Effect of Cancellation. (a) The liquidated damages payable according to the provisions of each Paragraph under this ARTICLE are cumulative and not exclusive. (b) It is expressly understood and agreed by the parties hereto that in any case, if the BUYER cancels this CONTRACT under this Article, the BUYER, save for its rights and remedies set out in Article X.5 hereof, shall not be entitled to any liquidated damages.
Appears in 6 contracts
Sources: Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.), Shipbuilding Contract (Gener8 Maritime, Inc.)