【正文】 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 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 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 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 Republic of China (hereinafter called CSTC), and _______ SHIPYARD, a corporation organized and existing under the Laws of the People39。 and CHINA SHIPBUILDING TRADING COMPANY, LIMITED, a corporation organized and existing under the Laws of the People39。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 Supplied Items ...................................………………..2324ARTICLE Page No.VI TRIALS 25 1. Notice .................................................................... .. 2526 2. How Conducted .................................................……………………26 3. Trial Load Draft ..................................................……………………26 4. Method of Acceptance or Rejection ....................……………….2627 5. Disposition of Surplus Consumable Stores ........……………………27 6. Effect of Acceptance .............................................………………2728VII DELIVERY 29 1. Time and Place ....................................................…………………..29 2. When and How Effected ....................................…………………….29 3. Documents to be Delivered to the BUYER .........………………..2930 4. Title and Risk ....................................................……………………. 30 5. Removal of VESSEL .......................................………………………31 6. Tender of the VESSEL ......................................…………………….31VIII DELAYS AND EXTENSION OF TIME FOR DELIVERY 32 1. Causes of Delay ...............................................……………………. 32 2. Notice of Delay ..................................................…………………….32 3. Right to Cancel for E