Common use of CHANGES IN RULES AND REGULATIONS, ETC Clause in Contracts

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten (10) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable decrease in the Guaranteed Deadweight and the Guaranteed Speed of the VESSEL, if such compliance results in reduced deadweight and speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYER. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or decrease of the Guaranteed Speed and Guaranteed Deadweight or any alternation of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes.

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of this ContractContract signing of the VESSEL, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or following shall apply: (1) if such alterations or changes are compulsory for the BUYERVESSEL, either of the parties hereto, upon receipt of the notice thereof, shall transmit such information in full from the Classification Society or from any of the regulatory authorities shall promptly transmit the same to each the other in writing. The Date: 13th November, whereupon within ten (10) New York business days after receipt 2013 SELLER shall notify the BUYER of any adjustment to the provisions of the said Contract and /or Specifications reasonably occasioned by such alteration or change, within fourteen (14) days of the transmission of such notice by the BUYER from the SELLER or vice versain writing, the BUYER and shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with thereupon incorporate such alterations or changes, if any in changes into the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL Vessel that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL Vessel that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed deadweight and the Guaranteed Speed speed of the VESSELVessel, if such compliance results in increased or reduced deadweight and speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERDrawings as per Paragraph 1 hereof. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight deadweight or any alternation of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes. In the event that the BUYER contests the reasonableness of the adjustment notified either party shall be entitled to refer the dispute for resolution in accordance with ARTICLE XIII.

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed (as provided for in paragraph 2 of Article 1) by the Classification Society or the other regulatory bodies authorized to make Shipbuilding Contract Hull No. 0120833 such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten Fifteen (1015) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any any, in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight and the Guaranteed Speed guaranteed speed and/or cubic capacity and/or deadweight of the VESSEL, if such compliance results in increased or reduced deadweight and speedspeed and/or deadweight; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERPlans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight cubic capacity and deadweight or providing additional security to the SELLER or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes. However, if the alterations or changes are compulsorily required to be made by Class or IMO Rules for successful delivery of the VESSEL to the BUYER, then, notwithstanding any dispute between the parties relating to the adjustment of the Contract Price or extension of the time for delivery or decrease of the guaranteed speed and deadweight or any other respect, the SELLER shall promptly comply with such alterations or changes. The BUYER shall, in any event, bear the reasonable costs and expenses for such alterations or changes (and, in the absence of mutual agreement, the amount thereof and/or any other discrepancy Shipbuilding Contract Hull No. 0120833 such as but not limited to the extension of Delivery Date, etc. to be determined by arbitration in accordance with Article XIII of this Contract).

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten fourteen (1014) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:agree (always in writing by email or telefax): Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed figures stipulated in Article II including but not limited to deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in reduced deadweight and speedincrease or decrease in any of the guaranteed figures in Article II; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYER.; and/or (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed and Guaranteed Deadweight guaranteed figures stipulated in Article II or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes (3) If the alterations or changes are compulsorily required to be made, then, notwithstanding any dispute between the Parties relating to the adjustment of the Contract Price and/or extension of the time for delivery and/or increase or decrease of the guaranteed figures stipulated in Article II and/or any alteration of the terms of this Contract and/or any other respect, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall in any event bear the costs and expenses of such alterations or changes and be responsible for all consequences of not incorporating such alterations or changes. Any discrepancy with regard to the adjustment of the Contract Price and/or the extension of Delivery Date and/or any other discrepancies to be determined by arbitration in accordance with Article XIII of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142)

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten fourteen (1014) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:agree (always in writing by email or telefax): Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed figures stipulated in Article II including but not limited to deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in reduced deadweight and speedincrease or decrease in any of the guaranteed figures in Article II; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYER.; and/or (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed and Guaranteed Deadweight guaranteed figures stipulated in Article II or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes (3) If the alterations or changes are compulsorily required to be made, then, notwithstanding any dispute between the Parties relating to the adjustment of the Contract Price and/or extension of the time for delivery and/or increase or decrease of the guaranteed figures stipulated in Article II and/or any alteration of the terms of this Contract and/or any other respect, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall in any event bear the costs and expenses of such alterations or changes and be responsible for all consequences of not incorporating such alterations or changes. Any discrepancy with regard to the adjustment of the Contract Price and/or the extension of Delivery Date and/or any other discrepancies to be determined by arbitration in accordance with Article XIII of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144)

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in Date: 17/58 Shipbuilding Contract Hull No. full to each other in writing, whereupon within ten Twenty-one (1021) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any any, in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight and the Guaranteed Speed guaranteed speed and/or cubic capacity and/or deadweight of the VESSEL, if such compliance results in increased or reduced deadweight and speedspeed and/or fuel consumption and/or deadweight; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERPlans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight fuel consumption and deadweight or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes. However, if the alterations or changes are compulsorily required to be made by Class or IMO Rules or the rules and regulations of the Republic of the Xxxxxxxx Islands Flag State for successful delivery of the VESSEL to the BUYER, then, notwithstanding any dispute between the parties relating to the adjustment of the Contract Price or extension of the time for delivery or decrease of the guaranteed speed and fuel consumption and deadweight or any other respect, the SELLER shall promptly comply with such alterations or changes. The BUYER shall, in any event, bear the reasonable costs and expenses for such alterations or changes (and, in the absence of mutual agreement, the amount thereof and/or any other discrepancy such as but not limited to the extension of Delivery Date, etc. to be determined by arbitration in accordance with Article XIII of this Contract). Date: 18/58 Shipbuilding Contract Hull No.

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered Date: 22/63 Shipbuilding Contract Hull No. or changed by the Classification Society or the other regulatory bodies authorized authorised to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten twenty-one (1021) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in increased or reduced deadweight and speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. (e) If the price is to be increased, then, in addition, as to providing to the SELLER additional securities satisfactory to the SELLER. Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERPlans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight deadweight or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes. However, if the requirements stated in Paragraph 2 above are compulsory to ensure classification of the VESSEL, then the BUILDERS Date: 23/63 Shipbuilding Contract Hull No. shall comply with those requirements. In such event, if the parties herein are unable to reach an agreement on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the guaranteed speed and deadweight or any alteration of the terms of this Contract, if any, then such dispute shall be referred to Arbitration proceedings in accordance with Article XIII hereof but without delay the construction of the VESSEL.

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten fourteen (1014) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:agree (always in writing by email or telefax): Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed figures stipulated in Article II including but not limited to deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in reduced deadweight and speedincrease or decrease in any of the guaranteed figures in Article II; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. Agreement as to such alterations or changes under this paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYER.; and/or (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed and Guaranteed Deadweight guaranteed figures stipulated in Article II or any alternation alteration of the terms of this Contract, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any such alterations or changes (3) If the alterations or changes are compulsorily required to be made, then, notwithstanding any dispute between the Parties relating to the adjustment of the Contract Price and/or extension of the time for delivery and/or increase or decrease of the guaranteed figures stipulated in Article II and/or any alteration of the terms of this Contract and/or any other respect, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall in any event bear the costs and expenses of such alterations or changes and be responsible for all consequences of not incorporating such alterations or changes. Any discrepancy with regard to the adjustment of the Contract Price and/or the extension of Delivery Date and/or any other discrepancies to be determined by arbitration in accordance with Article XIII of this Contract. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145)

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten twenty-one (1021) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the Shipbuilding Contract Hull No. BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in increased or reduced deadweight and speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of the terms necessary. (e) If the price is to be increased, then, in addition, as to providing to the SELLER additional securities satisfactory to the SELLER, if the increase more than United Sate Dollars . Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERPlans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight deadweight or providing additional security to the SELLER, if the increase more than United Sate Dollars or any alternation of the terms of this Contract, if any, then the SELLER shall be entitled to proceed promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the construction of the VESSEL in accordance with, costs and the BUYER shall continue to be bound by, the terms of this Contract and the Specifications without making any expenses for such alterations or changes. The discrepancy with regard to the adjustment of the Contract Price and/or the extension of Delivery Date and/or any other discrepancies to be determined by arbitration in accordance with Article XIII of this Contract.

CHANGES IN RULES AND REGULATIONS, ETC. (1) If, after the date of signing this Contract, any requirements as to the rules and regulations as specified in this Contract and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information in full to each other in writing, whereupon within ten twentyone (1021) New York business days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct the SELLER in writing as to the alterations or changes, if any, to be made in to the VESSEL which the BUYER, in its sole discretion, shall decide. The SELLER shall promptly comply with such alterations or changes, if any any, in the construction of the VESSEL, provided that the BUYER shall first agree: (a) As to any reasonable increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost for such compliance; and/or (b) As to any reasonable extension in the time for delivery of the VESSEL that is necessary due to such compliance; and/or (c) As to any reasonable increase or decrease in the Guaranteed Deadweight guaranteed deadweight and the Guaranteed Speed speed of the VESSEL, if such compliance results in increased or reduced deadweight and speed; and/or (d) As to any other alterations in the terms of this Contract or of the Specifications or both, if such compliance makes such alterations of to the terms necessary. (e) if the price is to be increased, to provide to the SELLER additional securities, as per Article 11. Agreement as to such alterations or changes under this paragraph Paragraph shall be made in the same manner as provided above for modifications and/or changes of the Specifications and/or plans. All improvements recommended by the original manufacturers and designers before the delivery of the VESSEL in the design of the main engine or parts of the VESSEL shall be notified by the SELLER to the BUYERPlans. (2) If, due to whatever reasons, the parties shall fail to agree on the adjustment of the Contract Price or extension of the time for delivery or increase or decrease of the Guaranteed Speed guaranteed speed and Guaranteed Deadweight deadweight or providing additional security to the SELLER or any alternation of the terms of this Contract, if any, then If the SELLER shall alterations or changes are compulsorily required to be entitled made, then, notwithstanding any dispute between the parties relating to proceed with the construction adjustment of the VESSEL in accordance with, and Contract Price and/or extension of the BUYER shall continue to be bound by, time for delivery and/or decrease of the Guaranteed Speed and/or Guaranteed Deadweight and/or any alternation of the terms of this Contract and/or any other respect, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall in any event bear the costs and the Specifications without making any expenses of such alterations or changes. The discrepancy with regard to the adjustment of the Contract Price and/or the extension of Delivery Date and/or any other discrepancies to be determined by arbitration in accordance with Article XIII of this Contract.