Common use of Status of Construction Clause in Contracts

Status of Construction. The Sellers confirm that there are no present indications from the Yard of any delays to the agreed date of delivery pursuant to the Shipbuilding Contract, nor any indications of financial difficulties associated with or involving the Yard. [Intentionally left blank] Closing of the Buyers’ purchase of the Vessel shall be held in London. The Buyers shall have the right to have representatives present at the closing meeting between the Yard and the Buyers - if the Yard do not agree one place for simultaneous exchange. The Sellers will register the Vessel in its ownership prior to selling it on to the Buyers. The Sellers will, subsequent to taking delivery of the Vessel from the Yard under the Shipbuilding Contract, close the sale thereof to the Buyers on the terms set forth in this Agreement. The documents to be exchanged at the closing between the parties hereto are set out in Appendix B.