Common use of Modification of Specifications Clause in Contracts

Modification of Specifications. The Specifications may be modified to a minor extent by written agreement of the parties hereto, provided that such modifications will not, in the BUILDER’s reasonable judgment, adversely affect the BUILDER’s planning or program in relation to the BUILDER’s other commitments, and provided, further, that the BUYER shall first agree, before such modifications and/or changes are carried out, to alterations in the Contract Price, the Delivery Date, deadweight, speed and other terms and conditions of this Contract and Specifications occasioned by or resulting from such modifications and/or changes within seven (7) days from the receipt by the BUYER of the BUILDER’s proposal. The BUILDER has the right to continue construction of the VESSEL on the basis of the Specifications until agreement as above has been reached but upon receipt by the BUILDER of a request from the BUYER for a modification the BUILDER shall as soon as reasonably practical and at the latest within seven (7) days of the request submit to the BUYER a proposal of adjustment in the Contract Price, the Delivery Date and any other term of the Contract. An agreement to modify this Contract or the Specifications shall be effected by an exchange of letters signed by the authorized Representative(s) of the parties or by an Addendum to this Contract and/or the Specifications. The BUILDER may also make minor changes to the Specifications if found necessary to suit the Shipyard’s local conditions and facilities, the availability of materials and equipment., introduction of improved methods or otherwise, provided that the BUILDER shall first obtain the BUYER’s approval, which shall not be unreasonably withheld or delayed.