INTEREST AND CHARGES. If Buyer shall be in default of payment of any Instalment as provided in Article XI.1 (a) and (b), Buyer shall pay interest on such Instalment at the rate of six percent (6%) per annum from the due date thereof to the date of payment of the full amount including interest to Builder. In case Buyer shall fail to take delivery of the Vessel as provided in Article XI.1(d), Buyer shall be deemed to be in default and the Builder shall notify in writing the Buyer to that effect, and the Buyer shall, upon receipt of such notification, forthwith acknowledge in writing to the Builder that such notification has been received. In addition, Buyer shall be liable for any reasonable and documented cost and expenses incurred by Builder by reason of the occurrence of any default of Buyer or by reason of the exercise by Builder of any remedy hereunder.
Appears in 6 contracts
Samples: Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.)
