【正文】 S right to demand payment from Bank of China, Head Office, under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in accordance with Article XIII hereof or for appeal or appeals in accordance with the English laws, Bank of China shall withhold and defer payment until the arbitration award between the SELLER and the BUYER is published. Bank of China shall not be obligated to make any payment unless the arbitration award orders the SELLER to make repayment and any right of appeal available to the SELLER under English laws is waived or is not exercised by the SELLER in accordance with English laws. If the SELLER fails to honour the award or judgment, then Bank of China shall refund to the extent the arbitration award (or any court judgment) orders.ARTICLE III ADJUSTMENT OF THE CONTRACT PRICEThe Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth. It is hereby understood by both parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.1. DELIVERY(a) No adjustment shall be made, and the Contract Price shall remain unchanged for the first thirty (30) days of delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o39。s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER. If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid 30 days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the new scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the cash deposit in accordance with the same terms and conditions as set out above. 5. PREPAYMENT:The BUYER shall have the right to make prepayment of any and all instalments before delivery of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY:The BUYER shall, concurrently when this Contract being signed, deliver to the SELLER an irrevocable and unconditional Letter of Guarantee in the form annexed hereto as Exhibit B in favour of the SELLER issued by a first class international bank (hereinafter called the Guarantor) acceptable to Bank of China and the SELLER. This guarantee shall secure the Buyer39。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.(d) 4th Instalment:The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph 3(d) 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 Shipyard. The SELLER shall remain responsible for such subcontracted work. 8. REGISTRATION:The vessel shall be registered by the BUYER at its own cost and expenses under the laws of ______ at the time of delivery and acceptance thereof. ARTICLEII CONTRACT PRICE amp。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, to be registered under the flag of _______ and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the same in accordance with the terms and conditions hereinafter set forth. ARTICLE I DESCRIPTION AND CLASS1. DESCRIPTION:The VESSEL is a metric tons deadweight , at designed draft moulded of _____ meters (hereinafter called the VESSEL) of the class described below. The VESSEL shall have the BUILDER39。s Republic of China, having its registered office at 10, YueTan BeiXiaoJie, Beijing 100861, the People39。s Liability ......................………………….3536 5. Guarantee Engineer ....................................…………………………36X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER 37XI BUYER39。 SHIPBUILDING CONTRACT FOR CONSTRUCTION OF VESSEL(HULL NO. ______)BETWEEN as BUYERandCHINA SHIPBUILDING TRADING COMPANY, LIMITED and SHIPYARDCollectively as SELLER CONTENTSARTICLE Page No.I DESCRIPTION AND CLASS 6 1. Description ..............................................……………………………6 2. Class and Rules ................................................…………………..67 3. Principal Particulars and Dimensions of the Vessel………………...7 4. Guaranteed Speed ...........................................……………………..7 5. Guaranteed Fuel Consumption .......................………………………7 6. Guaranteed Deadweig