Common use of WHEN AND HOW EFFECTED Clause in Contracts

WHEN AND HOW EFFECTED. Provided that the BUYER has fulfilled all of its other obligations under this Contract and the BUILDER has tendered notice that the VESSEL is ready for delivery, the BUYER is obliged to accept delivery of the VESSEL as then presented, and Delivery and Acceptance of the VESSEL shall be effected forthwith, and in any event within three (3) days upon receipt of such notice by the BUYER’s payment of the delivery Instalment as per Article II Clause 3 (e) and the concurrent delivery by each of the Parties hereto to the other of a Protocol of Delivery and Acceptance signed by each Party.