ADJUSTMENT OF THE CONTRACT PRICE. The CONTRACT PRICE of the VESSEL shall be adjusted as hereinafter set forth in the event of the following contingencies. It is hereby understood by both parties that any adjustment of the CONTRACT PRICE as provided for in this Article is by way of liquidated damages and not by way of penalty.
Appears in 37 contracts
Samples: Shipbuilding Contract (Excelerate Energy, Inc.), Shipbuilding Contract (DHT Holdings, Inc.), Shipbuilding Contract (DHT Holdings, Inc.)
ADJUSTMENT OF THE CONTRACT PRICE. The CONTRACT PRICE of the VESSEL shall be adjusted as hereinafter set forth in the event of the following contingencies. It is hereby understood by both parties that any adjustment of the CONTRACT PRICE as provided for in this Article is by way of liquidated damages and not by way of penalty, the calculation of damage being deemed final.
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Samples: Shipbuilding Contract (Quintana Maritime LTD), Shipbuilding Contract (Quintana Maritime LTD), Shipbuilding Contract (Quintana Maritime LTD)
ADJUSTMENT OF THE CONTRACT PRICE. The CONTRACT PRICE of the VESSEL shall be adjusted as hereinafter set forth in the event of the following contingencies. The adjustment of CONTRACT PRICE shall be made by way of addition to or subtraction from the CONTRACT PRICE upon delivery of the VESSEL. It is hereby understood by both parties hereto that any downward adjustment of the CONTRACT PRICE as provided for in this Article ARTICLE is by way of liquidated damages and not by way of penalty.
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