4.1. If the delivery date stipulated by the Contract is not observed and the shipment of the goods is delayed the Sellers are to pay penalty at the rate of 0.5 per cent of the total value of the equipment delayed for each commenced week for the first four weeks of delay and 1 per cent for each following commenced week thereafter. However, the total amount of the penalty is not to exceed 10 per cent of the value of the equipment delayed.
4.2. In case of delay in delivery exceeding 3 months the Buyers have the right to cancel the contract either wholly or partially without any compensation of the losses the Sellers may sustain in connection with such a cancellation. In this case the Sellers are to pay to the Buyers penalty at the rate of 10 per cent of the value of the delayed equipment and to return immediately all the amounts received from the Buyers prior to the cancellation of the Contract plus __________________ per cent interest per annum.
4.3.The rate of penalty is not subject to alterations by arbitration. The penalty amount is to be deducted from the Sellers’ invoices when payment is effected by the Buyers. Should by any reason the Buyers fail to deduct the penalty amount from the Sellers’ invoice the Sellers are to pay it at the Buyers’ first request.
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