【正文】 s Republic of China, for a period of thirty (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this Contract), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said Bank of China, Head Office, Banking Department, Beijing, the People39。s Obligation to Insure ……………..42XIII DISPUTES AND ARBITRATION 43 1. Proceedings ...................................................……………………43 2. Alternative Arbitration by Agreement ...............…………………..43 3. Notice of Award ................................................………………4344 4. Expenses .........................................................…………………..44 5. Award of Arbitration .........................................…………………..44 6. Entry in Court ...................................................…………………..44 7. Alteration of Delivery Time ...............................…………………..44XIV RIGHT OF ASSIGNMENT 45XV TAXES AND DUTIES 46 1. Taxes ...........................................................……………………. .46 2. Duties ..............................................................………………… ..46XVI PATENTS, TRADEMARKS AND COPYRIGHTS 47XVII NOTICE 4849XVIII EFFECTIVE DATE OF CONTRACT 50XIX INTERPRETATION 5152 1. Law Applicable ................................................…………… ……..51 2. Discrepancies .................................................……………………51 3. Definition ...........................................................…………...…5152Exhibit A: IRREVOCABLE LETTER OF GUARANTEE NO. 5354Exhibit B: IRREVOCABLE LETTER OF GUARANTEE FOR THE 2ND, 3RD AND 4TH INSTALMENTS 5557SHIPBUILDING CONTRACTFOR CONSTRUCTION OF ONE __________________ DEADWEIGHT ___________________________________ (HULL NO. ______)This CONTRACT, entered into this ___ day of _____ by and between ___________________, a corporation organized and existing under the Laws of ____________, having its registered office at _______________ (hereinafter called the BUYER) on one part。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。s obligation to repay the instalment or instalments paid by the BUYER and to the BUYER39。 TERMS OF PAYMENT1. CONTRACT PRICE:The purchase price of the vessel is United States Dollars only (USD ), net receivable by the Seller (hereinafter called the “Contract Price”), which is exclusive of the cost for the BUYER’s Supplies as provided in Article V hereof, and shall be subject to upward or downward adjustment, if any, as hereinafter set forth in this Contract.2. CURRENCY:Any and all payments by the BUYER to the SEELER under this Contract shall be made in United States Dollars.3. TERMS OF PAYMENTThe Contract Price shall be paid by the BUYER to the SELLER in instalments as follows: (a) 1st Instalment: The sum of United States Dollars __________________________________ (US$ _________), representing ___ percent (__%) of the Contract Price shall bee due and payable and be paid by the BUYER on or before this Contract being effective and provided that the SELLER shall have submitted to the BUYER the Refund Guarantee in the form annexed hereto as Exhibit”A” issued by Bank of China, Head Office, Banking Department, Beijing, the People’s Republic of China, and provided further that the SELLER shall have RECEIVED the first class international Bank’s Letter of Guarantee in accordance with Paragraph 6 of this Article. (b) 2nd 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 cutting the first steel plate of the VESSEL in the BUILDER’s workshop. The SELLER shall notify 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 1st steel plate has been cut in its workshop and demand for payment of this instalment as soon as the cutting of the steel is made.(c) 3rd 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 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 Dollar