【正文】 (US$ ) representing percent ( %) of the Contract Price, shall bee due and payable and be paid within three (3) New York business days after the keellaying of the first section of the VESSEL. The keellaying shall be notified by the SELLER with a telex or telefax notice along with a certificate certified by the BUYER’s authorized party to this effect to this effect to the BUYER stating that the keellaying has been carried out. The SELLER shall send to the BUYER a telex or telefax demand for payment of this instalment as soon as the keellaying is carried out.(d) 4th Instalment:The sum of United States Dollars ____________________ (US$ ) representing percent ( %) of the Contract Price, shall bee due and payable and be paid within three (3) New York business days after the launching of the VESSEL. The launching of the VESSEL shall be notified by the SELLER with a telex or telefax notice along with a certificate certified by the BUYER’s authorized party to this effect to this effect to the BUYER stating that the launching of the VESSEL has been carried out. The SELLER shall send to the BUYER a telex or telefax demand for payment of this instalment as soon as the VESSEL is launched.(e) 5th Instalment (payment upon Delivery of the VESSEL)The sum of United States Dollars ____________________ (US$ ) representing percent ( %) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adujstments of the Contract price in accordance with provisions of the relevant Articles hereof, shall bee due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telex or telefax demand for this instalment ten (10) days prior to the scheduled date of the VESSEL.4. METHOD OF PAYMENT (a) 1st InstalmentThe BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph 3(a) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, , . as receiving bank nominated by the SELLER, for credit to the account of CSTC with Bank of China, Head Office, Banking Department, Beijing, the People39。s Republic of China, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least 10 days prior to the due date for payment.(e) 5th Instalment (Payable upon delivery of the VESSEL):The BUYER shall, at least three (3) New York business days prior to the scheduled date of delivery of the VESSEL, make an irrevocable cash deposit in the name of the BUYER with Bank of China, Head Office, Banking Department, Beijing, the People39。s obligation for the payment of all 2nd, 3rd and 4th instalments 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 he 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 People39。clock midnight of the thirtieth (30th) day of delay.(b) If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in Article VII hereof, then, in such event, beginning at twelve o39。s obligation to repay the instalment or instalments paid by the BUYER and to the BUYER39。s Republic of China, of a copy of the Protocol of Delivery and Acceptance signed by the BUYER39。s Republic of China, with BUYER’s requesting SWIFT advice from Bank of China, New York Branch to Bank of China, Head Office or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least 10 days prior to the due date for payment.(c) 3rd Instalment:The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph 3(c) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, , . as receiving bank nominated by the SELLER, for credit to the account of CSTC with Bank of China, Head Office, Banking Department, Beijing, the People39。s supervisor(s) or the party authorized by the BUYER. Should there be any dispute between the BUILDER and the BUYER in such calculations and/or measurements, the decision of the Classification Society shall be final.7. SUBCONTRACTING:The SELLER may, at its sole discretion and responsibility, subcontract any portion of the construction work of the VESSEL to experienced subcontractors, but delivery and final assembly into the VESSEL of any such work subcontracted shall be at the BUILDER39。s Republic of China (hereinafter called the BUILDER) on the other part. CSTC and the BUILDER are hereinafter collectively called the SELLERWITNESSETHIn consideration of the mutual covenants contained herein, the SELLER agrees to build, launch, equip and plete at the BUILDER39。 and CHINA SHIPBUILDING TRADING COMPANY, LIMITED, a corporation organized and existing under the Laws of the People39。s Supplied Items ...................................………………..2324ARTICLE