Pipelaying Tender-VOL I - WorleyParsons.com

26. CHANGESThe Owner has the option at any time to make changes in quantities ordered or inspecification and drawings. If such changes cause an increase or decrease in theprice or in the time required for supply, an equitable adjustment under thisprovision must be finalized within 10 days from the date when change is ordered.27. CANCELLATIONThe Owner reserves the right to cancel this Order or any part thereof and shall beentitled to rescind the contract wholly or in part in a written notice to the Vendor if,(i) The Vendor fails to comply with the terms of this Order.(ii) The Vendor fails to deliver the goods on time and or replace the Rejectedgoods promptly.(iii) The Vendor becomes bankrupt or goes into liquidation.(iv) The Vendor makes a general assignment for the benefit of creditors.(v) A receiver is appointed for any of the property owned by the Vendor.Upon receipt of the said cancellation notice, the Vendor shall discontinue all workon the Order and matters connected with it.The Owner in that event will be entitled to procure the requirement in the Openmarket and recover the excess payment over the Vendor's agreed price, if any,from the Vendor, reserving to itself the right to forfeit the security deposit, if anymade by the Vendor against the contract.The Vendor is aware that the said goods are required by the Owner for theultimate purpose of materials production and that non delivery may cause loss ofproduction and consequently loss of profit to the Owner, In the event of the Ownerexercising the option to claim damages for non-delivery other than by way ofdifference between the market price and the contract price, the Vendor shall pay tothe Owner the fair compensation to be agreed upon between the Owner and theVendor.The provision of this clause shall not prejudice the right of tile Owner from invokingthe provisions of clause' Delayed Delivery/ Price Reduction Schedule as stated inthe tender.The Owner may terminate the order at any time if the Vendor does not adhere toor all agreed terms and conditions. In such case the Owner has the option to buycomplete or incomplete components with or without verification/Inspection atmutually agreed prices.28. PATENTS AND ROYALTIESVendor shall protect and fully indemnify the purchaser from any claims forinfringement of patents, copy right, trade make or the like.Page 102 of 334MH2145-C000-PS-RFQ-0020