Refund by BUILDER Clause Samples

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Refund by BUILDER. Thereupon the Builder shall within ten (10) days after receipt of such notice refund to the Buyer the full amount of all sums paid by the Buyer to the Builder on account of the Vessel, unless the Builder disputes the Buyer's rescission and proceeds to the arbitration under the provisions of Article XIII hereof within such ten (10) day period. Any such refund shall be sent by telegraphic transfer to the Buyer at a Bank to be designated by the Buyer. In such event the Builder shall also pay the Buyer interest at the rate of eight percent (8%) per annum on the amount required herein to be refunded to the Buyer, computed from the respective dates on which such sums were paid by the Buyer to the Builder to the date of remittance by transfer of such refund to the Buyer by the Builder. In addition, the Builder shall return all Buyer's Supplies to the Buyer or, to the extent not so returned, pay to the Buyer the original cost of such items.
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Refund by BUILDER. Unless Builder duly contests any termination by Buyer by commencing arbitration within ten (10) working days (as defined below) of receiving a relevant notice of termination pursuant to this Contract, the Builder shall forthwith refund to Buyer the full amount of all sums paid by Buyer to Builder on account of the Vessel, provided that for this purpose the date of commencing arbitration shall be the date on which the Builder appoints an arbitrator and that the term “working day” shall mean a day which is not a public holiday (including a Saturday and a Sunday) in Seoul or London. In such event, Builder shall pay Buyer interest at the rate of six percent (6%) per annum on the amount required herein to be refunded to Buyer, computed from the respective date following the date of receipt by Builder of each instalment or advance payment to the date of remittance of such refund to Buyer by Builder, provided, however, that if the said termination by Buyer is made under the provisions of Article VIII.4, then in such event the Builder shall not be required to pay any interest. As security for the due performance of its obligations under this Article X, as a condition precedent to the payment of the first instalment, the Builder shall provide Buyer with a transferable irrevocable stand by letter of credit issued by Builder’s Bank, substantially in form and substance as annexed hereto, as Exhibit A, which cover the full amount of all sums paid by Buyer to Builder on account of the Vessel and any interest payable thereon, if a termination will become effective pursuant to this Article (the “Refund Guarantee”).
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Refund by BUILDER. Unless BUILDER duly contests any termination by BUYER pursuant to Article XIII, BUILDER shall promptly refund to BUYER the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP. In such event, BUILDER shall pay BUYER interest at the DEFAULT INTEREST RATE on the amount required herein to be refunded to BUYER, computed from the respective date following the date of receipt by BUILDER of each PAYMENT MILESTONE, instalment or advance payment to the date of remittance of such refund to BUYER by BUILDER; provided, however, that if the said termination by BUYER is made under the provisions of Article III, then in such event BUILDER shall not be required to pay any interest. As security for the due performance of its obligations under this Article X, BUILDER shall provide BUYER with a transferable Irrevocable Stand-by Letter of Credit issued by K-EXIM or BUILDER’S BANK, in form and substance as annexed hereto, as Exhibit A, which cover the full amount of all sums paid by BUYER to BUILDER on account of the DRILLSHIP less the non-refundable design fee and any interest payable thereon, if a termination will become effective pursuant to this Article.
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Refund by BUILDER. Within five (5) business days of receipt of BUYER's notice of cancellation of this Contract the BUILDER shall refund to the BUYER in U.S. Dollars the sum of: (a) the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL; and (b) the cost delivered at BUILDER'S Shipyard of all OWNER Furnished Equipment which has been delivered to BUILDER's Shipyard for installation in the Vessel unless the BUILDER proceeds to dispute resolution under the provisions of Article XVII hereof. In such event, the BUILDER shall pay the BUYER interest at the rate of ten percent (10%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective dates on which either such sums were paid by the BUYER to the BUILDER or the respective items of OWNER Furnished Equipment were delivered to BUILDER's Shipyard, to the date of remittance by wire transfer of such refund to the BUYER by the BUILDER. For purposes of the provisions addressing the BUYER's rights under this Contract (i) prior to execution of this Contract by the parties, BUILDER shall provide to the BUYER as partial security for BUILDER's obligations under this Contract a performance guarantee duly executed by Sembcorp Marine Limited in the form annexed as Exhibit "F", and (ii) on or before the Construction Commencement Date the BUILDER shall provide to the BUYER as partial security for BUILDER's obligations under this Contract an irrevocable stand-by letter of credit confirmed by a bank in the United States acceptable to BUYER, in an amount equivalent to ten percent (10%) of the Contract Price as defined in Article II, Paragraph 1, and in the form annexed as Exhibit "G" in order to partially assure refund to the BUYER of such sums as are contemplated in this Contract due to any event of BUILDER's default hereunder including warranties pursuant to Article X.
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Refund by BUILDER. The payments made by Buyer prior to the Final Delivery shall be in the nature of advances to Builder. In the event that Buyer exercises its option to rescind this Contract, Builder shall, from the date of the exercise of such option to rescind, hold all of the Instalments received from Buyer in trust both for itself and Buyer and shall within seven (7) days (i) refund to Buyer the full amount of all sums paid by Buyer to Builder on account of the Vessel, together with interest thereon at the Agreed Interest Rate computed from the respective dates on which such sums were paid by Buyer to Builder to the date of remittance, and (ii) return to Buyer Buyer’s Supplies or pay to Buyer the documented cost of purchasing the same (including, for the avoidance of doubt, all lubricating and hydraulic oils and greases remaining on board). Buyer shall pay to Builder any amounts due and unpaid to Builder under the Ice Trials Management Agreement pursuant to Clause 7.3(f).
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Refund by BUILDER. Thereupon the BUILDER shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL, unless the BUILDER proceeds to the arbitration under the provisions of Article XIII hereof. (in such case the BUILDER shall give a notice in writing thereof to the BUYER within 10 business days after receipt of the BUYER’s notice of rescission of the Contract as described in the preceding paragraph). In such event, the BUILDER shall pay the BUYER interest at the rate of five percent (5%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective dates on which such sums were paid by the BUYER to the BUILDER to the date of remittance by telegraphic transfer of such refund to the BUYER by the BUILDER provided, however, that the said rescission by the BUYER is made under the provisions of Paragraph 4 of Article. VIII hereof then in such event the BUILDER shall not be required to pay any interest.
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Refund by BUILDER. Within five (5) business days of receipt of BUYER's notice of cancellation of this Contract the BUILDER shall refund to the BUYER in U.S. Dollars the sum of: (a) the full amount of all sums paid by the BUYER to the BUILDER on account of the VESSEL; and (b) the cost delivered at BUILDER'S Shipyard of all OWNER Furnished Equipment which has been delivered to BUILDER's Shipyard for installation in the Vessel unless the BUILDER proceeds to arbitration under the provisions of Article XVII hereof. In such event, the BUILDER shall pay the BUYER interest at the rate of ten percent (10%) per annum on the amount required herein to be refunded to the BUYER, computed from the respective dates on which either such sums were paid by the BUYER to the BUILDER or the respective items of OWNER
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Related to Refund by BUILDER

  • Claim by Contractor After receipt of the Notice of Termination from the state, the Contractor shall submit any claim for additional costs not covered herein or elsewhere in the Contract within 60 days of the effective termination date, and not thereafter. Should the Contractor fail to submit a claim within the 60-day period, the State may, at its sole discretion, based on information available to it, determine what, if any, compensation is due the Contractor and pay the Contractor the determined amount.

  • Indemnity by Tenant To the extent permitted by Law, Tenant hereby indemnifies, and agrees to protect, defend and hold the Indemnitees harmless, against any and all actions, claims, demands, liability, costs and expenses, including attorneys’ fees and expenses for the defense thereof, arising from Tenant’s occupancy of the Premises, from the undertaking of any Tenant Additions or repairs to the Premises, from the conduct of Tenant’s business on the Premises, or from any breach or default on the part of Tenant in the performance of any covenant or agreement on the part of Tenant to be performed pursuant to the terms of this Lease, or from any willful act or negligence of Tenant, its agents, contractors, servants, employees, customers or invitees, in or about the Premises or the Property or any part of either. In case of any action or proceeding brought against the Indemnitees by reason of any such claim, upon notice from Landlord, Tenant covenants to defend such action or proceeding by counsel chosen by Landlord, in Landlord’s sole discretion. Landlord reserves the right to settle, compromise or dispose of any and all actions, claims and demands related to the foregoing indemnity. The foregoing indemnity shall not operate to relieve Indemnitees of liability to the extent such liability is caused by the willful and wrongful act of Indemnitees. Further, the foregoing indemnity is subject to and shall not diminish any waivers in effect in accordance with Section 16.04 by Landlord or its insurers to the extent of amounts, if any, paid to Landlord under its “All-Risks” property insurance.

  • At Completion all (but not some only, unless the Subscriber so agrees) of the following business shall be transacted: (a) the Issuer shall issue the Subscription Shares to the Subscriber (or its nominee) free and clear of all Encumbrances and credited as fully paid on terms that they rank pari passu in all respects with the existing issued Shares (including the right to rank in full for all distributions declared, paid or made by the Issuer after the Completion Date) and shall promptly thereafter register (or procure the share registrar to register) the Subscriber as a registered shareholder of the Issuer in respect of the Subscription Shares in the branch register of members of the Issuer maintained by Computershare; (b) the Issuer shall deliver to the Subscriber, each in form and substance to the reasonable satisfaction of the Subscriber: (i) a certified true copy of the Board resolutions approving and/or ratifying the matters below: (A) approving the terms of, and the transactions contemplated by, this Agreement and resolving that the Issuer executes this Agreement; (B) authorising a specified person or persons to execute this Agreement on the Issuer’s behalf; (C) authorising a specified person or persons, on behalf of the Issuer, to sign, execute and/or despatch all documents and notices to be signed, executed and/or despatched by it under or in connection with this Agreement; and (D) a specimen of the signature of each person authorised by the resolution referred to in Clause 4.3(b)(i)(B) above; (ii) the original definitive share certificates in respect of the Subscription Shares in the name of the Subscriber (or its nominee); (iii) a certified true copy of the confirmation letter issued by Computershare confirming that the Subscriber (or its nominee) is the registered holder of the Subscription Shares; (iv) a copy of the approval from the HKSE for the listing of, and permission to deal in, all the Subscription Shares; and (v) a closing certificate, dated as at the Completion Date and addressed to the Subscriber from the Issuer, executed by a Director (or another duly authorised signatory) and substantially in the form set out in Schedule 2, and attaching thereto as exhibits all supporting documents, showing such fulfilment.

  • Subcontractor Insurance In accord with Good Utility Practice, each Interconnected Entity shall require each of its subcontractors to maintain and provide evidence of insurance coverage of types, and in amounts, commensurate with the risks associated with the services provided by the subcontractor. Bonding of contractors or subcontractors shall be at the hiring Interconnected Entity’s discretion, but regardless of bonding, the hiring principal shall be responsible for the performance or non- performance of any contractor or subcontractor it hires.

  • Contractor Insurance All insurance shall be procured from companies authorized to do business in the State of Florida, with a minimum of A.M. Best rating of A, or equivalent. Proof of coverage shall be provided by submitting to the University’s Risk Management Office a certificate or certificates, evidencing the existence thereof or insurance binders and shall be delivered within fifteen (15) days of the tentative award date of the Agreement. In the event a binder is delivered, it shall be replaced within thirty (30) days by a certificate in lieu thereto. A renewal certificate shall be delivered to the University’s Risk Management Office at least thirty (30) days prior to the expiration date of each expiring policy. The University, at its sole discretion, has the right to deviate from any of the insurance requirements herein. If the University decides to deviate from the insurance requirements stated herein, the University will inform the Contractor in writing.