The Commercial Court followed the applicant`s argument that the parties wanted to enter into a binding contract and therefore had to attempt to implement the option agreement. In particular, he indicated that the option agreement was part of a “set of contracts” and that the defendant granted him the options, including the applicant`s subsidiaries that entered into the shipbuilding contracts. The applicant, an oil operator, entered into an option contract with the defendant, a shipbuilder. The agreement gave the applicant three options, each for an order for four tankers. It provided that, in the event of an option exercised, delivery dates between the parties would be “agreed upon by mutual agreement,” but the defendant “will do its best to have a delivery” in 2016 for Option 1 and 2017 for The Two and Three Tankers. It also provided for the parties to enter into shipbuilding contracts within 10 days of the exercise of an option. The parties and their subsidiaries have also entered into other agreements, including four shipbuilding contracts that each order a tanker. In order to minimize this risk, the parties should provide provisions that act late with the parties where flexibility is required and a significant trade clause cannot be established at the time of the contract. Accordingly, the Commercial Court found that the parties, while considering that the option agreement was binding, were unenforceable because of the uncertainty, since the delivery dates had not been agreed and had been left for future agreement between the parties. The Tribunal also found that, had it failed to reach this conclusion, it would have concluded that the defendant`s conduct constituted a waiver of the contract and that it was liable to the applicant. 1) At the time of the presentation of the contribution, you will tell us all the rights, titles and interests worldwide of all copyrights that cover the contribution; whether this transfer is related to compliance with Clause 2.3. 2) To the extent that one of the rights in Section 2.1 (a) cannot be transferred to us, you grant us a permanent, exclusive, exclusive, free, irreversible, irrevocable license under such unassigned rights, with multi-tiered sub-licensing rights to exercise such unassigned rights, including, but not only, on law, contribution and distribution; if this licence is related to compliance with Clause 2.3. 3) To the extent that one of the rights of Section 2.1(a) cannot be transferred to us or licensed, irrevocably waive these rights against us, one of our interest holders or one of our licensees, either directly or indirectly; agreement is subject to compliance with Clause 2.3.
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