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1、YACHTBUILDAGREEMENT(10) 5）noticeofterminationbythebuyershallbegiveninwritingandshallbeeffectivefourteendaysafterreceiptbythebuilderunlessthebuildershallhavethenremediedthedefault. articlexiidefaultofthebuyer （1）thebuyershallbeindefaultandthiscontractmayatthediscretionofthebuilderbesuspendedinwholeor
2、inpartorterminatedbythebuilderbynoticeinwritingtothebuyerif： （a）thebuyerfailstopayanyinstalmentofthecontractpricewithinsevenbankingdaysofitsbeingdueandpayableinaccordancewitharticlev；or （b）thebuyerwithoutduecausefailstoaccepttheyachtandpayallsumsdueondeliverywithinsevendaysoftheyachtbeingtenderedfor
3、deliveryinaccordancewiththiscontract. （c）thebuyerfailstosupplythematerialsponentsandequipmentinaccordancewiththiscontractthebuyerhavingbeennotifiedinwritingbythebuilderofthematerialponentsorequipmentwhichthebuyerhasfailedtosupplytothebuilderand b）thebuyerhavingfailedtomakesuchsupplywithinseven（7）day
4、sofreceiptofsuchnoticeand suchfailuretosupplyordelaycausesthebuilderactualdirectdelayoradditionalcost. （2）ifthebuildersuspendsthecontracttheperiodofsuspensionshallendureuntil： （a）thebuyerhasremediedthedefault；or （b）noticeofterminationofthecontractisgivenbythebuildertothebuyer；or （c）thebuilderotherwi
5、seintimatestothebuyerthatworkunderthecontractistoberesumed. 3）noticeofterminationbythebuilderunderthisarticleshallbegivenbyfaxandconfirmedinwritingandshallbeeffectivesevendaysafterreceiptthereofbythebuyerwhereuponthebuildershall（unlessthebuyershallhavethenremediedthedefault）beentitledtoexercisetheri
6、ghtsprovidedforinparagraph（5）4）thebuildershallbeentitledtoterminatethiscontractforthwithbynoticegivenbyfaxandconfirmedinwritinguponanorderbeingmadeoraneffectiveresolutionbeingpassedforthewindingupofthebuyer（otherthanamembersvoluntarywindingupforthepurposeofamalgamationorreconstruction）orareceiverora
7、dministratorbeingappointedofthewholeorpartoftheundertakingofthebuyer. 5）ifthebuildershallterminatethiscontractunderthisarticlethebuildershallbeentitled（inadditiontointerestasprovidedinarticlev（4）totheprovedlossresultingfromthebuyersdefault.thebuildershallselltheyachtbypublicauctionortenderorprivatesaleatitsdiscretionandshallapplytheproceedsofsale（afterdeductingtheexpensesofsaleincludingthecostofpletingtheyachtforsale）togetherwithanyinstalmentsofthecontractpricepaidunderarticlevasfollows： 0);font-size:14.0000pt;mso-font-kerning:0.0000pt;
