Common use of Right to Rescind for Excessive Delay Clause in Contracts

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240) days or more, then, the BUYER may, at any time thereafter, rescind this CONTRACT by giving a written notice of rescission to the BUILDER. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within fourteen(14) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible and non-permissible delaysdelays claimed by the BUILDER on account of the causes specified in Paragraph 1 of this Article, excluding other delays due of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to Two Hundred and Ten (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240210) days or more, then, in such event, the BUYER may, at any time thereafter, may rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to the BUILDERArticle X hereof. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the The BUILDER may, at any time after expiration of the accumulated time of the delay in deliveryaforementioned delays justifying rescission by the BUYER, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within fourteen(14Fourteen (14) working days after receipt of such demand, make and demand is received by the BUYER either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date, which date BUILDER represents to BUYER is the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, it being understood by the parties hereto that if the DRILLSHIP is not delivered by such election. If future date, the BUYER elects to consent to shall have the delivery same right of rescission upon the VESSEL at such future date same terms and conditions as hereinabove provided. (or other future date as the parties may agree):End of Article)

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible and non-permissible delaysdelays on account of causes specified in Paragraph 1 of this Article, excluding delays due of a nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to One Hundred and Fifty (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240150) days or more, then, in such event, the BUYER may, at any time thereafter, may rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to the BUILDER. Such rescission shall be effective as of the date the notice thereof is received by the BUILDERArticle X hereof. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration total accumulated amount of the accumulated time delays being the aggregate of all permissible delays, specified in Paragraph 1 of this Article, and non-permissible delays excluding delays of a nature which under the terms of this Contract permit postponement of the delay in deliveryDelivery Date, either two hundred and forty (240) days in case of the delay in this Paragraph or amounts to two hundred and ten (210) days or more, then, in case such event the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER may, at any time after the accumulated time of the delay in Article III.1aforementioned delays justifying rescission by the BUYER, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within fourteen(14fourteen (14) days after receipt of such demanddemand is received by the BUYER, make and either notify the BUILDER of such electionits intention to rescind this Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided. If the BUYER elects fails to consent notify the BUILDER of its rescission of this Contract as specified above within such fourteen (14) days period, the BUYER shall be deemed to have consented to the delivery of the VESSEL at such the future date for delivery proposed by the BUILDER. (or other future date as the parties may agree):End of Article)

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible delays on account of the cause(s) specified in the Paragraph 1 of this Article and non-permissible delaysthe causes specified in Article III, excluding delays due to of a nature which under the terms and conditions of this Contract permit postponement of the Delivery Date: (i) delays due to the arbitration under as provided for in the Article XIVXIII hereof, (ii) delays due to defaults in performance by the BUYER’s defaults under Buyer as provided for in the Article XIXI hereof, (iii) delays due to modifications and changes under as provided for in the Article V or hereof, (iv) delays or defects in delivery of the Buyer’s Supplies as provided for in the BUYER’s supplies as stipulated in Article XIIXVII hereof, aggregates two amounts to one hundred and forty fifty (240150 ) days or more, then, in such event, the BUYER may, at any time thereafter, Buyer may rescind this CONTRACT by giving a written notice of rescission to Contract in accordance with the BUILDER. Such rescission shall be effective as provision of the date the notice thereof is received by the BUILDERArticle X hereof. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER The Seller may, at any time after expiration of the accumulated time of the delay in deliveryaforementioned delays justifying rescission by the Buyer, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand ask in writing by email or by facsimile that the BUYER make an election either to rescind this CONTRACT or to consent to the delivery Buyer whether it will elect rescission of this Contract or accept the VESSEL at such future datea new delivery date designated therein by the Seller, in which case the BUYER Buyer shall, within fourteen(14twenty (20) days after receipt of such demandinquiry is received by the Buyer, make and either notify the BUILDER Seller in writing by email or facsimile of such electionits intention to rescind this Contract or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the parties hereto that in the absence of any notice of rescission within the aforesaid twenty (20) days, the Buyer shall be deemed to have accepted new delivery date as designated by the Seller. If any further delay occurs beyond such specific future date, the BUYER elects to consent to Buyer shall have the delivery same right of rescission upon the VESSEL at such future date same terms and conditions as hereinabove provided. (or other future date as the parties may agree):End of Article)

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible delays on account of causes specified in Paragraph 1 of Article III and non-permissible delaysParagraph 1 of this Article VIII, excluding delays due amounts to (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240200) days or more, then, in such event, the BUYER may, at any time thereafter, may rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to the BUILDERArticle X hereof. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the The BUILDER may, at any time after expiration of the total accumulated time of the delay in deliveryaforementioned delays justifying rescission by the BUYER, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within fourteen(14thirty (30) days after receipt of such demanddemand is received by the BUYER, make and either notify the BUILDER of such electionits intention to rescind this Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the Parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided as if the said revised future date for delivery, New Delivery Date, was the Delivery Date as defined in Article VII. If the BUYER elects fails to consent notify the BUILDER of its rescission of this Contract as specified above within such thirty (30) days period, the Buyer shall be deemed to have consented to the delivery of the VESSEL at such the future date for delivery proposed by the BUILDER. (or other future date as the parties may agree):End of Article)

Right to Rescind for Excessive Delay. If the total accumulated time lime of all delays whether permissible and non-permissible delayspursuant to paragraph 5 or non permissible, excluding (i) delays due to (i) arbitration under as provided in Article XIVXIII, (ii) delays due to negligence, failure or omission on the BUYERpart of the Buyer including delays on account of the Buyer’s defaults under Supplies defined in Article XI, XVII hereof and (iii) adjustment of the Expected Delivery Date due to modifications and or changes under of the Specifications made pursuant to Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XIIIV hereof, aggregates amount to two hundred and forty seventy (240270) days or more, then, in such event, the BUYER may, Buyer may at any time thereafter, its sole option rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to Article X hereof. The Seller and the BUILDER. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER Builder may, at any time after expiration of the accumulated time of the delay in deliveryaforementioned delays justifying rescission by the Buyer as above provided, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future propose a new delivery date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER Buyer shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER Buyer shall, within fourteen(14thirty (30) days after receipt of such demanddemand is received by the Buyer, make and either notify the BUILDER Seller of such election. If the BUYER elects to rescission of this contract or consent to the delivery of the VESSEL at such Vessel on an agreed specific future date (or other future date provided that if it consents to a postponement it shall maintain its right to receive any liquidated damages payable under Article III hereof as adjustment of the Contract Price; it being understood and agreed by the parties may agree):hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the Buyer shall have the right of rescinding this Contract forthwith.

Right to Rescind for Excessive Delay. If the total accumulated time of all permissible delays on account of causes specified in Paragraph 1 of Article III and non-permissible delaysParagraph 1 of this Article VIII, excluding delays due amounts to (i) arbitration under Article XIV, (ii) the BUYER’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII, aggregates two hundred and forty (240200) days or more, then, in such event, the BUYER may, at any time thereafter, may rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to the BUILDERArticle X hereof. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the The BUILDER may, at any time after expiration of the total accumulated time of the delay in deliveryaforementioned delays justifying rescission by the BUYER, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within fourteen(14thirty (30) days after receipt of such demanddemand is received by the BUYER, make and either notify the BUILDER of such electionits intention to rescind this Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the Parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms as hereinabove provided as if the said revised future date for delivery, New Delivery Date, was the Delivery Date as defined in Article VII. If the BUYER elects fails to consent notify the BUILDER of its rescission of this Contract as specified above within such thirty (30) days period, the Buyer shall be deemed to have consented to the delivery of the VESSEL at such the future date for delivery proposed by the BUILDER. (or other future date as the parties may agree):End of Article) 33 of 63

Right to Rescind for Excessive Delay. If the total accumulated time of all delays whether permissible and non-permissible delayspursuant to paragraph 5 or non permissible, excluding (i) delays due to (i) arbitration under as provided in Article XIVXIII, (ii) delays due to negligence, failure or omission on the BUYERpart of the Buyer including delays on account of the Buyer’s defaults under Supplies defined in Article XI, XVII hereof and (iii) adjustment of the Expected Delivery Date due to modifications and or changes under of the Specifications made pursuant to Article V or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XIIIV hereof, aggregates amount to two hundred and forty seventy (240270) days or more, then, in such event, the BUYER may, Buyer may at any time thereafter, its sole option rescind this CONTRACT by giving a written notice Contract in accordance with the provisions of rescission to Article X hereof. The Seller and the BUILDER. Such rescission shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of rescission as provided in the above or Article III.1. hereof, the BUILDER Builder may, at any time after expiration of the accumulated time of the delay in deliveryaforementioned delays justifying rescission by the Buyer as above provided, either two hundred and forty (240) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future propose a new delivery date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by facsimile that the BUYER Buyer shall make an election either to rescind this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER Buyer shall, within fourteen(14thirty (30) days after receipt of such demanddemand is received by the Buyer, make and either notify the BUILDER Seller of such election. If the BUYER elects to rescission of this contract or consent to the delivery of the VESSEL at such Vessel on an agreed specific future date (or other future date provided that if it consents to a postponement it shall maintain its right to receive any liquidated damages payable under Article III hereof as adjustment of the Contract Price; it being understood and agreed by the parties may agree):hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article, the Buyer shall have the right of rescinding this Contract forthwith.