Keel laying definition

Keel laying shall for the purposes of this Article be deemed to have taken place when the first pre-fabricated hull block has been completed, surveyed, accepted by the Classification Society and located in its final position in the building dock or slipway at the Shipyard.
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Keel laying shall for the purposes of this Article be deemed to have taken place when the first pre-fabricated hull block has been completed, surveyed, accepted by the Classification Society and located in its final position in the building dock or slipway at the Shipyard. (d) 4th Instalment: The sum of United States Dollars seven million (US$ 7,000,000) only, shall become due and payable and be paid within five (5) New York business days of the receipt by the BUYER of a telefax notice from the SELLER attaching a Stage Certificate in the form of the draft attached as Exhibit “D”, countersigned by the Classification Surveyor, certifying that the VESSEL has been successfully launched. (e) 5th Instalment (Payment upon Delivery of the VESSEL): The sum of United States Dollars seven million four hundred and twenty thousand (US$ 7,420,000) only, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of the relevant articles hereof, shall become due and payable and be paid by the BUYER to the SELLER concurrently with the delivery of the VESSEL. (f) The SELLER shall notify the BUYER in writing fourteen (14) New York business days in advance of the expected due date of payment of the Second, Third, Fourth and Fifth Instalments of the Contract Price referred to in Article 2.3.
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Keel laying means when two or more new sections (abt 100t steel each) of the VESSEL have been constructed.
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Examples of Keel laying in a sentence

  • THIRD INSTALMENT: Twenty percent (20%) of the Construction Price, being $17,000,000 shall be paid within three Banking Days of receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Keel laying has taken place.

  • THIRD INSTALMENT: 20 per cent (twenty %) of the Provisional Contract Price, being $27,200,000 shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Keel laying has taken place.

  • THIRD INSTALMENT: 20 per cent (twenty %) of the Provisional Contract Price, being $ 27,200,000 shall be paid within three Banking Days from receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Keel laying has taken place.

  • THIRD INSTALMENT Twenty percent (20%) of the Construction Price, being $17,000,000 shall be paid within three Banking Days of receipt by the Purchaser of a telefax notice from the Builder attaching a Stage Certificate in the form of the draft attached as Appendix V, countersigned by an Authorised Representative (or, in default thereof, the Classification Surveyor), certifying that Keel laying has taken place.


More Definitions of Keel laying

Keel laying shall have the meaning provided in Section 5.9(a).
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Keel laying shall for the purposes of this Clause be deemed to have taken place when the first pre-fabricated hull block or blocks has been completed, surveyed, accepted by the Authorised Representatives and the Classification Surveyor, and allocated a Builder’s hull number.
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