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Shipbuilding Contract

 

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Title:

Shipbuilding Contract

Entities:

Cm Advisers Family of Funds

Date:

2008

Size:

121KB total

Price:

$51

ID:

#3291287

 

 

► Miscellany ► Agreements ► Misc. Agreements ► Other ► Shipbuilding Agreements

 

 

Start of Preview

 
SHIPBUILDING CONTRACT
 
OF
 
ONE (1) 176,000 DWT
BULK CARRIER
(HULL NO. H1074)
PRELIMINARY NAME: TBN 1
 
BETWEEN
 
EPTAPROHI SHIPPING CORPORATION.
 
AS BUYER
 
AND
 
JIANGSU RONGSHENG HEAVY INDUSTRIES GROUP CO., LTD.
 
AS BUILDER
 

 
INDEX
  
PAGE
     
PREAMBLE
  
5
     
ARTICLE I - DESCRIPTION AND CLASS
   5
     
1.
Description:
  
5
       
2.
Class and Rules:
  
6
       
3.
Principal Particulars of the VESSEL:
  
7
       
4.
Subcontracting Construction outside Builder?s Premise:
  
8
       
5.
Registration:
  
8
       
ARTICLE II - CONTRACT PRICE AND TERMS OF PAYMENT
  
10
     
1.
Contract Price:
  
10
       
2.
Adjustment of Contract Price:
  
10
       
3.
Currency:
  
10
       
4.
Terms of Payment:
  
10
       
5.
Method of Payment:
  
12
       
6.
Prepayment.
  
13
       
7.
Refunds:
  
13
       
8.
Security for Payment of Instalments before Delivery:
  
14
       
ARTICLE III - ADJUSTMENT OF CONTRACT PRICE
  
15
     
1.
Delivery:
  
15
       
2.
Speed:
  
16
       
3.
Fuel Consumption:
  
17
       
4.
Deadweight:
  
17
       
5.
Effect of Rescission:
  
18
       
6.
Method of Settlement:
  
18
       
ARTICLE IV - APPROVAL OF PLANS AND DRAWINGS AND INSPECTION DURING CONSTRUCTION
  
19
     
1.
Approval of Plans and Drawings:
  
19
       
2.
Appointment of the BUYER?s REPRESENTATIVE:
  
20
       
3.
Inspection by REPRESENTATIVE:
  
20
       
4.
Facilities:
  
21
       
5.
Liability of the BUILDER:
  
22
       
6.
Responsibility of the BUYER:
  
22
       
7.
Salaries and Expenses:
  
23
       
ARTICLE V - MODIFICATION
  
24
     
1.
Modification of Specifications:
  
24
       
2.
Change in Class, etc.:
  
24
       
3.
Substitution of Materials:
  
25
       
ARTICLE VI - TRIALS AND ACCEPTANCE
  
26
     
1.
Notice:
  
26
       
2.
Weather Condition:
 
26
       
3.
How Conducted:
 
27
       
4.
Method of Acceptance or Rejection:
  
27
       
5.
Effect of Acceptance:
  
28
 
2 of 63

 
6.
Disposition of Surplus Consumable Stores:
  
28
       
ARTICLE VII - DELIVERY
  
29
     
1.
Time and Place:
  
29
       
2.
Notice:
  
29
       
3.
When and How Effected:
  
29
       
4.
Documents to be Delivered to the BUYER:
  
29
       
5.
Tender of the VESSEL:
  
31
       
6.
Title and Risk:
  
31
       
7.
Removal of the VESSEL:
  
31
       
ARTICLE VIII - DELAYS AND EXTENSION OF TIME FOR DELIVERY (FORCE MAJEURE)
  
32
     
1.
Causes of Delay:
  
32
       
2.
Notice of Delays:
  
32
       
3.
Definition of Permissible Delays:
  
33
       
4.
Definition of Non-Permissible Delays:
  
33
       
5.
Right to Rescind for Excessive Delay:
  
33
       
ARTICLE IX - WARRANTY OF QUALITY
  
34
     
1.
Guarantee of Material, Workmanship:
  
34
       
2.
Notice of Defects:
  
34
       
3.
Remedy of Defects:
  
34
       
4.
Extent of BUILDER?s Liability:.
  
37
       
ARTICLE X - RESCISSION OF THE CONTRACT
  
39
     
1.
Notice:
  
39
       
2.
Refund by the BUILDER:
  
39
       
3.
Discharge of Obligations:
  
39
       
4.
Refundment Guarantee:
  
40
       
ARTICLE XI - BUYER?S DEFAULT
  
41
     
1.
Definition of Default:
  
41
       
2.
Interest and Charge:
  
41
       
3.
Effect of Default:
  
42
       
4.
Sale of the VESSEL:
  
42
       
ARTICLE XII - INSURANCE
  
44
     
1.
Extent of Insurance Coverage:
  
44
       
2.
Application of Recovered Amount:
  
44
       
3.
Termination of the BUILDER?s obligation to insure:
  
45
       
4.
Insurance Confirmation:
  
45
       
ARTICLE XIII - DISPUTES AND ARBITRATION
  
46
     
1.
Proceedings:
 
46
       
2.
Notice of Award:
 
47
       
3.
Expenses:
 
47
       
4.
Entry in Court:
  
47
       
5.
Alteration of Delivery Time:
  
47
       
ARTICLE XIV - RIGHTS OF ASSIGNMENT
  
48
     
1.
Assignment:
  
48
       
2.
Assignment of Guarantee Claims:
  
48
       
ARTICLE XV - TAXES AND DUTIES
  
49
 
3 of 63

 
Taxes and Duties in the People?s Republic of China:
 
49
     
ARTICLE XVI - PATENTS, TRADEMARKS, COPYRIGHTS, ETC.
  
50
     
1.
Patents, Trademarks and Copyrights:
  
50
       
2.
General Plans, Specifications and Working Drawings:
  
50
       
ARTICLE XVII - BUYER?s SUPPLIES
  
51
     
1.
Responsibility of the BUYER:
  
51
       
2.
Responsibility of the BUILDER:
  
52
       
3.
Joint Responsibility of the Parties hereto:
  
52
       
ARTICLE XVIII - NOTICE AND CORRESPONDENCE
  
53
     
1.
Address:
  
53
       
2.
Language:
  
53
       
ARTICLE XIX - EFFECTIVE DATE OF CONTRACT
  
54
     
ARTICLE XX - INTERPRETATION
  
55
     
1.
Laws Applicable:
  
55
       
2.
Discrepancies:
 
55
       
3.
Entire Agreement:
 
55
       
ARTICLE XXI - CONFIDENTIALITY
  
56
     
EXHIBIT A
  
58
     
EXHIBIT B
  
60
     
EXHIBIT C
  
63
 
END OF CONTRACT
 
4 of 63