REFUND GUARANTEE. The BUILDER shall furnish the BU YER prior to the payment of the first instalment with an assignable letter of guarantee issued by the ****** 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 as 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.
Appears in 3 contracts
Sources: Shipbuilding Contract (International Shipholding Corp), Shipbuilding Contract (International Shipholding Corp), Shipbuilding Contract (International Shipholding Corp)