RIGHT TO CANCEL FOR EXCESSIVE DELAY Sample Clauses

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RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII.7, (ii) the BUYER’s defaults under Article XI.1 and XI.2., (iii) modifications and changes under Article V.1 and V.3 or (iv) delays or defects in the BUYER’s supplies as stipulated in Article XII.1, aggregates two hundred and sixty (260) days or more (inclusive of the thirty (30) days grace period as per Article III.1.(a)), then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER and the BUILDER, upon receipt of such notice, and upon the BUYER’s demand, shall refund in accordance with the provisions of Article X.5 hereof all payments made to the BUILDER by the BUYER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1 hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and sixty (260) days in case of the delays referred to in this Paragraph 3 or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by e-mail or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) business days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree): (a) Such future date shall become the contractual delivery date for the purposes of this CONTRACT and shall be subject to extension by reason of permissible delays as herein provided, and (b) If the VESSEL is not delivered by such revised contractual delivery date (as extended by reason of permissible delays), the BUYER shall have the same right of cancellation upon the same terms as provided in the above and Article III. 1. If the BUYER shall not make an election within seven (7) business days as provided hereinabove, the BUYER shall be deemed to have accepted such extension of the DELIVERY DATE to the future delivery date indicated by the BUILDER.
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RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time for all delays on account of the causes specified in Paragraph 1 of this Article and non-permissible delays as described in Paragraph 1 of ARTICLE III aggregates to one hundred and twenty (120) days or more, excluding delays due to arbitration as provided for in ARTICLE XIII hereof, then in such event, the BUYER may in accordance with the provisions set out herein cancel this Contract by serving upon the SELLER telefaxed notice of cancellation in writing and the provisions of ARTICLE X of this Contract shall apply. The SELLER may, at any time, after the accumulated time of the aforementioned delays justifying cancellation by the BUYER as above provided for, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within thirty (30) days after such demand is received by the BUYER either notify the SELLER of its intention to cancel, or consent to an extension of the time for delivery to an agreed future date. It being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER shall have the right of immediate cancellation of the Contract upon the same terms as hereinabove provided.
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RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all delays, excluding Permissible Delays, amounts to Three Hundred and Sixty (360) days or more, then, in such event, the BUYER may cancel this Contract in accordance with the provisions of Article III hereof. The BUILDER may, at any time after the accumulated time of the aforementioned delays justifying cancellation by the BUYER, propose a new date for delivery of the VESSEL and demand in writing that the BUYER shall make an election whether to cancel the Contract or accept the proposed new date for delivery, in which case the BUYER shall, within twenty (15) days after such demand is received by the BUYER, either notify the BUILDER of its choice; it being understood and agreed by the Parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Article, the BUYER shall have the same right of cancellation upon the same terms as hereinabove provided. Should the BUYER fail to give such notification within the said fifteen (15) days, the BUYER shall be deemed to have accepted the new date for delivery as proposed by the BUILDER. Ulstein Verft AS ▇.▇. ▇▇▇ ▇▇▇, ▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ Tel. +▇▇ ▇▇▇▇ ▇▇▇▇. Fax +▇▇ ▇▇▇▇ ▇▇▇▇ Ent. No: 912 447 561 ▇▇▇.▇▇▇▇▇▇▇.▇▇▇
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RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all delays on account of the causes specified in Paragraph 1 of the Article aggregate to Two Hundred and Twenty-Five (225) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of the Article and non-Permissible Delays as described in Paragraph 1 of Article III aggregate to Two Hundred and Seventy (270) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI and XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.
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RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all delays claimed by the BUILDER on account of the causes specified in Paragraph 1 of this Article, excluding other delays of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to Two Hundred and Ten (210) days or more, then, in such event, the BUYER may cancel this Contract in accordance with the provisions of Article X hereof. The BUILDER may, at any time after the accumulated time of the aforementioned delays justifying cancellation by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen (14) days after such demand is received by the BUYER, either notify the BUILDER of its intention to cancel this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date; it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Article, the BUYER shall have the same right of cancellation upon the same terms as herein above provided.
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Related to RIGHT TO CANCEL FOR EXCESSIVE DELAY

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