REJECTION AND RESCISSION BY THE BUYER. All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this Contract under and pursuant to any of the provisions of this Contract specifically permitting the BUYER to do so, then the BUYER shall notify the SELLER in writing or by telefax, and such cancellation and/or rescission shall be effective as of the date the notice thereof.
Appears in 3 contracts
Sources: Shipbuilding Contract (Baltic Trading LTD), Shipbuilding Contract (Baltic Trading LTD), Shipbuilding Contract (Baltic Trading LTD)