Common use of Refund by BUILDER Clause in Contracts

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.