Common use of RIGHT TO CANCEL FOR EXCESSIVE DELAY Clause in Contracts

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 ▇▇▇.▇▇▇▇▇▇▇.▇▇▇

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 ▇▇▇.▇▇▇▇▇▇▇.▇▇▇▇ Shipbuilding Contract