Common use of Classification, Rules and Regulations Clause in Contracts

Classification, Rules and Regulations. The Vessel, including her machinery, equipment and outfit, shall be constructed in accordance with Builder’s shipbuilding practice, Builder’s quality standard and the edition and amendments thereto in force at the execution date of this Contract, of the rules and regulations of and under special survey of Lloyd’s Register (LR) (the “Classification Society”), and shall be distinguished in the Classification Society’s register by the symbols of +100A1, “Double Hull Oil Tanker”, ESP, CSR, ShipRight (CM, ACS(B)), +LMC, LI, UMS, IGS, DSPM4, CRANE, COW(LR), *IWS, NAV1, ECO(P, BWM-T, IHM, VECS-L), with the descriptive notes of ShipRight (SCM, SERS), ETA. However, the Classification Society among LR, ABS and DNV shall be discussed between Buyer and Builder in a reasonable manner and finally decided by Buyer within two (2) weeks after the signing of the Contract. Builder shall arrange with the Classification Society for the assignment by the Classification Society of representative(s) to the Vessel during construction. All costs, fees, charges and arrangements incidental to classification of the Vessel in compliance with the rules, regulations and requirements of this Contract, shall be for the account of Builder. Decisions of the Classification Society as to compliance or non-compliance of the Vessel with the said rules and regulations of the Classification Society shall be final and binding upon the parties. The Vessel shall also comply with the applicable rules, regulations and requirements of the other regulatory bodies referred to in the Specifications as in force at the execution date of this Contract and/or which are published and ratified as of the date of signing the Contract.

Classification, Rules and Regulations. The Vessel, including her materials, hull, machinery, equipment appliances and outfit, shall be designed, constructed and equipped in accordance with Builder’s shipbuilding practice, Builder’s quality standard and the edition and amendments thereto in force at the execution date of this Contract as well as at the date of ship’s delivery (provided they are officially published and made known prior to the signing date of this Contract, ) of the rules and regulations of and under special survey of Lloyd’s Register (LR) Class with equivalent notations, (the “Classification Society”), and . The applicable notations for each candidate Classification Society to be as follows: The actual Classification Society shall be distinguished in the Classification Society’s register decided by the symbols of +100A1Buyer within One (1) month from the Contract signing date. *KRS1-Bulk carrier, “Double Hull Oil Tanker”‘ESP’, ESP, (CSR, ShipRight (CM, ACS(B)), +LMCBC-A(Hold Nos. 2, 4, 6 and 8 may be empty with Maximum cargo density 3.0t/m3), GRAB[20], IWS, SeaTrust(HCM), PSPC, LI, UMSCHA, IGSENV(IBWM, DSPM4IAFS, CRANEIOPP, COW(LR)ISPP, IGPP, IAPP) *IWSKRM1-UMA, NAV1, ECO(P, BWM-T, IHM, VECS-L), with the descriptive notes of ShipRight (SCM, SERS), ETA. However, the Classification Society among LR, ABS and DNV shall be discussed between Buyer and Builder in a reasonable manner and finally decided by Buyer within two (2) weeks after the signing of the Contract. Builder shall arrange with the Classification Society for the assignment by the Classification Society of representative(s) to the Vessel during construction. All costs, fees, charges and arrangements incidental to classification of the Vessel in compliance with the rules, regulations and requirements of this Contract, shall be for the account of Builder. STCM Decisions of the Classification Society as to compliance or non-compliance of the Vessel with the said rules and regulations of the Classification Society shall be final and binding upon the parties. The Vessel Vessel, shall also comply with the applicable rules, regulations and requirements of the other regulatory bodies referred to in the Specifications as in force effect at the execution signing date of this Contract and/or Contract. The VESSEL’S classification status, and all Classification, Statutory and other required certificates hereunder are to be clean and free of all conditions, recommendations and restrictions whatsoever other than those permitted in the Specifications. It is understood that provisional certificates, which are published to be replaced by full term ones at a later time (including trim and ratified as stability booklet) are to be accepted. All fees and charges incidental to the classification of the date Vessel and with respect to compliance with the said rules, regulations, and requirements shall be for the account of signing Builder unless otherwise stipulated in the Contract.Specifications,

Classification, Rules and Regulations. The Vessel, including her machinery, equipment and outfit, shall be constructed in accordance with Builder’s shipbuilding practice, Builder’s quality standard and the edition and amendments thereto in force at the execution date of this Contract, of the rules and regulations of and under special survey of Lloyd’s Register (LR) (the “Classification Society”), and shall be distinguished in the Classification Society’s register by the symbols of +100A1, “Double Hull Oil Tanker”, ESP, CSR, ShipRight (CM, ACS(B)), +LMC, LI, UMS, IGS, DSPM4, CRANE, COW(LR), *IWS, NAV1, ECO(P, BWM-T, IHM, VECS-L), with the descriptive notes of ShipRight (SCM, SERS), ETA. However, the Classification Society among LR, ABS and DNV shall be discussed between Buyer and Builder in a reasonable manner and finally decided by Buyer within Within two (2) weeks after the signing of the Contract. Builder shall arrange with the Classification Society for the assignment by the Classification Society of representative(s) to the Vessel during construction. All costs, fees, charges and arrangements incidental to classification of the Vessel in compliance with the rules, regulations and requirements of this Contract, shall be for the account of Builder. Decisions of the Classification Society as to compliance or non-compliance of the Vessel with the said rules and regulations of the Classification Society shall be final and binding upon the parties. The Vessel shall also comply with the applicable rules, regulations and requirements of the other regulatory bodies referred to in the Specifications as in force at the execution date of this Contract and/or which are published and ratified as of the date of signing the Contract.

Classification, Rules and Regulations. The Vessel, including her machinery, equipment and outfit, shall be constructed in accordance with Builder’s shipbuilding practice, Builder’s quality standard and the edition and amendments thereto in force at the execution date of this Contract, of the rules and regulations of and under special survey of Lloyd’s Register (LR) (the “Classification Society”), and shall be distinguished in the Classification Society’s register by the symbols of +100A1, “Double Hull Oil Tanker”, ESP, CSR, ShipRight (CM, ACS(B)), +LMC, LI, UMS, IGS, DSPM4, CRANE, COW(LR), *IWS, NAV1NAVl, ECO(P, BWM-T, IHM, VECS-L), with the descriptive notes of ShipRight (SCM, SERS), ETA. However, the Classification Society among LR, ABS and DNV shall be discussed between Buyer and Builder in a reasonable manner and finally decided by Buyer within two (2) weeks after the signing of the Contract. Builder shall arrange with the Classification Society for the assignment by the Classification Society of representative(s) to the Vessel during construction. All costs, fees, charges and arrangements incidental to classification of the Vessel in compliance with the rules, regulations and requirements of this Contract, shall be for the account of Builder. Decisions of the Classification Society as to compliance or non-compliance of the Vessel with the said rules and regulations of the Classification Society shall be final and binding upon the parties. The Vessel shall also comply with the applicable rules, regulations and requirements of the other regulatory bodies referred to in the Specifications as in force at the execution date of this Contract and/or which are published and ratified as of the date of signing the Contract.