on trials, as determined in accordance with the Specifications, is less than the guaranteed speed of the Vessel, provided no liquidated damage shall be deducted if such deficiency is upto 0.5 Knots below the Guaranteed Speed. If the deficiency in speed of any of the Vessels exceeds 0.5 Knots of the Guaranteed Speed, Liquidated Damage in respect of that Vessel shall be calculated at 0.25% of the contract price for the Deficiency of each 0.1 Knot upto the reduced speed of 1 knot, beyond which the Builder has to rectify the same at his own cost failing which the Buyer will be free to terminate the Contract, or penalize the Builder as may be decided by the Buyer.
INSUFFICIENT SPEED. (i) The Vessel has been designed for a speed over ground of __ knots in the design draft condition in calm seas and winds. The design draft condition is a draft of 12'0" as defined in Group 0 of the Specifications. Shipyard's engineering subcontractor, Guidx Xxxxx & Associates, Inc., shall verify the effective horsepower "EHP" requirements of the hull through a model testing program. The model testing program will be performed as soon as reasonably possible after Contract execution in order to predict the speed of the Vessels based upon the design set forth in the Guidance Drawings and Specifications. Owner may participate in the model testing program if so desired and the results of the model testing program will be reported to Owner. Any hull form modifications necessary to enhance flow and reduce EHP shall be reviewed and approved by Owner. Shipyard is responsible to construct the hull meeting the tested EHP requirements.
INSUFFICIENT SPEED. If the Vessel on sea trials at her design draft and even keel and under the sea and weather conditions as stipulated in this Contract and Specification does not attain a speed of 24 knots at 87% of maximum continuous output of the electric propulsion motor shafts, then, as sole compensation, the Contract Price shall be reduced according to the following: For the first [*] of a knot [*] For each further complete [*] of a [*] of the Contract Price, knot up to [*] of a knot For each further complete [*] of a [*] of the Contract Price knot However, if the Vessel shall not achieve a speed of [*] knots, then the Buyer may, at its option, as an alternative to receiving the above mentioned liquidated damages by way of Contract Price reduction, rescind this Contract.
INSUFFICIENT SPEED. The Purchase Price shall not be reduced by reason of the trial speed, as determined by the trial run, being not more than three-tenths (3/10ths) of one (1) knot below the guaranteed speed of the Vessel of 16.25 knots at normal output of main engine in the condition as specified in the Specifications (the “Guaranteed Speed”). However, in the event that the deficiency in trial speed of the Vessel is by more than three-tenths (3/10ths) of one (1) knot below the Guaranteed Speed, the Sellers shall pay to the Buyers as liquidated damages, by means of a corresponding reduction of the Purchase Price, the sum of Sixty Five Thousand Dollars ($65,000.-) for each one-tenth (1/10th) of a knot deficiency over and above the deficiency of three-tenths (3/10ths) of one (1) knot, by which the trial speed of the Vessel falls below the Guaranteed Speed (fractions of one tenth (1/10th) to be pro-rated). In the event of such deficiency being more than one (1) knot, then the Buyers shall have the option to cancel this Agreement whereupon the provisions of Clause 18 hereof shall apply. However, the maximum reduction in the Purchase Price shall in no event be more than the amount in the case of a deficiency of one (1) knot below the Guaranteed Speed, that is at a total reduction of Four Hundred Fifty Five Thousand Dollars ($455,000.-).
INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the actual speed (as determined by the Trial Run after correction according to the Specifications) being less than three tenths (3/10) of one knot below the guaranteed speed as specified in Paragraph 4 of Article I of this Contract. Shipbuilding Contract Hull No.H1596 (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the guaranteed speed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency at or above 0.30 but below 0.40 knot US$ 50,000.00 at or above 0.40 but below 0.50 knot US$ 100,000.00 at or above 0.50 but below 0.60 knot US$ 150,000.00 at or above 0.60 but below 0.70 knot US$ 200,000.00 at or above 0.70 but below 0.80 knot US$ 250,000.00 at or above 0.80 but below 0.90 knot US$ 300,000.00 at or above 0.90 but below 1.00 knot US$ 350,000.00
