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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;