【正文】 s Republic of China in the form as per Exhibit A annexed hereto. However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER39。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.(b) 2nd InstalmentThe BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph 3(b) by telegraphic transfer to Bank of China, New York Branch, 410 Madison Avenue, New York, . 10017, . 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, having its registered office at____________________, the People39。s supervisor ................ ..19 2. Approval of Plans and Drawings ......................…………………....19 3. Supervision and Inspection by the Supervisor .....……………..1920 4. Liability of the SELLER .....................................……………….2021 5. Salaries and Expenses ........................................………………….21 6. Report of Progress ...........................................…………………….21 7. Replacement of Supervisor .................................………………….21V MODIFICATIONS, CHANGES AND EXTRAS 22 1. How Effected ....................................................…………………….22 2. Changes in Class, etc. .....................................………………....2223 3. Substitution of Materials and/or Equipments ......…………………...23 4. BUYER39。 and CHINA SHIPBUILDING TRADING COMPANY, LIMITED, a corporation organized and existing under the Laws of 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, of a copy of the Protocol of Delivery and Acceptance signed by the BUYER39。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 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 Hull No. ______ and shall be constructed, equipped and pleted in accordance with the following Specifications: (1) Specification (Drawing No. )(2) General Arrangement (Drawing No. )(3) Midship Section (Drawing No. )(4) Makers list (Drawing No. ) attached hereto and signed by each of the parties to this Contract (hereinafter collectively called the Specifications), making an integral part hereof.2. CLASS AND RULESThe VESSEL, including its machinery and equipment, shall be constructed in accordance with the rules and regulations of ________________________ (hereinafter called the Classification Society) and shall be distinguished in the record by the symbol of _____ +___, ___, ___, ___, ___, ___, and shall also ply with the rules and regulations as fully described in the Specifications. The requirements of the authorities as fully described in the Specifications including that of the Classification Society are to include any additional rules or circulars thereof issued and bee effective as at the date of signing this Contract. The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the Classification Surveyor) to the BUILDER39。s DEFAULT 38 1. Definition of Default ..............………………………………………….38 2. Notice of Default ...................………………………………………….38 3. Interest and Charge ........................………………………………3839 4. Default before Delivery of the VESSEL ………………………………39 5. Sale of the VESSEL .................................………………………..3940ARTICLE Page No.XII INSURANCE 41 1. Extent of Insurance Coverage ...........................………………… 41 2. Application of Recovered Amount ....................………………4142 3. Termination of the BUILDER39。s Liability ......................………………….3536 5. Guarantee Engineer ....................................…………………………36X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER 37XI BUYER39。s Shipyard and to sell and deliver to the BUYER after pletion and successful trial one (1) _______________________________________ Vessel as more fully described in Article I hereof,