Common use of Paragraph 9 Clause in Contracts

Paragraph 9. The first sentence of the sub-paragraph (a) of Paragraph 9 is deleted and the following substituted therefor: "Notwithstanding anything to the contrary contained in the Contract, title to the Platform and all work, materials, goods, and components, incorporated in, attached to, or intended to be incorporated in or attached to the hull or the Platform shall vest in Owner on the earlier of (a) when Owner makes the next installment payment required by the Contract to Builder following receipt of the materials, goods, or components or performance of the work by the Builder (such items are hereinafter called the "Equipment"), or (b) when work is performed on any of the Equipment or materials, goods, or components are incorporated in or attached to any of the Equipment, whether or not such work, materials, goods, or components have been paid for by the Shipowner. Title to OFE paid for by the Owner shall be in the Owner. Risk with respect to the hull or the Platform and all materials destined for inclusion as part of the Platform (including OFE) shall be governed by the provisions of Paragraph 8, as amended."