Common use of Classification, Rules and Regulations Clause in Contracts

Classification, Rules and Regulations. The Vessel, including her materials, hull, machinery, equipment appliances and outfit, shall be designed, constructed and equipped in accordance with 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 Class with equivalent notations, (the “Classification Society”). The applicable notations for each candidate Classification Society to be as follows: The actual Classification Society shall be decided by the Buyer within One (1) month from the Contract signing date. *KRS1-Bulk carrier, ‘ESP’, (CSR), BC-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, CHA, ENV(IBWM, IAFS, IOPP, ISPP, IGPP, IAPP) *KRM1-UMA, 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, shall also comply with the applicable rules, regulations and requirements of the other regulatory bodies referred to in the Specifications as in effect at the signing date of this 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 to be replaced by full term ones at a later time (including trim and stability booklet) are to be accepted. All fees and charges incidental to the classification of the Vessel and with respect to compliance with the said rules, regulations, and requirements shall be for the account of Builder unless otherwise stipulated in the Specifications,

Classification, Rules and Regulations. The Vessel, including her materials, hull, machinery, equipment appliances and outfit, VESSEL shall be designed, constructed constructed, equipped, inspected, tested and equipped completed in accordance with the rules and regulations (the edition and amendments thereto being in force at and effect as of 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 Class with equivalent notations, Lloyds Register of Shipping (hereinafter called the “Classification Society”). The applicable notations for each candidate Classification Society to be as follows: The actual Classification Society ) and shall be decided distinguished in the register by the Buyer within One symbol of X100A1 Containership, Shipright (1SDA, FDA, CM) month from the Contract signing date. *KRS1-Bulk carrier, ‘ESP’, (CSR), BC-A(Hold Nos. 2, 4, 6 and 8 may be empty with Maximum cargo density 3.0t/m3), GRAB[20], IWS, SeaTrust(HCM)XLMC, PSPCUMS, LISCM, CHAEP, ENV(IBWMCAC, IAFS, IOPP, ISPP, IGPP, IAPP) *KRM1-UMA, STCM NAV1 Details of Class notation shall be in accordance with the Specifications. Decisions of the Classification Society as to compliance or non-compliance with the classification rules and regulations shall be final and binding upon both parties hereto, except where this Contract provides for Arbitration. The VESSEL shall comply with rules, regulations, recommendations and requirements of the Vessel Authorities in force as of the date of the Contract signing as described and listed in the Specifications, together with all mandatory rules and regulations with amendment, which have already been ratified up to the contract signing date and to come into effect prior to the scheduled delivery date of the VESSEL. The BUILDER shall arrange with the said Classification Society for the assignment by the Classification Society of a representative (hereinafter referred to as the “Classification Surveyor”) to the VESSEL during all stages of construction. All materials, workmanship and major plans used in the construction of the VESSEL shall be subject to inspection and test by the Classification Society in accordance with the 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 effect at the signing date of this 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 to be replaced by full term ones at a later time (including trim and stability booklet) are to be acceptedSociety. All fees and charges in connection with or incidental to the classification of the Vessel VESSEL, to all certificates required under this Contract and with respect the Specifications, and to compliance with the said above specified rules, regulationsregulations and requirements, and requirements shall be for the account of Builder unless otherwise stipulated the BUILDER. No act or omission of the Classification Society and/or Classification Surveyor shall, in any way, diminish or impair the Specifications,obligations and liabilities of the BUILDER under the terms of this Contract.

Classification, Rules and Regulations. The Vessel, including her materials, hull, machinery, equipment appliances and outfit, VESSEL shall be designed, constructed constructed, equipped, inspected, tested and equipped completed in accordance with 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 Class with equivalent notations, Lloyds Register of Shipping (hereinafter called the “Classification Society”), the editions and amendments in force as of February 28, 2006 (the “Classification Society Rules”, and wherever the term “Classification Society Rules” is used in this Contract, it means the rules of the Classification Society as stipulated in the Contract and the Specifications). The applicable notations for each candidate Classification Society to be as follows: The actual Classification Society VESSEL shall be decided distinguished in the register by the Buyer within One (1) month from the Contract signing date. symbol of *KRS1-Bulk carrier, ‘ESP’, (CSR), BC-A(Hold Nos. 2, 4, 6 and 8 may be empty with Maximum cargo density 3.0t/m3), GRAB[20], 100A1 Containership *IWS, SeaTrust(HCM), PSPC, LI, CHAShipRight (SDA, ENV(IBWM, IAFS, IOPP, ISPP, IGPP, IAPPCM) *KRM1-UMALMC, STCM UMS NAV1, SCM, with descriptive notes “ShipRight BWMP(F). Pt. Ht.” Details of Class notation shall be in accordance with the Specifications. Decisions of the Classification Society as to compliance or non-compliance with the classification rules and regulations shall be final and binding upon both parties hereto, except where this Contract provides for Arbitration. The VESSEL shall comply with rules, regulations, recommendations and requirements of the Vessel authorities as described and listed in the Specifications in force as of February 28, 2006, together with all mandatory rules and regulations with amendment, which have already been ratified up to February 28, 2006, and to come into effect prior to the scheduled delivery date of the VESSEL. The SELLER shall arrange with the said Classification Society for the assignment by the Classification Society of a representative (hereinafter referred to as the “Classification Surveyor”) to the VESSEL during all stages of construction. All materials, workmanship and major plans used in the construction of the VESSEL shall be subject to inspection and test by the Classification Society in accordance with the 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 effect at the signing date of this 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 to be replaced by full term ones at a later time (including trim and stability booklet) are to be acceptedSociety. All fees and charges in connection with or incidental to the classification of the Vessel VESSEL, to all certificates required under this Contract and with respect the Specifications, and to compliance with the said above specified rules, regulationsregulations and requirements, and requirements shall be for the account of Builder unless otherwise stipulated the SELLER. No omission of the Classification Society and/or Classification Surveyor shall, in any way, diminish or impair the Specifications,obligations and liabilities of the SELLER under the terms of this Contract.

Classification, Rules and Regulations. The Vessel, including her materials, hull, machinery, equipment appliances and outfit, VESSEL shall be designed, constructed constructed, equipped, inspected, tested and equipped completed in accordance with 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 Class with equivalent notations, Lloyds Register of Shipping (hereinafter called the “Classification Society”), the editions and amendments in force as of February 28, 2006 (the “Classification Society Rules”, and wherever the term “Classification Society Rules” is used in this Contract, it means the rules of the Classification Society as stipulated in the Contract and the Specifications). The applicable notations for each candidate Classification Society to be as follows: The actual Classification Society VESSEL shall be decided distinguished in the register by the Buyer within One (1) month from the Contract signing date. symbol of X100A1 Containership *KRS1-Bulk carrier, ‘ESP’, (CSR), BC-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, CHAShipRight (SDA, ENV(IBWMCM) XLMC, IAFSUMS NAV1, IOPPSCM, ISPP, IGPP, IAPP) *KRM1-UMA, STCM with descriptive notes “ShipRight BWMP(F). Pt. Ht.” Details of Class notation shall be in accordance with the Specifications. Decisions of the Classification Society as to compliance or non-compliance with the classification rules and regulations shall be final and binding upon both parties hereto, except where this Contract provides for Arbitration. The VESSEL shall comply with rules, regulations, recommendations and requirements of the Vessel authorities as described and listed in the Specifications in force as of February 28, 2006, together with all mandatory rules and regulations with amendment, which have already been ratified up to February 28, 2006, and to come into effect prior to the scheduled delivery date of the VESSEL. The SELLER shall arrange with the said Classification Society for the assignment by the Classification Society of a representative (hereinafter referred to as the “Classification Surveyor”) to the VESSEL during all stages of construction. All materials, workmanship and major plans used in the construction of the VESSEL shall be subject to inspection and test by the Classification Society in accordance with the 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 effect at the signing date of this 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 to be replaced by full term ones at a later time (including trim and stability booklet) are to be acceptedSociety. All fees and charges in connection with or incidental to the classification of the Vessel VESSEL, to all certificates required under this Contract and with respect the Specifications, and to compliance with the said above specified rules, regulationsregulations and requirements, and requirements shall be for the account of Builder unless otherwise stipulated the SELLER. No omission of the Classification Society and/or Classification Surveyor shall, in any way, diminish or impair the Specifications,obligations and liabilities of the SELLER under the terms of this Contract.