Common use of Right to Rescind for Excessive Delay Clause in Contracts

Right to Rescind 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 rescind 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 rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen (14) working days after such demand is received by the BUYER either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date, which date BUILDER represents to BUYER is the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, it being understood by the parties hereto that if the DRILLSHIP is not delivered by such future date, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove provided.

Right to Rescind for Excessive Delay. If the total accumulated time of all delays claimed by the BUILDER on account of the causes specified in Paragraph Clause 1 of this Article, excluding other ARTICLE VIII and unauthorized delays as described in the Clause 1 of the nature which under the terms of this Contract permit postponement of the Delivery Date, amounts ARTICLE III aggregate to Two Hundred and Ten (210) 180 days or more, in any circumstances, then, in such event, the BUYER may rescind this Contract by delivering or faxing to the SELLER notice of cancellation which shall be confirmed in writing and in accordance with the provisions of Article ARTICLE X hereof. The BUILDER SELLER may, at any time after the accumulated time of the aforementioned delays justifying the rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen twenty one (1421) working days after such demand is received by the BUYER BUYER, either notify the BUILDER SELLER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date. If the BUYER elects to consent to the postponement of the Delivery Date at such agreed specific future date, which then such date BUILDER represents to BUYER is shall become the earliest date BUILDER can deliver contractual delivery date, for the DRILLSHIP to BUYER, based on the circumstances then known, it being understood by the parties hereto that purpose of this Contract and if the DRILLSHIP VESSEL is not delivered by such future revised delivery date, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove herein provided.. (end of Article)

Right to Rescind 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 a nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to Two One Hundred and Ten fifty (210150) days or more, then, in such event, the BUYER may terminate, cancel or rescind this Contract in accordance with the provisions of Article X XI hereof. The BUILDER SELLERS may, at any time after the accumulated time of the aforementioned delays justifying termination, cancelation or rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen twenty (1420) working days after such demand is received by the BUYER BUYER, either notify the BUILDER SELLERS of its intention to terminate, cancel or rescind this Contract, or consent to a postponement of the Delivery Date to an agreed a specific future date, which date BUILDER represents to BUYER is the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, ; it being understood and agreed by the parties hereto that that, if the DRILLSHIP is not delivered by such future dateany further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of termination, cancelation or rescission upon the same terms and conditions as hereinabove provided.

Right to Rescind 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 Article III and Paragraph 1 of this Contract permit postponement of the Delivery DateArticle VIII, amounts to Two Hundred and Ten two hundred (210200) days or more, then, in such event, the BUYER may rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER may, at any time after the total accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen thirty (1430) working days after such demand is received by the BUYER BUYER, either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed a specific future date, which date BUILDER represents to BUYER is the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, ; it being understood and agreed by the parties Parties hereto that that, if the DRILLSHIP is not delivered by such future dateany further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove providedprovided as if the said revised future date for delivery, New Delivery Date, was the Delivery Date as defined in Article VII. If the BUYER fails to notify the BUILDER of its rescission of this Contract as specified above within such thirty (30) days period, the Buyer shall be deemed to have consented to the delivery of the VESSEL at the future date for delivery proposed by the BUILDER.

Right to Rescind for Excessive Delay. If the total accumulated time of all delays claimed by whether permissible pursuant to paragraph 5 or non permissible, excluding (i) delays due to arbitration as provided in Article XIII, (ii) delays due to negligence, failure or omission on the BUILDER part of the Buyer including delays on account of the causes specified Buyer’s Supplies defined in Paragraph 1 of this Article, excluding other delays Article XVII hereof and (iii) adjustment of the nature which under the terms of this Contract permit postponement Expected Delivery Date due to modifications or changes of the Delivery DateSpecifications made pursuant to Article IV hereof, amounts amount to Two Hundred two hundred and Ten seventy (210270) days or more, then, in such event, the BUYER Buyer may at its sole option rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER Seller and the Builder may, at any time after the accumulated time of the aforementioned delays justifying rescission by the BUYERBuyer as above provided, propose a new delivery date and demand in writing that the BUYER Buyer shall make an election, in which case the BUYER Buyer shall, within Fourteen thirty (1430) working days after such demand is received by the BUYER Buyer, either notify the BUILDER Seller of its intention to rescind rescission of this Contract, contract or consent to a postponement delivery of the Delivery Date to Vessel on an agreed specific future date, which date BUILDER represents provided that if it consents to BUYER is a postponement it shall maintain its right to receive any liquidated damages payable under Article III hereof as adjustment of the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, Contract Price; it being understood and agreed by the parties hereto that that, if the DRILLSHIP is not delivered by such future dateany further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER Buyer shall have the same right of rescission upon the same terms and conditions as hereinabove providedrescinding this Contract forthwith.

Right to Rescind for Excessive Delay. If the total accumulated time lime of all delays claimed by whether permissible pursuant to paragraph 5 or non permissible, excluding (i) delays due to arbitration as provided in Article XIII, (ii) delays due to negligence, failure or omission on the BUILDER part of the Buyer including delays on account of the causes specified Buyer’s Supplies defined in Paragraph 1 of this Article, excluding other delays Article XVII hereof and (iii) adjustment of the nature which under the terms of this Contract permit postponement Expected Delivery Date due to modifications or changes of the Delivery DateSpecifications made pursuant to Article IV hereof, amounts amount to Two Hundred two hundred and Ten seventy (210270) days or more, then, in such event, the BUYER Buyer may at its sole option rescind this Contract in accordance with the provisions of Article X hereof. The BUILDER Seller and the Builder may, at any time after the accumulated time of the aforementioned delays justifying rescission by the BUYERBuyer as above provided, propose a new delivery date and demand in writing that the BUYER Buyer shall make an election, in which case the BUYER Buyer shall, within Fourteen thirty (1430) working days after such demand is received by the BUYER Buyer, either notify the BUILDER Seller of its intention to rescind rescission of this Contract, contract or consent to a postponement delivery of the Delivery Date to Vessel on an agreed specific future date, which date BUILDER represents provided that if it consents to BUYER is a postponement it shall maintain its right to receive any liquidated damages payable under Article III hereof as adjustment of the earliest date BUILDER can deliver the DRILLSHIP to BUYER, based on the circumstances then known, Contract Price; it being understood and agreed by the parties hereto that that, if the DRILLSHIP is not delivered by such future dateany further delay occurs on account of causes justifying rescission as specified in this Article, the BUYER Buyer shall have the same right of rescission upon the same terms and conditions as hereinabove providedrescinding this Contract forthwith.

Right to Rescind for Excessive Delay. If the total accumulated time of all delays claimed by the BUILDER on account of the causes specified in Paragraph Clause 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 one hundred and Ten fifty (210150) days or more, then, in such event, the BUYER may rescind 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 the rescission by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within Fourteen twenty one (1421) working days after such demand is received by the BUYER BUYER, either notify the BUILDER of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to an agreed specific future date. If the BUYER elects to consent to the postponement of the Delivery Date at such agreed specific future date, which then such date BUILDER represents to BUYER is shall become the earliest date BUILDER can deliver contractual delivery date, for the DRILLSHIP to BUYER, based on the circumstances then known, it being understood by the parties hereto that purpose of this Contract and if the DRILLSHIP VESSEL is not delivered by such future revised delivery date, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove herein provided.