10. EXTENSION/CARRYING CHARGES: In the event of any or all the goods not being on board the vessel by the last day of the period of delivery, Buyer to claim extension of maximum 30 days and to pay carrying charges at the rate of US$ 0.15 per metric ton per day for the first 10 days, thereafter an increase of US$ 0.05 per metric ton per day shall apply for each further following period of 10 days. If Buyer has claimed extension but failed to tender suitable tonnage within the extension period, Seller shall declare Buyer in default, and in such case Buyer to pay Seller 30 days carrying charges. However, Seller to fulfill delivery, even after extension limit, provided Buyer presents Notice of Readiness for suitable tonnage at first or sole loading port within the extension period. Carrying charges are to be calculated and paid up to shipment date even if loading is completed after the extension period .Carrying charges as provided above are construed in the nature of liquidated damages and, as such, that no further proof of damages shall be required to substantiation thereof. The foregoing rate includes storage, interest, shrinkage and insurance costs.