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Vessel Construction Agreement

A shipbuilding contract generally expressly provides that the purchaser has the right to terminate the contract at subsequent events, for which the owner is required to repay the payments paid, plus interest, and to return the goods delivered by the buyer:- (i) total loss of the ship before delivery (ii) substantial delay Subject to negotiation, „material“ may be between 180 days and 300 days after the contractually agreed date. For some shipbuilding contracts, delays in the category of permitted delays would not be considered for significant delays. (iii) lack of materials in speed (as demonstrated in the marine test) iv) excessive fuel consumption (as demonstrated in the workshop test) v) lack of material in actual clean weight (vi) dissolution/loss of income from credit events at the site/blackmail, subject to contractual conditions; under certain rules, such a revocation clause does not necessarily exclude the buyer`s other rights under the general laws of termination of shipbuilding contracts or the buyer`s right to seek remedies under general laws after such termination. The payment period, deadline, guarantee agreement and mandatory advance provisions (or sometimes default provisions) in the financing documents must take into account the precise definition and possible date of these cancellation events. H. Repayment guarantee and payment guarantee Given the usual payment conditions, the purchaser of a new construction vessel would assume the risk of credit and performance of the shipyard during the construction period. In order to resolve the issue, the shipyard, in addition to the obligation for the shipyard to repay the refund, grants the buyer a guarantee against these risks. The most common type of guarantee is a refund guarantee issued by a shipyard bank that is acceptable to the buyer (and the buyer`s financing bank), so that the buyer (and the buyer`s financing bank) can request the refund directly from the shipyard bank if the shipyard does not repay the refunds. However, please note that in some cases, a refund guarantee cannot cover all cancellation events, as described above (G). As some leading texts may suggest, the terms of most repayment guarantees used in shipbuilding operations to be more to the benefit of the buyer and the buyer`s financing bank tend to resemble an on-demand letter of credit rather than a traditional guarantee.