Common use of Shipbuilding Contract Clause in Contracts

Shipbuilding Contract. (a) The copy of the Shipbuilding Contract is a true and complete copy of such document constituting valid and binding obligations of the parties thereto enforceable in accordance with its respective terms and, subject to paragraph (b) of Clause 22.19 (Shipbuilding Contract), no amendments thereto or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or unenforceable. (b) The Borrower is the sole legal and beneficial owner of all rights and interests the Shipbuilding Contract creates in favour of the Borrower. (c) The Shipbuilding Contract constitutes legal, valid, binding and enforceable obligations of the Builder. (d) Neither the Borrower nor the Builder has waived any of their respective rights under the Shipbuilding Contract.