【文章內(nèi)容簡介】 re the Buyer’s Obligation for the Payment of all 2nd, 3rd and 4th installments of the Contract Price. 7. REFUNDS All payments made by the Buyer prior to delivery of the Vessel shall be in the nature of advance to the Seller, and in the event this Contract is rescinded or canceled by the Buyer, all in accordance with the specific terms of this Contract permitting such rescission or cancellation, the Seller shall refund to the Buyer in United States Dollars the full amount of all sums already paid by the Buyer to the Seller under this Contract, together with interest (at the rate set out in respective provision thereof) from the respective payment date (s) to the date of remittance by telegraphic transfer of such refund to the account specified by the Buyer. As security to the Buyer, the Seller shall deliver to the Buyer, concurrently with this Contract being signed, a Refund Guarantee to be issued by the Bank of China, Head Office, Banking Department, Beijing, the People’s Republic of China in the form as per Exhibit A annexed hereto. However, in the event of any dispute between the Seller and the Buyer with regard to the Seller’s obligation to repay the installment or installments paid by the Buyer and to the Buyer’s right to demand payment from Bank of China, Head Office, under its, guarantee, and such dispute is submitted either by the Seller or by the Buyer for arbitration in accordance with Article Ⅷ hereof or for appeal or appeals in accordance with the English laws, Bank of China shall withhold and defer payment until the arbitration award between the Seller and the Buyer is published. Bank of China shall not be obligated to make any payment unless the arbitration award orders the Seller to make repayment and any right of appeal available to the Seller under English laws is waived or is not exercised by the Seller in accordance with English laws. If the Seller fails to honor the award or judgment, then Bank of China shall refund to the extent the arbitration award (or any court judgment) orders. ARTICLE Ⅲ ADJUSTMENT OF THE CONTRACT PRICE The Contract Price of Vessel shall be subject to adjustments as hereinafter set forth. It is hereby understood by both parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty. 1. DELIVERY (a) No adjustment shall be made, and the Contract Price shall remain unchanged for the first thirty (30) days of delay in delivery of the Vessel beyond the Delivery Date as defined in Article Ⅶ hereof, then, in such event, beginning at twelve o’clock midnight of the thirtieth day after the date on which delivery is required under this Contract, the Contract Price of the Vessel shall be reduced by deducting there from the sum of United States Dollars (US $ ) per day. Unless the parties hereto agree otherwise, the total reduction in the Contract Price shall be deducted from the fifth installment of the Contract Price and in any event (including the event that the Buyer consents to take the Vessel at the later delivery date after the expiration of days delay of delivery as described in Paragraph 1 (c) of this Article) shall not be more than one hundred and ( ) days at the above specified rate of reduction after the thirty (30) days allowance, that is United States Dollars (US $ ) being the maximum. (c) If the delay in the delivery of the Vessel continue for a period of ( ) days (being the total of nonpermissible delays and permissible delays) after the Delivery Date as defined in Article Ⅶ, then in such event, the Buyer may, at its option, rescind or cancel this Contract in accordance with the provisions of Article X of this Contract. The Seller may at any time after the expiration of the aforementioned ( ) days, if the Buyer has not served notice of cancellation pursuant to Article X, notify the Buyer of the date upon which the Seller estimate the Vessel will be ready for delivery and demand in writing that the Buyer 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 decision to cancel this Contract, or consent to take delivery of the Vessel at an agreed future date, it being understood and agreed by the parties hereto that, if the Vessel is not delivered by such future date, the Buyer shall have the same right of cancellation upon the same terms, as hereinabove provided. (d) For the purpose of this Article, the delivery of the Vessel shall not be deemed delayed and the Contract Price shall not be reduced when and if the Delivery Date of the Vessel is extended by reason of causes and provisions of Article Ⅴ, Ⅵ, Ⅺ, Ⅻ and ⅩⅢ hereof. The Contract Price shall not be adjusted or reduced if the delivery of the Vessel is delayed by reason of permissible delays as defined in Article ⅩⅢ hereof. (e) If the Seller notifies the Buyer by telex that the delivery of the Vessel shall be made earlier than the specified Delivery Date as defined in Article Ⅶ of the Contract and such notification being given not less than ( ) months prior to the newly planned delivery date, be certain amount of bonus shall be given by the Buyer to the Seller as follows: In the event that the delivery shall be made within fifteen (15) days earlier than the specified Delivery Date the Contract Price shall remain unchanged. In the event that the delivery shall be made more than fifteen (15) days earlier than the specified Delivery Date, then a bonus shall be added to the Contract Price at a rate of United States Dollars (US $ ) per day for each full day earlier than the 15th day earlier than the Delivery Date. The total increase of the Contract Price for the earlier delivery shall be added to the fifth installment of the Contract Price, however, shall not be more than the sum of United States Dollars (US $ ). For the purpose of determining the increase of the Contract Price under this Paragraph 1(e), the Seller shall not be