Common use of Method of Acceptance or Rejection Clause in Contracts

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor within six (6) New York business days period as provided for in the above sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the BUILDER shall give the BUYER a notice by telefax of completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsSPECIFICATIONS . The BUYER shall, within Five (5)days after receipt of such notice from the BUILDER, notify the BUILDER by telefax of its acceptance or rejection of the VESSEL’s conformity to this Contract and the SPECIFICATIONS . (b) However, should the VESSEL result of the trial run show that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the SpecificationsSPECIFICATIONS , or if the BUILDER is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the BUILDER shall take necessary steps to correct such non-conformity. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the telefax. The BUYER shall, within six Three (63) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER by telefax confirmed in writing BUILDER of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract and/or the SPECIFICATIONS . (d) In the event that the BUYER fails to notify the SELLER BUILDER by telefax confirmed in writing of its acceptance or rejection of the VESSEL acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any dispute arising among between the parties hereto BUILDER and the BUYER as to the result of any of the Trial Run conformity or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non-conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the SPECIFICATIONS shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run Tests and Trials, the BUILDER shall give the BUYER notice in accordance with Article XXII of completion of the Tests and Trials, as and if the BUILDER considers that the results of the Tests and Trials indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsSpecifications in all respects. The BUYER shall, within three (3) business days after receipt of such notice from the BUILDER, notify the BUILDER in accordance with Article XXII of its acceptance or rejection of the VESSEL. (b) However, should the VESSEL results of the Tests and Trials indicate that the VESSEL, or any part thereof including its or equipment thereof, does not fully conform to the requirements of this Contract and and/or the Specifications, then the BUILDER shall promptly take the necessary steps to correct such nonconformity. Upon completion of correction of such nonconformity, the BUYER may request a second round of Tests and Trials to test the nonconformity correction, and in such event the BUILDER shall give the BUYER not less than three (3) business days prior notice in accordance with Article XXII of the second round of Tests and Trials of the VESSEL. Upon successful completion of the second round of Tests and Trials, the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion within three (3) business days after receipt of such alterations or corrections and/or re-Trial or re-Trials and submission to notice from the BUYER of the detailed written results thereof the BUYER shallBUILDER, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed BUILDER in writing accordance with Article XXII of its acceptance of the VESSEL or of the rejection of the VESSEL together with VESSEL. Any additional cost for fuel, oils and greases required for the reason therefor. This process second, or subsequent, round of Tests and Trials shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsfor BUILDER's account. (c) In the event that the BUYER fails to notify rejects the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor within six (6) New York business days period as provided for in the above sub-paragraphs (a) and (b)VESSEL, the BUYER shall be deemed to have accepted indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof, does not conform to this Contract and/or the Specifications. (d) Any The BUILDER may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this ContractParagraph, in which case the matter shall be submitted for final resolution in accordance with Article XVII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereof, the submitting Trial Run results. The BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that or rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefore. (b) However, should the results of the Trial Run indicate that the VESSEL or any part thereof including its her equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and shall take proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial re‑Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial re‑trial or re-Trials and submission to the BUYER of the detailed written results thereof re‑trials, the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefore on the earlier basis of the BUYER’s acceptance alterations and corrections and/or re‑trial or re‑trials by the SELLER. Date: 13th November, 2013 In case of retrial, the VESSEL or SELLER shall notify the rescission of this Contract BUYER in accordance with its termsreasonable time. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor therefore within six (6) New York business days period after receipt of the SELLER’s notification of completion of the Trial Run as provided for in the above subSub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article ARTICLE XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject BUYER, at its sole discretion, from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the SELLERS shall give the BUYER a notice by facsimile or e-mail confirmed in writing of completion of the trial run, as and if the SELLERS considers that the results of the trial run indicate conformity of the VESSEL to this Contract and submission to the Specifications. The BUYER shall, within two (2) days after receipt of such notice from the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafterSELLERS, notify the SELLER SELLERS by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsVESSEL. (b) However, should the VESSEL results of the trial run indicate that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the Specifications, and or if the SELLERS is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the SELLERS shall cause the BUILDER to take necessary steps, to correct such non-conformity. Upon completion of correction of such non-conformity, the SELLERS shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the facsimile confirmed in writing. The BUYER shall, within six two (62) New York business days thereafterafter receipt of such notice from the SELLERS, again notify the SELLER by telefax confirmed in writing SELLERS of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof dose not conform to this Contract and/or the Specifications. (d) In the event that the BUYER fails to notify the SELLER SELLERS by telefax facsimile or email confirmed in writing of its the acceptance of or the rejection of the VESSEL together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above sub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any The SELLERS may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL by the BUYER under this paragraph, in which case the matter shall first be referred to judgement of the Classification Society, but if the Classification Society fails to make a judgement or cannot do so, the matter shall be solved submitted for final decision by reference arbitration in accordance with Article XIV hereof. The BUYERS shall be notified of the Classification Society’s judgment and will have two (2) working days to arbitration as provided in Article XIII hereofeither accept or reject, advising Sellers on reasons of rejection." (ef) It is agreed that the The BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies items, which may not affect the VESSEL’s operation, its crew and safety, judged from the point of view of international the commonly and generally acknowledged Japanese standard shipbuilding standards and shipping practice, as not being in conformity with the Specifications but Specifications, but, in which case, the SELLERS shall not be released from the obligation to correct and/or remedy for its own account such case minor or insubstantial items as soon as practicable after the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this ContractVESSEL.

Method of Acceptance or Rejection. (a) Upon notification by of the SELLER BUILDERS of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereofVESSEL, the BUYER or the BUYER's ’s Supervisor shall within six (6) New York business days Business Days thereafter, notify the SELLER BUILDERS by telefax confirmed in writing and/or email of its acceptance of the VESSEL if the BUYER agrees that or of its rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefore. (b) However, should the result of the Trial Run indicate that the VESSEL or any part thereof including its equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDERS shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER BUILDERS of completion of such alterations or corrections and/or re-Trial trial or re-Trials and submission to the BUYER of the detailed written results thereof trials, the BUYER shall, within six (6) New York business days Business Days thereafter, again notify the SELLER by telefax confirmed in writing and/or email of its acceptance of the its VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefore on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or re-trial or re-trials by the VESSEL or the rescission of this Contract in accordance with its termsBUILDERS. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing and/or email of its acceptance or rejection of the VESSEL together with the reason therefor therefore within six (6) New York business days Business Days period as provided for in the above sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy Date: 28/63 Shipbuilding Contract Hull No. comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are not in line with the Specifications) at the time before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the SELLER and/or the BUILDER shall give the BUYER a notice by facsimile confirmed in writing of completion of the trial run, as and if the SELLER and/or the BUILDER consider that the results of the trial run indicate conformity of the VESSEL to this Contract and submission to the Specifications. The BUYER shall, within three (3) Banking days after receipt of such notice from the detailed written results thereof, SELLER and/or the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafterBUILDER, notify the SELLER and/or the BUILDER by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsVESSEL. (b) However, should the VESSEL results of the trial run indicate that the VESSEL, or any part thereof including its or equipment thereof, dose not conform to the requirements of this Contract and and/or the Specifications, and or if the BUYER shall give SELLER and/or the BUILDER is in agreement to non-conformity as specified in the BUYER’s notice of rejection to the SELLER for such reasonrejection, then then, the SELLER shall investigate with cause the Supervisor the cause BUILDER shall take necessary steps to correct such non-conformity. Upon completion of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or recorrection of such non-Trial Run or Runs as may be necessary without extra cost to the BUYERconformity, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUILDER shall give the BUYER of the detailed written results a notice thereof the by facsimile confirmed in writing. The BUYER shall, within six three (63) New York business Banking days thereafterafter receipt of such notice from the SELLER and/or the BUILDER, again notify the SELLER by telefax confirmed in writing and/or the BUILDER of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof dose not conform to this Contract and/or the Specifications. (d) In the event that the BUYER fails to notify the SELLER and/or the BUILDER by telefax facsimile confirmed in writing of its the acceptance of or the rejection of the VESSEL together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above sub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any dispute arising among between the parties hereto BUYER and the SELLER as to the result of any conformity or nonconformity of the Trial Run vessel to the requirement of this contract or further tests these specifications shall first be referred to the judgment of classification society but if the classification society fails to make a judgment or trials, as can’t do so the case may be, of the VESSEL matter shall be solved by reference referred to arbitration as provided in accordance with Article XIII hereof. (ef) It is agreed that the The BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies non-conformities, judged from the point of view of international the commonly and generally acknowledged Japanese standard shipbuilding standards as and shipping practice and provided always that any minor non-conformities do not being affect the VESSEL’s normal operation in conformity with the Specifications its intended trade and do not affect Class, but in such case which case, the SELLER and/or the BUILDER shall not be obliged released from the obligation to correct and/ or remedy such defects or deficiencies if any before effecting minor non-conformities at their own cost and expense as soon as practicable after the delivery of the VESSEL to the BUYER under this ContractVESSEL.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of sea trial and when the VESSEL trial results are available, and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees Builder considers the results thereof demonstrates that the VESSEL Vessel conforms with the requirements Contract, the Builder shall immediately give the Buyer a written notice of completion stating when the Vessel is ready for delivery. The Buyer shall within 48 consecutive hours after receipt of this Contract notice and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written test results thereof the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed Builder in writing of its acceptance or rejection of the VESSEL Vessel. (b) If the results of the sea trial demonstrate that the Vessel or any part or equipment thereof does not conform to the requirements of the Contract, or if the Buyer for other valid reasons rejects the Vessel, the Builder shall take all necessary steps to rectify such non-conformity. If necessary the Builder shall for its own account carry out a further sea trial in accordance with Article VII to ascertain that the Vessel complies with the terms of the Contract. Upon demonstration by the Builder that the deficiencies have been corrected, a notice thereof and of the readiness of the Vessel for delivery, shall be given to the Buyer, who shall then within 48 consecutive hours after receipt of such notice together with the new test results notify the Builder of its acceptance or rejection. (c) If the Buyer for any reason therefor within six (6) New York business days period as provided for in rejects the above sub-paragraphs (a) and (b)Vessel, the BUYER Buyer shall in its notice of rejection give particulars of its reason therefore in such detail as can be deemed to have accepted the VESSELreasonably required. (d) Any dispute arising among the parties hereto as The Buyer shall not be obliged to the result of any take delivery of the Trial Run Vessel if it is not fully in conformity with the Contract, or further tests if there are any conditions or trialsrecommendations imposed by the Classification Society and/or Regulatory Bodies. However, as and only in the case circumstances described below, if the deficiencies or the conditions/ recommendations are of minor importance (“Delivery Deficiencies”), and the Builder is unable to rectify the matter within a reasonable time, the Builder may be, nevertheless require the Buyer to take delivery of the VESSEL Vessel, provided: (i) the Builder undertakes for its own account to remedy the deficiency or fulfil the requirement as soon as possible, and (ii) the Builder shall indemnify the Buyer for any loss incurred as a consequence thereof, including loss of time The Parties shall, for the purpose of this provision, on delivery draw up a list of Delivery Defects identifying the defects in question. The defects so listed shall be solved by reference deemed to arbitration as provided in Article XIII hereofbe Delivery Deficiencies for the purpose of this sub-clause. (e) It is agreed that If the BUYER shall not be entitled to reject Builder disputes the VESSEL rejection by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with Buyer, the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contractsubmitted for final decision by arbitration in accordance with Article XIX hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereoftrial run, the BUYER Builder shall give the Seller a notice by email or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax facsimile confirmed in writing of its acceptance completion of the VESSEL trial run, as and if the BUYER agrees Builder considers that the VESSEL conforms with results of the requirements trial run indicate conformity of the Vessel to this Contract and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the BUYER . The Seller shall, within six three (63) New York business days thereafterBusiness Days after receipt of such notice from the Builder, again notify the SELLER Builder by telefax confirmed in writing of its acceptance of the VESSEL email or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL together with Vessel. Such acceptance of the reason therefor within six (6) New York business days period as Vessel shall be made provided for in that the above sub-paragraphs (a) Vessel is deemed to satisfy the requirements of this Contract and (b), the BUYER Specifications. The Buyer shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to Seller's such decision. However, should the result of the trial run indicate that the Vessel or any part or equipment thereof does not conform to the requirements of this Contract and/or the Specifications, and if the Builder is in agreement to non-conformity as specified in the Seller's notice of rejection to the Builder, then the Seller shall cause the Builder to correct such non-conformity and perform such further test as may be deemed necessary until the Builder are able to prove satisfaction of the Trial Run or further tests or trialssame with requirements of this Contract and/or the Specifications. The Buyer shall follow the decision of the Seller, and shall give notice of acceptance to the Seller as long as the case may be, Seller make a decision of acceptance of the VESSEL shall be solved by reference to arbitration as provided Vessel, except in Article XIII hereof. (e) It is agreed the case that the BUYER shall Buyer proves to the Seller's satisfaction that the Vessel is not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being materially and substantially in conformity with the Specifications but with evidences, in such which case the SELLER Seller shall be obliged to remedy such defects or deficiencies if any before effecting delivery review the opinion and evidences submitted by the Buyer and discuss in good faith. Except where the Seller reasonably judges that the Buyer's opinion of the VESSEL to the BUYER under this Contract.substantial non-

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereoftrial run, the BUYER or BUILDER shall give the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER OWNER a notice by telefax telex confirmed in writing of its acceptance completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of to this Contract and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the BUYER . The OWNER shall, within six Five (65) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER BUILDER by telefax confirmed in writing of its acceptance of the VESSEL telex or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the trial results. (b) However, if the result of the trial run is unacceptable, or if the VESSEL, or any part or equipment thereof, (except a defect in the OWNER's Supplies not the responsibility of the BUILDER) does not conform to the requirements of this Contract and/or the Specifications, or if the BUILDER is in agreement to non- conformity as specified in the OWNER's notice of rejection, then, the BUILDER shall take necessary steps to correct such non- conformity. The VESSEL may be redocked in the event of unsatisfactory sea- trial results for the dynamic positioning and/or thruster systems, or other major system malfunction which cannot be repaired afloat. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the OWNER notice thereof by telex or telefax confirmed in writing. The OWNER shall, within Five (5) days after receipt of such notice from the BUILDER, notify the BUILDER of its acceptance or rejection of the VESSEL's conformity by telex or telefax confirmed in writing. (c) If any event that the OWNER rejects the VESSEL, the OWNER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof (except a defect in the OWNER's Supplies not the responsibility of the BUILDER) does not conform to this Contract and/or the Specifications. (d) In the event that the OWNER fails to notify the BUILDER by telex or telefax confirmed in writing of the acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER OWNER shall be deemed to have accepted the trial results and/or the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereofappropriate. (e) It is agreed that Any dispute between the BUYER shall not be entitled BUILDER and the OWNER as to reject the VESSEL by reason of any minor conformity or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non-conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the Specifications shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of sea trial and when the VESSEL trial results are available, and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees Builder considers the results thereof demonstrates that the VESSEL Vessel conforms with the requirements Contract, the Builder shall immediately give the Buyer a written notice of completion stating when the Vessel is ready for delivery. The Buyer shall within 48 consecutive hours after receipt of this Contract notice and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written test results thereof the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed Builder in writing of its acceptance or rejection of the VESSEL Vessel. (b) If the results of the sea trial demonstrate that the Vessel or any part or equipment thereof does not conform to the requirements of the Contract, or if the Buyer for other valid reasons rejects the Vessel, the Builder shall take all necessary steps to rectify such non-conformity. If necessary the Builder shall for its own account carry out a further sea trial in accordance with Article VII to ascertain that the Vessel complies with the terms of the Contract. Upon demonstration by the Builder that the deficiencies have been corrected, a notice thereof and of the readiness of the Vessel for delivery, shall be given to the Buyer, who shall then within 48 consecutive hours after receipt of such notice together with the new test results notify the Builder of its acceptance or rejection. (c) If the Buyer for any reason therefor within six (6) New York business days period as provided for in rejects the above sub-paragraphs (a) and (b)Vessel, the BUYER Buyer shall in its notice of rejection give particulars of its reason therefore in such detail as can be deemed to have accepted the VESSELreasonably required. (d) Any dispute arising among the parties hereto as The Buyer shall not be obliged to the result of any take delivery of the Trial Run Vessel if it is not fully in conformity with the Contract, or further tests if there are any conditions or trialsrecommendations imposed by the Classification Society and/or Regulatory Bodies. However, as if the case deficiencies or the conditions/recommendations are of minor importance, and the Builder is unable to rectify the matter within a reasonable time, the Builder may be, nevertheless require the Buyer to take delivery of the VESSEL shall be solved by reference Vessel, provided: (i) the Builder undertakes for its own account to arbitration as provided in Article XIII hereof.remedy the deficiency or fulfil the requirement within 12 months after the delivery of the Vessel.. (e) It is agreed that If the BUYER shall not be entitled to reject Builder disputes the VESSEL rejection by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with Buyer, the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contractsubmitted for final decision by arbitration in accordance with Article XIX hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run Tests and Trials, the BUILDER shall give the BUYER notice in accordance with Article XXII of completion of the Tests and Trials, as and if the BUILDER considers that the results of the Tests and Trials indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsSpecifications in all respects. The BUYER shall, within three (3) business days after receipt of such notice from the BUILDER, notify the BUILDER in accordance with Article XXII of its acceptance or rejection of the VESSEL. (b) However, should the VESSEL results of the Tests and Trials indicate that the VESSEL, or any part thereof including its or equipment thereof, does not fully conform to the requirements of this Contract and and/or the Specifications, then the BUILDER shall promptly take the necessary steps to correct such nonconformity. Upon completion of correction of such nonconformity, the BUYER may request a second round of Tests and Trials to test the nonconformity correction, and in such event the BUILDER shall give the BUYER not less than three (3) business days prior notice in accordance with Article XXII of the second round of Tests and Trials of the VESSEL. Upon successful completion of the second round of Tests and Trials, the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion within three (3) business days after receipt of such alterations or corrections and/or re-Trial or re-Trials and submission to notice from the BUYER of the detailed written results thereof the BUYER shallBUILDER, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed BUILDER in writing accordance with Article XXII of its acceptance of the VESSEL or of the rejection of the VESSEL together with VESSEL. Any additional cost for fuel, oils and greases required for the reason therefor. This process second, or subsequent, round of Tests and Trials shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsfor BUILDER's account. (c) In the event that the BUYER fails to notify rejects the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor within six (6) New York business days period as provided for in the above sub-paragraphs (a) and (b)VESSEL, the BUYER shall be deemed to have accepted indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof, does not conform to this Contract and/or the Specifications. (d) Any The BUILDER may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this ContractParagraph, in which case the matter shall be submitted for final decision by arbitration in accordance with Article XVII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the BUILDER shall give the BUYER a notice by telefax of completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the Specifications.SPECIFICATIONS . The BUYER shall, within Five (5)days after receipt of such notice from the BUILDER, notify the BUILDER by telefax of its acceptance or rejection of the VESSEL’s conformity to this Contract and the SPECIFICATIONS .. (b) However, should the VESSEL result of the trial run show that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the SpecificationsSPECIFICATIONS , or if the BUILDER is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the BUILDER shall take necessary steps to correct such non-conformity. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the telefax. The BUYER shall, within six Three (63) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER by telefax confirmed in writing BUILDER of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract and/or the SPECIFICATIONS . (d) In the event that the BUYER fails to notify the SELLER BUILDER by telefax confirmed in writing of its acceptance or rejection of the VESSEL acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any dispute arising among between the parties hereto BUILDER and the BUYER as to the result of any of the Trial Run conformity or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non-conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the SPECIFICATIONS shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the SELLER and/or the BUILDER shall give the BUYER a notice by facsimile confirmed in writing of completion of the trial runs, as and if the SELLER considers that the results of the trial run indicate conformity of the VESSEL and submission to this CONTRACT and/or the SPECIFICATIONS. The BUYER shall, within three (3) BUSINESS DAYS after receipt of such notice from the detailed written results thereof, SELLER and/or the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafterBUILDER, notify the SELLER and/or the BUILDER by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsVESSEL. (b) However, should the VESSEL results of the trial run indicate that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements requirement of this Contract and CONTRACT and/or the SpecificationsSPECIFICATIONS, and or if the BUYER shall give SELLER is in agreement to non-conformity as specified in the BUYER’s notice of rejection to the SELLER for such reasonrejection, then then, the SELLER shall investigate with promptly cause the Supervisor the cause of failure and proper steps shall be taken BUILDER to remedy the same and shall make whatever corrections and such alterations and/or re-Trial Run or Runs changes as may be necessary without extra cost to correct such non-conformity and thereafter establish the BUYER, fulfillment of the requirements by such tests or trials as are reasonable and upon notification by necessary. Within three (3) BUSINESS DAYS after the SELLER of completion of such alterations SELLER’s or corrections and/or re-Trial or re-Trials and submission the BUILDER’s presentation to the BUYER of the detailed written all relevant results thereof during such tests or trials, the BUYER shall, within six (6) New York business days thereafter, shall again notify the SELLER by telefax confirmed and/or the BUILDER in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In the event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof, does not conform to this CONTRACT and/or the SPECIFICATIONS. (d) In the event that the BUYER fails to notify the SELLER and/or the BUILDER by telefax facsimile confirmed in writing of its the acceptance of or the rejection of the VESSEL together with the reason therefor therefore of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs Paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any The SELLER may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL by the BUYER under this Paragraph, in which case the matter shall be solved submitted for final decision by reference to arbitration as provided in accordance with Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by of the SELLER BUILDER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereofVESSEL, the BUYER or the BUYER's ’s Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed BUILDER in writing or telefax of its acceptance of the VESSEL if the BUYER agrees that or of its rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefor. (b) However, should the result of the Trial Run indicate that the VESSEL or any part thereof including its equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER BUILDER of completion of such alterations or corrections and/or re-Trial trial or re-Trials and submission to the BUYER of the detailed written results thereof trials, the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing or by telex or telefax of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefor on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or re-trial or re-trials by the VESSEL or the rescission of this Contract in accordance with its termsBUILDER. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing or by telex or telefax of its acceptance or rejection of the VESSEL together with the reason therefor within six (6) New York business days period as provided for in the above sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or Shipbuilding Contract Hull No. further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII 13 hereof. (e) It is agreed that After trial run BUILDER should inform BUYER the BUYER shall not be entitled to reject delivery time according the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the actual conditions and SELLER shall be obliged to remedy remove any nonconformities (except such defects or deficiencies if any nonconformities accepted by the BUYER) at the time before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by of the SELLER BUILDER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereofVESSEL, the BUYER or the BUYER's Supervisor shall within six (6) New York business calendar days thereafter, notify the SELLER BUILDER by telefax confirmed in writing e-mail of its acceptance of the VESSEL if the BUYER agrees that or of its rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefor. (b) However, should the result of the Trial Run indicate that the VESSEL or any part thereof including its equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial re‑Trial Run or Runs as may be necessary without any extra cost to the BUYER, and upon notification by the SELLER BUILDER of completion of such alterations or corrections and/or re-Trial re‑trial or re-Trials and submission to the BUYER of the detailed written results thereof re‑trials, the BUYER shall, within six (6) New York business calendar days thereafter, again notify the SELLER by telefax confirmed in writing e-mail of its acceptance of the its VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefor on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or re‑trial or re‑trials by the VESSEL or the rescission of this Contract in accordance with its termsBUILDER. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing e-mail of its acceptance or rejection of the VESSEL together with the reason therefor within six (6) New York business days period as provided for in the above sub-sub‑ paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) at the time before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of sea trial and when the VESSEL trial results are available, and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees Builder considers the results thereof demonstrates that the VESSEL Vessel conforms with the requirements Contract, the Builder shall immediately give the Buyer a written notice of completion stating when the Vessel is ready for delivery. The Buyer shall within 48 consecutive hours after receipt of this Contract notice and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written test results thereof the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed Builder in writing of its acceptance or rejection of the VESSEL Vessel. (b) If the results of the sea trial demonstrate that the Vessel or any part or equipment thereof does not conform to the requirements of the Contract, or if the Buyer for other valid reasons rejects the Vessel, the Builder shall take all necessary steps to rectify such non-conformity. If necessary the Builder shall for its own account carry out a further sea trial in accordance with Article VII to ascertain that the Vessel complies with the terms of the Contract. Upon demonstration by the Builder that the deficiencies have been corrected, a notice thereof and of the readiness of the Vessel for delivery, shall be given to the Buyer, who shall then within 48 consecutive hours after receipt of such notice together with the new test results notify the Builder of its acceptance or rejection. (c) If the Buyer for any reason therefor within six (6) New York business days period as provided for in rejects the above sub-paragraphs (a) and (b)Vessel, the BUYER Buyer shall in its notice of rejection give particulars of its reason therefore in such detail as can be deemed to have accepted the VESSELreasonably required. (d) Any dispute arising among The Buyer shall not be obliged to take delivery of the Vessel if it is not fully in conformity with the Contract, or if there are any conditions or recommendations imposed by the Classification Society and/or Regulatory Bodies. However, if the deficiencies or the conditions/recommendations are of minor importance and the Builder is unable to rectify the matter within a reasonable time, the Builder may nevertheless require the Buyer to take delivery of the Vessel, provided: (i) the Builder undertakes for its own account to remedy the deficiency or fulfil the requirement as soon as possible, and (ii) the Builder shall indemnify the Buyer for any loss incurred as a consequence thereof, including loss of time, and (iii) the Builder provides security for the agreed anticipated costs of remedying the deficiencies or fulfil the requirements by permitting the Buyer at Delivery to pay such anticipated costs out of the instalment on Delivery and Acceptance into an escrow account to be held in the joint names of the parties hereto as to the result of any pending completion of the Trial Run or further tests or trials, as the case may be, remedying of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereofdeficiencies and the fulfilment of the requirements. (e) It is agreed that If the BUYER shall not be entitled to reject Builder disputes the VESSEL rejection by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with Buyer, the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contractsubmitted for final decision by arbitration in accordance with Article XIX hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the BUILDER shall give the BUYER a notice by telefax of completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsSPECIFICATIONS . The BUYER shall, within Five (5)days after receipt of such notice from the BUILDER, notify the BUILDER by telefax of its acceptance or rejection of the VESSEL’s conformity to this Contract and the SPECIFICATIONS . (b) However, should the VESSEL result of the trial run show that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the SpecificationsSPECIFICATIONS , or if the BUILDER is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the BUILDER shall take necessary steps to correct such non- conformity. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the telefax. The BUYER shall, within six Three (63) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER by telefax confirmed in writing BUILDER of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract and/or the SPECIFICATIONS . (d) In the event that the BUYER fails to notify the SELLER BUILDER by telefax confirmed in writing of its acceptance or rejection of the VESSEL acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any dispute arising among between the parties hereto BUILDER and the BUYER as to the result of any of the Trial Run conformity or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non- conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the SPECIFICATIONS shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereoftrial run, the BUYER or BUILDER shall give the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER OWNER a notice by telefax telex confirmed in writing of its acceptance completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of to this Contract and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the BUYER . The OWNER shall, within six Five (65) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER BUILDER by telefax confirmed in writing of its acceptance of the VESSEL telex or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the trial results. (b) However, if the result of the trial run is unacceptable, or if the VESSEL, or any part or equipment thereof, (except a defect in the OWNER's Supplies not the responsibility of the BUILDER) does not conform to the requirements of this Contract and/or the Specifications, or if the BUILDER is in agreement to non-conformity as specified in the OWNER's notice of rejection, then, the BUILDER shall take necessary steps to correct such non-conformity. The VESSEL may be redocked in the event of unsatisfactory sea-trial results for the dynamic positioning and/or thruster systems, or other major system malfunction which cannot be repaired afloat. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the OWNER notice thereof by telex or telefax confirmed in writing. The OWNER shall, within Five (5) days after receipt of such notice from the BUILDER, notify the BUILDER of its acceptance or rejection of the VESSEL's conformity by telex or telefax confirmed in writing. (c) If any event that the OWNER rejects the VESSEL, the OWNER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof (except a defect in the OWNER's Supplies not the responsibility of the BUILDER) does not conform to this Contract and/or the Specifications. (d) In the event that the OWNER fails to notify the BUILDER by telex or telefax confirmed in writing of the acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER OWNER shall be deemed to have accepted the trial results and/or the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereofappropriate. (e) It is agreed that Any dispute between the BUYER shall not be entitled BUILDER and the OWNER as to reject the VESSEL by reason of any minor conformity or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non-conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the Specifications shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereoftrial run, the BUYER Builder shall give the Seller a notice by email or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax facsimile confirmed in writing of its acceptance completion of the VESSEL trial run, as and if the BUYER agrees Builder considers that the VESSEL conforms with results of the requirements trial run indicate conformity of the Vessel to this Contract and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the BUYER . The Seller shall, within six three (63) New York business days thereafterBusiness Days after receipt of such notice from the Builder, again notify the SELLER Builder by telefax confirmed in writing of its acceptance of the VESSEL email or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL together with Vessel. Such acceptance of the reason therefor within six (6) New York business days period as Vessel shall be made provided for in that the above sub-paragraphs (a) Vessel is deemed to satisfy the requirements of this Contract and (b), the BUYER Specifications. The Buyer shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to Seller's such decision. However, should the result of the trial run indicate that the Vessel or any part or equipment thereof does not conform to the requirements of this Contract and/or the Specifications, and if the Builder is in agreement to non-conformity as specified in the Seller's notice of rejection to the Builder, then the Seller shall cause the Builder to correct such non-conformity and perform such further test as may be deemed necessary until the Builder are able to prove satisfaction of the Trial Run or further tests or trialssame with requirements of this Contract and/or the Specifications. The Buyer shall follow the decision of the Seller, and shall give notice of acceptance to the Seller as long as the case may be, Seller make a decision of acceptance of the VESSEL shall be solved by reference to arbitration as provided Vessel, except in Article XIII hereof. (e) It is agreed the case that the BUYER shall Buyer proves to the Seller's satisfaction that the Vessel is not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being materially and substantially in conformity with the Specifications but with evidences, in such which case the SELLER Seller shall review the opinion and evidences submitted by the Buyer and discuss in good faith. Except where the Seller reasonably judges that the Buyer's opinion of substantial non- conformity is obviously wrong or abuse of the right, then a matter shall first referred to judgment of the Classification Society, but if the Classification Society fails to make a judgment or cannot do so, the matter shall be obliged referred to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contractan arbitration.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereof, the submitting Trial Run results. The BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that or rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefore. (b) However, should the results of the Trial Run indicate that the VESSEL or any part thereof including its her equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and shall take proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial re‑Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial re‑trial or re-Trials and submission to the BUYER of the detailed written results thereof re‑trials, the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefor on the earlier basis of the BUYER’s acceptance alterations and corrections and/or re‑trial or re‑trials by the SELLER. Date: 13th November, 2013 In case of retrial, the VESSEL or SELLER shall notify the rescission of this Contract BUYER in accordance with its termsreasonable time. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor therefore within six (6) New York business days period after receipt of the SELLER’s notification of completion of the Trial Run as provided for in the above subSub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article ARTICLE XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject BUYER, at its sole discretion, from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by of the SELLER BUILDER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereofVESSEL, the BUYER or the BUYER's Supervisor ’s Supervisors shall within six four (64) New York business days in the Country of Construction thereafter, notify the SELLER BUILDER by telefax or email confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that or of its rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefor. (b) However, should the result of the Trial Run indicate that the VESSEL or any part thereof including its equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDER shall investigate with the Supervisor Supervisors the cause of failure and the proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial reTrial Run or Trial Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER BUILDER of completion of such alterations or corrections and/or re-Trial retrial or re-Trials and submission to the BUYER of the detailed written results thereof retrials, the BUYER shall, within six four (64) New York business days in the Country of Construction thereafter, again notify the SELLER by telefax or email confirmed in writing of its acceptance of the its VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefor on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or retrial or retrials by the VESSEL or the rescission of this Contract in accordance with its termsBUILDER. (c) In the event that the BUYER fails to notify the SELLER by telefax or email confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor thereof within six four (64) New York business days period as provided for in the above sub-sub paragraphs (a) and (b)) above, the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) at the time before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the SELLERS shall give the BUYER a notice by facsimile or e-mail confirmed in writing of completion of the trial run, as and if the SELLERS considers that the results of the trial run indicate conformity of the VESSEL to this Contract and submission to the Specifications. The BUYER shall, within two (2) days after receipt of such notice from the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafterSELLERS, notify the SELLER SELLERS by telefax facsimile confirmed in writing of its acceptance or rejection of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsVESSEL. (b) However, should the VESSEL results of the trial run indicate that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the Specifications, and or if the SELLERS is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the SELLERS shall cause the BUILDER to take necessary steps, to correct such non-conformity. Upon completion of correction of such non-conformity, the SELLERS shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the facsimile confirmed in writing. The BUYER shall, within six two (62) New York business days thereafterafter receipt of such notice from the SELLERS, again notify the SELLER by telefax confirmed in writing SELLERS of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof dose not conform to this Contract and/or the Specifications. (d) In the event that the BUYER fails to notify the SELLER SELLERS by telefax facsimile or email confirmed in writing of its the acceptance of or the rejection of the VESSEL together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above sub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any The SELLERS may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL by the BUYER under this paragraph, in which case the matter shall first be referred to judgement of the Classification Society, but if the Classification Society fails to make a judgement or cannot do so, the matter shall be solved submitted for final decision by reference arbitration in accordance with Article XIV hereof. The buyers shall be notified of the classification society’s judgment and will have two (2) working days to arbitration as provided in Article XIII hereofeither accept or reject, advising sellers on reasons of rejection." (ef) It is agreed that the The BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies items, which may not affect the VESSEL’s operation, its crew and safety, judged from the point of view of international the commonly and generally acknowledged Japanese standard shipbuilding standards and shipping practice, as not being in conformity with the Specifications but Specifications, but, in which case, the SELLERS shall not be released from the obligation to correct and/or remedy for its own account such case minor or insubstantial items as soon as practicable after the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this ContractVESSEL.

Method of Acceptance or Rejection. (a) Upon notification by of the SELLER BUILDER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereofVESSEL, the BUYER or the BUYER's ’s Supervisor shall within six Six (6) New York business days thereafter, notify the SELLER BUILDER by telefax or email confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that or of its rejection of the VESSEL conforms together with the requirements of this reasons therefor. Date: 22/58 Shipbuilding Contract and the SpecificationsHull No. (b) However, should the result of the Trial Run indicate that the VESSEL or any part thereof including its equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER BUILDER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof Trials, the BUYER shall, within six Six (6) New York business days thereafter, again notify the SELLER by letter sent by telefax confirmed in writing or email of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefor on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or re-Trial or re-Trials by the VESSEL or the rescission of this Contract in accordance with its termsBUILDER. (c) In the event that the BUYER fails to notify the SELLER by letter sent by telefax confirmed in writing or email of its acceptance or rejection of the VESSEL together with the reason therefor within six the Six (6) New York business days period as provided for in the above sub-paragraphs (a) and arid (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to the Classification Society or arbitration as provided in Article XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) at the time before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the BUILDER shall give the BUYER a notice by fax confirmed in writing of completion of the trial run, as and if the BUILDER considers that the results of the trial run indicate conformity of the VESSEL to this Contract and submission to the Specifications. The BUYER of the detailed written results thereofshall, the BUYER or the BUYER's Supervisor shall within six three (63) New York business days thereafterafter receipt of such notice from the BUILDER, notify the SELLER BUILDER by telefax fax confirmed in writing of its acceptance of, or rejection of the VESSEL if the BUYER agrees that the VESSEL conforms together with the requirements of this Contract and the Specificationsreason thereof. (b) However, should the VESSEL results of the trial run indicate that the VESSEL, or any part thereof including its equipment not conform fails to meet the full requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER BUILDER shall investigate with the Supervisor representative the cause of failure and the proper steps shall to be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs retrial as may be necessary without extra cost to the BUYERnecessary, and upon notification by the SELLER BUILDER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof retrial, the BUYER shall, within six three (63) New York business days thereafter, again notify the SELLER BUILDER by telefax fax confirmed in writing of its acceptance of the VESSEL or of the rejection rejections of the VESSEL together with the reason therefor. This process shall be repeated until therefore on the earlier basis of the BUYER’s acceptance of alterations and corrections and/or retrial by the VESSEL or the rescission of this Contract in accordance with its termsBUILDER. (c) In the event that the BUYER fails to notify the SELLER BUILDER by telefax fax confirmed in writing of its the acceptance of or the rejection of the VESSEL together with the reason therefor therefore of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any The BUILDER may dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, rejection of the VESSEL by the BUYER under this Paragraph, in which case the matter shall be solved submitted for final decision by reference to arbitration as provided in accordance with Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under this Contract.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run trial run, the BUILDER shall give the BUYER a notice by telefax of completion of the trial run, as and if the BUILDER considers that the results of trial run indicate conformity of the VESSEL and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that the VESSEL conforms with the requirements of this Contract and the SpecificationsSPECIFICATIONS . The BUYER shall, within Five (5)days after receipt of such notice from the BUILDER, notify the BUILDER by telefax of its acceptance or rejection of the VESSEL’s conformity to this Contract and the SPECIFICATIONS . (b) However, should the VESSEL result of the trial run show that the VESSEL, or any part thereof including its or equipment thereof, does not conform to the requirements of this Contract and and/or the SpecificationsSPECIFICATIONS , or if the BUILDER is in agreement to non-conformity as specified in the BUYER’s notice of rejection, then, the BUILDER shall take necessary steps to correct such non-conformity. Upon completion of correction of such non-conformity, and re-test or trial if necessary, the BUILDER shall give the BUYER shall give a notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification thereof by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written results thereof the telefax. The BUYER shall, within six Three (63) New York business days thereafterafter receipt of such notice from the BUILDER, again notify the SELLER by telefax confirmed in writing BUILDER of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its termsVESSEL. (c) In any event that the BUYER rejects the VESSEL, the BUYER shall indicate in detail in its notice of rejection in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract and/or the SPECIFICATIONS .. (d) In the event that the BUYER fails to notify the SELLER BUILDER by telefax confirmed in writing of its acceptance or rejection xxxxxxx of the VESSEL acceptance of or the rejection together with the reason therefor of the VESSEL within six (6) New York business days the period as provided for in the above subSub-paragraphs paragraph (a) and or (b), the BUYER shall be deemed to have accepted the VESSEL. (de) Any dispute arising among between the parties hereto BUILDER and the BUYER as to the result of any of the Trial Run conformity or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as not being in non-conformity with the Specifications but in such case the SELLER shall be obliged to remedy such defects or deficiencies if any before effecting delivery of the VESSEL to the BUYER under requirements of this ContractContract and/or the SPECIFICATIONS shall be submitted for final decision in accordance with Article XII hereof.

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of sea trial and when the VESSEL trial results are available, and submission to the BUYER of the detailed written results thereof, the BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees Builder considers the results thereof demonstrates that the VESSEL Vessel conforms with the requirements Contract, the Builder shall immediately give the Buyer a written notice of completion stating when the Vessel is ready for delivery. The Buyer shall within 48 consecutive hours after receipt of this Contract notice and the Specifications. (b) However, should the VESSEL or any part thereof including its equipment not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial or re-Trials and submission to the BUYER of the detailed written test results thereof the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until the earlier of the BUYER’s acceptance of the VESSEL or the rescission of this Contract in accordance with its terms. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed Builder in writing of its acceptance or rejection of the VESSEL Vessel. (b) If the results of the sea trial demonstrate that the Vessel or any part or equipment thereof does not conform to the requirements of the Contract, or if the Buyer for other valid reasons rejects the Vessel, the Builder shall take all necessary steps to rectify such non-conformity. If necessary the Builder shall for its own account carry out a further sea trial in accordance with Article VII to ascertain that the Vessel complies with the terms of the Contract. Upon demonstration by the Builder that the deficiencies have been corrected, a notice thereof and of the readiness of the Vessel for delivery, shall be given to the Buyer, who shall then within 48 consecutive hours after receipt of such notice together with the new test results notify the Builder of its acceptance or rejection. (c) If the Buyer for any reason therefor within six (6) New York business days period as provided for in rejects the above sub-paragraphs (a) and (b)Vessel, the BUYER Buyer shall in its notice of rejection give particulars of its reason therefore in such detail as can be deemed to have accepted the VESSELreasonably required. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof. (e) It is agreed that the BUYER The Buyer shall not be entitled obliged to reject take delivery of the VESSEL by reason of any minor or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards as Vessel if it is not being fully in conformity with the Specifications but Contract, or if there are any conditions or recommendations imposed by the Classification Society and/or Regulatory Bodies. However, and only in such case the SELLER shall be obliged circumstances described below, if the deficiencies or the conditions/ recommendations are of minor importance (“Delivery Deficiencies”), and the Builder is unable to remedy such defects or deficiencies if any before effecting rectify the matter within a reasonable time, the Builder may nevertheless require the Buyer to take delivery of the VESSEL Vessel, provided: (i) the Builder undertakes for its own account to remedy the BUYER under this Contract.deficiency or fulfil the requirement as soon as possible, and

Method of Acceptance or Rejection. (a) Upon notification by the SELLER of the completion of the Trial Run of the VESSEL and submission to the BUYER of the detailed written results thereof, the submitting Trial Run results. The BUYER or the BUYER's Supervisor shall within six (6) New York business days thereafter, notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL if the BUYER agrees that or rejection of the VESSEL conforms together with the requirements of this Contract and the Specificationsreasons therefore. (b) However, should the results of the Trial Run indicate that the VESSEL or any part thereof including its her equipment does not conform to the requirements of this Contract and the Specifications, and the BUYER shall give notice of rejection to the SELLER for such reason, then the SELLER shall investigate with the Supervisor the cause of failure and shall take proper steps shall be taken to remedy the same and shall make whatever corrections and alterations and/or re-Trial re‑Trial Run or Runs as may be necessary without extra cost to the BUYER, and upon notification by the SELLER of completion of such alterations or corrections and/or re-Trial re‑trial or re-Trials and submission to the BUYER of the detailed written results thereof re‑trials, the BUYER shall, within six (6) New York business days thereafter, again notify the SELLER by telefax confirmed in writing of its acceptance of the VESSEL or of the rejection of the VESSEL together with the reason therefor. This process shall be repeated until therefore on the earlier basis of the BUYER’s acceptance alterations and corrections and/or re‑trial or re‑trials by the SELLER. In case of retrial, the VESSEL or SELLER shall notify the rescission of this Contract BUYER in accordance with its termsreasonable time. (c) In the event that the BUYER fails to notify the SELLER by telefax confirmed in writing of its acceptance or rejection of the VESSEL together with the reason therefor therefore within six (6) New York business days period after receipt of the SELLER’s notification of completion of the Trial Run as provided for in the above subSub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL. (d) Any dispute arising among the parties hereto as to the result of any of the Trial Run or further tests or trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article ARTICLE XIII hereof. (e) It is agreed that Nothing herein shall preclude the BUYER shall not be entitled to reject BUYER, at its sole discretion, from accepting the VESSEL by reason of any minor with its qualifications and/or remarks following the Trial Run and/or further tests or insubstantial defects or deficiencies judged from the point of view of international shipbuilding standards trials as not being in conformity with the Specifications but in such case aforesaid and the SELLER shall be obliged to remedy comply with and/or remove such defects or deficiencies qualifications and/or remarks (if any such qualifications and/or remarks are acceptable to the SELLER) before effecting delivery of the VESSEL to the BUYER under this Contract.