Common use of PURPOSE OF THIS CONTRACT Clause in Contracts

PURPOSE OF THIS CONTRACT. 1.1. Upon the terms and conditions set out in this Contract, the Builder, as an independent contractor, undertakes to engineer, construct, build, launch, equip, complete, and test at various of its shipyards at located on the U.S. Gulf Coast, exact locations to be determined later (hereinafter called the "Shipyard") and deliver to Purchaser or the Purchaser's nominee, as defined in Clause 23 below, for the Contract Price referred to in Clause 2 below, one (1) fully operational and complete self-propelled Dynamic Positioned Semi-Submersible Drilling Vessel (hereinafter called the "Vessel") more fully described in Clause 2 below. Subject to the performance of the Builder's obligations hereunder, the Purchaser expressly agrees to take delivery of the Vessel when duly completed and to pay Builder all amounts due Builder. 1.2. References herein to the Vessel shall, except where otherwise expressly provided, be deemed to include all Materials.