REFUND GUARANTEE. The BUILDER shall send a copy of the Refund Guarantee by facsimile before payment of the 1st installment by the BUYER, and deliver to the BUYER by hard copy, or by SWIFT through the BUYER’s bank, acceptable to the BUILDER, an assignable letter of guarantee issued by Calyon, Seoul Branch for the refund of the pre-delivery instalments plus interest as aforesaid to the BUYER under or pursuant to Paragraph 5 above in the form annexed hereto as Exhibit “A”. All expenses in issuing and maintaining the letter of guarantee described in this Paragraph shall be borne by the BUILDER. In case of SWIFT, the BUYER shall advise the BUILDER of the details of the BUYER’s bank including the SWIFT address upon execution of this CONTRACT. (End of Article)
Appears in 4 contracts
Samples: Shipbuilding Contract (Seaspan CORP), Shipbuilding Contract (Seaspan CORP), Shipbuilding Contract (Seaspan CORP)
