Common use of REMEDY OF DEFECTS Clause in Contracts

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in (b) hereinbelowSELLER. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall includeto make the repair by the SELLER, but and if forwarding by the SELLER of replacement parts, and materials can not be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by email or facsimile telefax confirmed in writing of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstances as set out below, the SELLER shall immediately pay to the BUYER in United States Dollars by telegraphic transfer the actual cost for such repairs or replacements including forwarding charges, or at the average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in China, Japan, South Korea and Singapore, whichever is lower: (a) Upon the BUILDERSELLER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD.or (cb) In If the event that it is necessary for SELLER neither accepts nor rejects the BUILDER to forward a replacement for a defective part under this guaranteedefects as above provided, replacement parts shall be shipped to the BUYER under the C.I.F terms to nor requests arbitration within thirty (30) days after its receipt of the BUYER's nominated portnotice of defects. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if the BUYER should determine that it is impractical (which shall include, but not be limited to, an emergency) commercially or operationally impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described BUYER’s agent to be designated by the BUYER in (c) hereinbelowwriting, unless forwarding or supplying thereof under the terms described in (c) hereinbelow VESSEL would impair or delay the operation or of working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER a notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER an amount equal to the reasonable cost of making the same for such repairs or replacements at the SHIPYARDjustified reasonable and proven actual cost of repairs or replacements. (c) In The reimbursement of the event that it is necessary for the BUILDER costs incurred in relation to forward a replacement for a defective part under this guarantee, replacement parts guarantee works shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any paid in a lumpsum after expiration of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articleguarantee period. (d) In any case, the VESSEL shall be taken, at the BUYER’s cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. (e) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, DEFECT against which the VESSEL or any part of the machinery or equipment thereof is guaranteed under this ArticleArticle IX, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARD, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email e-mail or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects DEFECTS complained of. The BUILDER shall, shall in such case, promptly advise the BUYER in writing or by email e-mail or facsimile, after such examination has been completed, of its acceptance or rejection of the defects DEFECTS as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects DEFECTS as justifying remedy under this ArticleArticle IX, or upon the award of the arbitration tribunal so determining, or if the BUILDER neither accepts nor rejects the defects nor requests arbitration within sixty (60) days after its receipt of the BUYER’s notice of defects, the BUILDER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable actual direct cost of making the same repairs or replacements, as evidenced in United States Dollars by the final invoices of the relevant shipyard/repairer or supplier, however, the amount of the BUILDER’s payment to the BUYER for such repairs or replacements at shall not exceed the SHIPYARDaverage cost quoted by two reputable repair yards in Singapore. (c) In any case, the VESSEL shall be taken at the BUYER’s costs and responsibility to the place elected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges or any other cost or expenses whatsoever incurred by the BUYER in getting and keeping the VESSEL ready for such repairs or replacements. (d) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to of C.I.F. port designated by the BUYER's nominated port. . (e) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects DEFECTS are remedied in accordance with the provisions in this ArticleArticle IX. (df) Any dispute under this Article IX shall be referred to arbitration in accordance with the provisions of Article XIII hereof. (g) In case any amount, which the BUILDER should pay to the BUYER for a single claim in accordance with this Article, is over US$100,000, then the BUILDER shall immediately pay to the BUYER such amount.

REMEDY OF DEFECTS. (a) The BUILDER Builder shall remedy, remedy at its expense, expense any defects, against which the VESSEL Vessel is guaranteed under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingBuilder’s nominated yard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere at another place which is deemed by the BUYER Buyer with the consent of the BUILDER which shall Builder, such consent not to be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the Vessel on CIF terms described in (c) hereinbelow, unless such forwarding or supplying supply thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER If Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any shipyard yard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (but before doing so, and in all events any event as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile of the time and place where such repairs will be made, and if . If the VESSEL Vessel is not thereby delayed, or nor her operation or working schedule is not thereby materially impaired, the BUILDER Builder shall have the right to verify by its own or appointed representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER by email or facsimile, Buyer after such examination has been completed, of its acceptance or rejection of the defects as ones that are being covered by the guarantee herein undertakings hereby provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this ArticleArticle IX.3.(b), or upon the final award of the an arbitration so determining, Builder shall reimburse Buyer the BUILDER documented expenses incurred by Buyer, but such reimbursement shall compensate not exceed the BUYER an amount equal to the reasonable average cost of making the same repairs or replacements at a reputable European repair yard, a reputable Singapore repair yard and a reputable Chinese repair yard. The repair yards for the SHIPYARDreference of Builder’s compensation shall be chosen by the Buyer subject to the Builder’s prior written consent which shall not be unreasonably withheld. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Vessel shall at Buyer’s risk and expense be shipped taken to the BUYER under place chosen and be kept ready in all respects for such repairs or replacements at that place and Builder shall not be responsible for towage, dockage, wharfage, port charges, and anything else incurred in Buyer’s getting and keeping the C.I.F terms to the BUYER's nominated port. The BUILDER reserves Vessel ready for such repairs and replacements. (d) Builder shall have the option to retrieve, retrieve at the BUILDER's cost, its own cost any of the replaced equipment/equipment and parts in case where the defects are remedied in accordance with the provisions in of this ArticleArticle IX. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereofXIII.1.(b).

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, BUYER should determine and prove if it is commercially and/or operationally impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable actual proven cost of making the same repairs or replacements at the SHIPYARDreplacements. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to of CIF port of the BUYER's nominated port. country where vessel will be repaired. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (ai) The BUILDER Builder shall remedy, at its expense, any defects, against which the VESSEL Vessel is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD Shipyard or elsewhere as provided for in (bii) hereinbelow. In such case, case the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER Builder shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's Buyer’s getting and keeping the VESSEL Vessel ready for such repairing or replacing. (bii) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER Buyer, with the consent of the BUILDER Builder which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVessel, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any shipyard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (but in all events as soon as reasonably possible) give the BUILDER Builder notice in writing, or by email e-mail or facsimile telefax, of the time and place such repairs will be made, and if the VESSEL Vessel is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER Buyer by email e-mail or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER Builder shall compensate immediately pay to the BUYER Buyer an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARDreplacement. (ciii) In the event that it is necessary for the BUILDER Builder to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER Buyer under the C.I.F terms term of C.I.F. to the BUYER's nominated port. The BUILDER reserves the option country and place where they are to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlebe forwarded. (div) In any event, the Vessel shall be taken at the Buyer’s cost and responsibility to the place elected, ready in all respects for such repairs or replacements. (v) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII 13 hereof. (vi) Any major parts or materials (including painting or coating) replaced during the Guarantee Period under Paragraph (a) of this Article shall be guaranteed for a further twelve (12) months, but not more than fifteen (15) months from delivery of the Vessel (eighteen (18) months in respect of hull exterior coating and painting).

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs and/or replacement. Such repairs and/or replacement will be made by the SELLER or replacements at its subcontractors or its authorized service as the SHIPYARD or elsewhere as provided for in (b) hereinbelowcase may be. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall includefor the SELLER to make the repair and if forwarding by the SELLER of replacement parts, but and materials can not be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall, cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDshall first, the BUYER shall first (but in all events as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by email or facsimile telefax of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, delayed or her operation or working schedule is not thereby delayed or impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In any circumstances set out below, the SELLER shall Date: 13th November, 2013 immediately pay to the BUYER in United States Dollars by telegraphic transfer the actual cost for such repairs or replacements including forwarding charges borne by the BUYER, or at the cost of making similar repairs or replacements including forwarding charges as quoted by a leading shipyard in each of Japan, South Korea, Singapore U.S.A. and Malta, whichever is lower: (a) Upon the BUILDERSELLER's acceptance of the defects as justifying remedy under this Article, or upon award or (b) If the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determiningBUYER's notice of defects except the emergency condition, in which the BUILDER VESSEL need immediate repair, then the SELLER shall compensate reply within seven (7) days after its receipt of the BUYER an amount equal to the reasonable cost BUYER's notice of making the same defects. The SELLER further guarantees in writing any repairs or replacements at to the SHIPYARD. VESSEL made by it pursuant to this ARTICLE IX for a further period of twelve (c12) In months from the event that it is necessary date of completion of such repair or replacement, the SELLER’s liability for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER defects under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions guarantee in this ArticleArticle shall, however, cease after the expiry eighteen (18) months, from the date of delivery. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelowherein below. In such caseany cases, removal of the VESSEL to the location at which the repair or replacements are to be effected, shall be taken at the BUYER's cost ’s risk and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingexpenses. (b) However, if If it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER for an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. The BUILDER shall compensate the BUYER for the documented expenses incurred by the BUYER, but not to exceed one hundred and twenty percent (120%) of the cost of making such repair or replacement at the SHIPYARD, subject to the cost of making such repair or replacement in the SHIPYARD is being equal to the cost of the same repair and replacement in a major shipyard in Singapore. (c) In the event that it is necessary for the BUILDER to forward a replacement for of a defective part under this guarantee, replacement parts shall be shipped supplied to the BUYER under by airfreight (if air transport is feasible and necessary to assure the C.I.F terms VESSEL’s undisturbed operation) on a freight prepaid basis to the port designated by the BUYER's nominated port. . (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its cost and expense, any defects, Defect(s) against which the VESSEL is guaranteed under this ArticleARTICLE IX, by making all necessary repairs or replacements as well as dismantling, removal, reassembling and incidental works at the SHIPYARD Shipyard or elsewhere as provided for in Clause (b) hereinbelow. In such caseof this Clause, the VESSEL shall be taken at the BUYER's cost and responsibility to ’s convenience. If the place selectedcause of the Defect(s) is not known or if the Defect(s) is of a recurring nature the SELLER shall, ready in all respects at its expense, explore the reason for such repairs or replacements Defect(s) and take all necessary steps and measures to remedy same in any event, such a way as to eliminate the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreoccurrence thereof. (b) However, if if, in the BUYER’s sole discretion, it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed suitable by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose (including by the VESSEL’s crew), provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice in writing by email telex or facsimile confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right at its own cost and expense to verify by its own representative(s) representatives the nature nature, cause and extent of the defects Defect(s) complained of. It is understood that defects to underwater parts of the VESSEL, which were found and detected during the Guarantee Period, may be made good at the time of the first dry-docking of the VESSEL following the expiration of the Guarantee Period. The BUILDER SELLER shall, in such case, promptly advise the BUYER by email telex or facsimilefacsimile confirmed in writing, after such examination has been completed, of its acceptance or rejection of the defects Defect(s) as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects Defect(s) as justifying remedy under this ArticleARTICLE IX, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in a first class Chinese shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. Payment for the work done to remedy the Defect(s) shall be settled regularly during the Guarantee Period and the actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period for minor items (up to US$50,000) and promptly by the SELLER after settlement of the same for major items. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrievetaken, at the BUILDER's costBUYER’s cost and responsibility, any to the place elected, ready in all respects for such repairs or replacement. In case of breakdown at sea due to Defects, the replaced equipment/parts in case defects are remedied in accordance with cost of bringing the provisions in this ArticleVESSEL to a repair yard shall be for SELLER’s account. (d) Notwithstanding anything contained in Clause 5(a) of this ARTICLE IX, the BUYER shall be entitled to require the SELLER to forward to the VESSEL, wherever it may be, replacement(s) for defective part(s) to which the SELLER’s guarantee under this ARTICLE IX applies, and in such case the SELLER shall forward the same by such means as to reach the VESSEL as expeditiously as possible. In emergency cases when the VESSEL will be prevented from sailing or from completing its voyage, forwarding of replacement(s) as aforesaid will be effected by the SELLER by air cargo. The SELLER shall bear and pay all C.I.F. costs of the replacement(s) until they arrive on board the VESSEL. (e) Any dispute under this Article ARTICLE IX shall be referred to arbitration in accordance with the provisions of Article XIII ARTICLE XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, DEFECT against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARD, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email e-mail or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects DEFECTS complained of. The BUILDER shall, shall in such case, promptly advise the BUYER in writing or by email e-mail or facsimile, after such examination has been completed, of its acceptance or rejection of the defects DEFECTS as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects DEFECTS as justifying remedy under this Article, or upon the award of the arbitration tribunal so determining, determining the BUILDER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a financial sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDHyundai — Vinashin Shipyard Co., Ltd. in Vietnam. (c) In any case, the VESSEL shall be taken at the BUYER's costs and responsibility to the place elected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges or any other cost or expenses whatsoever incurred by the BUYER in getting and keeping the VESSEL ready for such repairs or replacements. (d) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of C.F.R. port of the country where they are to the BUYER's nominated port. be purchased. (e) The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects DEFECTS are remedied in accordance with the provisions in this Article. (df) Any dispute under this Article article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defects against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in subparagraph (b) hereinbelowbelow. If the cause of the Defect(s) is not known or if the Defect(s) is of a recurring nature, the BUILDER shall, at its expense, explore the reasons for such Defect(s) and take all necessary steps and measures to remedy the same in such a way as to eliminate the reoccurrence thereof. In such casethe event of any Defect(s) guaranteed under this Article, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for by the BUYER's BUYER in getting and keeping the VESSEL ready for such repairing repair or replacingreplacement. The BUILDER and the BUYER agree that Defects to underwater parts of the VESSEL found and detected during the Guarantee Period may be made good at the time of the first dry-docking of the VESSEL following the expiration of the Guarantee Period, however, the BUILDER shall not be liable for any worsening of the Defects after the expiry date of the Guarantee Period, unless mutually agreed by the parties. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER BUILDER, which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in subparagraph (c) hereinbelowbelow, unless the forwarding or supplying thereof under the terms described in subparagraph (c) hereinbelow below would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right right, at its own cost and expense, to verify by its own representative(s) the nature and extent of the defects Defect(s) complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects Defect(s) as ones that are one(s) covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects Defect(s) as justifying remedy under this Article, or upon award of the an arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARDmajor ship repair facilities in Singapore. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under BUYER, and the C.I.F terms to BUILDER shall bear and pay all C.I.F. costs of the BUYER's nominated port. replacement(s) until they arrive on board the VESSEL. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects the event Defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defects against which the VESSEL is guaranteed under this Article, Article by making all necessary and reasonably practicable repairs or and/or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’S cost and responsibility to the place selected, ready in all respects for such repairs or and/or replacements and and, in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred by the BUYER for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or and/or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER BUILDER, which shall not be unreasonably withheldwithheld or unduly delayed, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or and/or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) and at its own expense the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’S acceptance of the defects as justifying remedy under this Article, Article or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER, within fifteen (15) business days of receipt of the invoice for the works either the invoiced amount or if the BUILDER in good faith sends to the BUYER an amount equal within ten (10) business days a lower quotation for the same work by a shipyard in the same general region, the BUILDER shall pay to the reasonable cost BUYER the average of making the same repairs or replacements at BUILDER’S quotation and the SHIPYARDinvoiced amount. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to of CIF for delivery at the port of call of the VESSEL as designated in writing by the BUYER's nominated port. . (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’S cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials to the VESSEL under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements which shall not exceed the average cost of making same repairs or replacements at a reputable European repair yard, a reputable Singapore repair yard and a reputable Chinese repair yard. The repair yards for the SHIPYARDreference of BUILDER’s compensation shall be chosen by the BUYER subject to the BUILDER’s prior written consent which shall not be unreasonably withheld. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of C.I.F. port of the country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defect against which the VESSEL or any part of equipment thereof is guaranteed under this ArticleArticle by repairing or replacing the defective parts in the BUILDER's nominated shipyard. (b) Such repairs or replacement will be made at the BUILDER's nominated shipyard unless the VESSEL cannot be practically brought there. However, by making all if it is impractical for the BUYER to bring the VESSEL to the BUILDER's nominated shipyard and if it is likewise impractical for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the VESSEL's operation or working, then, in such event, the BUYER may cause the necessary repairs or replacements to be made at any shipyard or works other than the BUILDER's nominated shipyard at the SHIPYARD discretion of the BUYER, provided, however, that the BUYER shall give the BUILDER notice in writing or elsewhere by facsimile/email confirmed in writing of the time and place such repairs will be made, if the VESSEL is not thereby delayed or her operation or working is not thereby impaired, the BUILDER shall have the right to verify by its own representative the nature and extent of the defects complained of. The BUILDER, in such cases, shall promptly advise the BUYER by facsimile/email, after such impartial verification has been completed, of its acceptance or rejection of the defect as provided one that is subject to the Guarantee herein provided. Upon receipt by the BUYER of the BUILDER's facsimile/email acceptance of the defect as one justifying remedy under this Article, the BUYER may cause necessary repairs or replacements to be made and the BUILDER shall pay to the BUYER for such repairs or replacements a sum equal to the same cost of making such repairs and/or replacements in the SHIPYARD. (bc) hereinbelowIn the event it is necessary to forward the replacement for the defective parts under the BUILDER's guarantee, the BUILDER shall forward the same to the agent designated by the BUYER at Cost Insurance and Freight by sea. However, if such replacement(s) is/are indispensably essential to and urgently required for the seaworthiness of the VESSEL, the BUILDER shall forward the same to the agent designated by the BUYER at Cost Insurance and Freight by airfreight. Seafreight and/or airfreight thereby incurred are for account of the BUILDER, but such replacement shall be taken to the Vessel and installed at the BUYER’s cost. (d) In such any case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selectedelected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacements. (be) HoweverAll disputes in this connection, if it is impractical (which shall include, but not be limited to, an emergency) to bring including any disputes arising on the VESSEL to question of cost or upon the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed rejection by the BUYER with the consent of the BUILDER which shall not be unreasonably withheldBUILDER, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection upon impartial verification of the defects as ones that are covered aforesaid and all other disputes connected with or arising upon the discovery by the guarantee herein provided. Upon the BUILDER's acceptance BUYER of the defects as justifying remedy under this Article, or upon award of which cannot be amicably settled between the arbitration so determining, BUYER and the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to the Classification Society. However, if the decision of the Classification Society is not acceptable to either or both parties, such disputes shall be then referred to arbitration as provided in accordance with the provisions ARTICLE XIII of Article XIII hereofthis Contract.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL DRILLSHIP is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL DRILLSHIP to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelownearest airport or port from the DRILLSHIP, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELDRILLSHIP. In the event that the BUYER proposes to cause the necessary repairs or replacements for the DRILLSHIP to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL DRILLSHIP is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telefax or facsimile, telex after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's 'S acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount for such repairs or replacements a sum equal to the necessary and reasonable cost of making the same repairs or replacements in a competent shipyard at a reasonable location, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The reimbursement of the cost incurred in relation to guarantee works shall be paid after the repairs or replacements are made but if not made or the costs incurred for each such repair or replacement is below US$ 100,000, such costs shall be paid at the expiration of the guarantee period. (c) In The BUILDER guarantees repairs or replacements to the event that it is necessary for DRILLSHIP made under the BUILDER to forward a replacement guarantee in paragraph 1 of this Article for a defective part under this guaranteefurther period of Twelve (12) months from the date of completion of such repair or replacement. In any case, replacement parts the maximum guarantee period shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlenot exceed Eighteen (18) months. (d) In any case, the DRILLSHIP shall be taken, at the BUYER'S cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. (e) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, remedy at its expense, expense any defects, against which the VESSEL DRILLSHIP is guaranteed warranted under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in SHIPYARD. (b) hereinbelowHowever, if it is impractical to bring the DRILLSHIP to the SHIPYARD, BUYER shall cause the necessary repairs or replacements to be made at another place suitable for the purpose, provided that, in such event, BUILDER shall forward, procure or supply replacement parts or materials to the DRILLSHIP on cost, insurance and freight (“CIF”) terms unless such forwarding or supply thereof to the DRILLSHIP would impair or delay the operation or working schedule of the DRILLSHIP. In this case, BUYER shall be responsible for handling of the replacement parts or materials after BUILDER’s CIF delivery. Thereafter, BUYER shall first try to have the defects be remedied by the DRILLSHIP’s crew as far as practically possible, in which case no compensation by BUILDER shall be made to BUYER for the works performed by the DRILLSHIP’s crew. (1) If BUYER proposes to cause the necessary repairs or replacements to be made to DRILLSHIP at any yard or works other than the SHIPYARD, BUYER shall before doing so, and in any event as soon as possible, give BUILDER notice of the time and place where such repairs will be made. If the DRILLSHIP is not thereby delayed, nor her operation or working schedule thereby materially impaired, BUILDER shall have the right to verify by its own or appointed representative(s) the nature and extent of the defects complained of. BUILDER shall, in such case, promptly advise BUYER after such examination has been completed, of its acceptance or rejection of defects as being covered by the VESSEL undertakings hereby provided. (2) Upon BUILDER’s acceptance of defects as justifying remedy under this Article IX.3(b), or upon the final award of an arbitration so determining, BUILDER shall reimburse BUYER the documented expenses incurred by BUYER, at completion of the repair or at the time of final award of an arbitration, as the case may be, but such reimbursement shall not exceed the reasonably estimated cost of carrying out the warranty work at the SHIPYARD. (c) In any case, the DRILLSHIP shall be taken at the BUYER's cost ’s risk and responsibility expense to the place selectedchosen, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges charges, inspection and underwater survey costs for defects finding, and anything else incurred for the in BUYER's ’s getting and keeping the VESSEL DRILLSHIP ready for such repairing or replacingrepairs and replacements. (bd) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right option to verify by retrieve at its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/equipment and parts in case where the defects are remedied in accordance with the provisions in of this ArticleArticle IX. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereofXIII.1(b).

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defects against which the VESSEL is guaranteed warranted under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may may, at its own expense, forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other location than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice by email or facsimile in accordance with Article XXII of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify at its own cost and by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise notify the BUYER by email or facsimile, in accordance with Article XXII after such examination has been completed, completed of its acceptance or rejection of the defects as ones that are covered by the guarantee warranty herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration dispute resolution authority so determining, the BUILDER shall compensate immediately pay to the BUYER an amount equal all documented costs incurred for such repairs or replacements. Provided, that the costs chargeable to the reasonable cost of making the same BUILDER for repairs or replacements under this Article shall not exceed three (3) times the amount that such repairs and replacements would have cost if they had been carried out by BUILDER at its Shipyard based on BUILDER's normal rates as published at the SHIPYARDtime of repairs and/or replacement. Interest on any unpaid balance due hereunder shall be paid at the rate of ten percent (10%) per annum, commencing thirty (30) calendar days after BUILDER's receipt of BUYER's invoice for any amounts due under this Article and continuing until payment has been remitted to BUYER. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to taken at the BUYER's nominated port. The BUILDER reserves cost and responsibility to the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any work performed or any material supplied by BUILDER under this Article shall be further warranted for the balance of the warranty period specified in Paragraph 1 of this Article or six (6) months after completion of such work or supply, whichever is later. (e) Any dispute under this Article shall be referred to arbitration resolved in accordance with the provisions of Article XIII XVII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense free of charge to the BUYER any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in (b) hereinbelowSELLER. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred The Seller will provide another 12 months guarantee for the BUYER's getting and keeping replaced parts, however the VESSEL ready for such repairing or replacing. (b) maximum guarantee period will not exceed 18 months after the delivery of the vessel. However, if it is impractical (which shall includeto make the repair by the SELLER, but and if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may subject to the SELLER’S consent in writing, not to be unreasonably withheld, cause the necessary repairs or replacements to be made elsewhere which is deemed by at the BUYER with the consent discretion of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposeBUYER, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER SELLER notice in writing by email letter, telefax, or facsimile telex of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayedVESSEL, or her operation or working schedule is not thereby delayed or impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email or facsimiletelex, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. lit all minor cases, the Guarantee Engineer(s), as hereinafter provide for, will act for and on behalf of the SELLER. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped pay to the BUYER under in freely transferable United States Dollars, whatever actual costs for such repairs or replacements, including forwarding charges, as either agreed or awarded by the C.I.F terms arbitration tribunal to the BUYER's nominated port, same not to exceed the costs of effecting such repairs in a average shipyard in China. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be he referred to arbitration in accordance with the provisions of Article XIII 13 hereof. Any liabilities outstanding at the end of the guarantee period, shall be settled within thirty (30) days after the amounts have been agreed between the parties or in case of disagreement, upon publication of the Arbitration Award.

REMEDY OF DEFECTS. (a) If the BUILDER is liable for a defect as aforesaid, the liability is limited to remedy the defect free of charge at its own yard. The BUILDER shall remedy, at its expense, under any defects, against which the VESSEL is guaranteed under this Article, by making and all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall circumstances not be responsible liable for towage, dockage, wharfage, port charges and anything else incurred for any damage caused by the BUYER's getting and keeping the VESSEL ready for such repairing or replacingdefect. (b) HoweverFrom the performance of the repair, if a new warranty period of six (6) months from the date of such repair or until the end of the said twelve months period shall attain for the repair work, whichever is the longest, provided that the Guarantee Period shall not in any case exceed eighteen (18) months. (c) If it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDBUILDER’s yard, the BUYER may may, after having notified the BUILDER in writing, cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELelsewhere. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaireda case, the BUILDER shall have be entitled to forward the right necessary replacement parts or materials. The BUILDER’s liability shall in such a case be limited to verify by its own representative(s) pay the nature and extent cost of the defects complained ofrepairs, but limited to the price of the work at arm’s length basis at the BUILDER’s yard. The BUILDER shall, shall immediately be discharged from any further guarantee obligation in respect of any such case, promptly advise the BUYER repairs performed by email any other yard or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlesupplier. (d) Any dispute under this Article The VESSEL shall in any case be referred taken at the BUYER’s cost and expense to arbitration the place elected for repair, ready in accordance with all respects for repair or replacements. (e) The BUILDER shall have ownership to all replaced parts, and the provisions of Article XIII hereofBUYER shall return any such parts to the BUILDER at the BUILDER’s requested for the BUILDER’s account. Ulstein Verft AS ▇.▇. ▇▇▇ ▇▇▇, ▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ Tel. +▇▇ ▇▇▇▇ ▇▇▇▇. Fax +▇▇ ▇▇▇▇ ▇▇▇▇ Ent. No: 912 447 561 ▇▇▇.▇▇▇▇▇▇▇.▇▇▇

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under the terms described in (c) hereinbelow VESSEL would impair or delay the operation or of working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER a notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, telefax after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’S acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate reimburse the BUYER an amount equal to the reasonable cost of making documented expenses incurred by the same BUYER for such repairs or replacements but such reimbursement shall not exceed the reasonably estimated cost of carrying out the warranty work at the SHIPYARDShipyard under the same working conditions. The guarantee works shall be settled regularly during the Guarantee Period and the actual reimbursement for the guarantee shall be made in a lump sum after the expiry of the Guarantee Period. (c) In any case, the VESSEL shall be taken, at the BUYER’S cost and responsibility, to the place elected, ready in all respects for such repairs or replacement it being understood that the engineering, calculations, dismantling, staging, cleaning, tooling, handling, testing, the supply of parts, dockage if needed, provided such works are directly related to those repairs and/or replacements, shall be considered as part of the repair or replacement process to be carried out by the BUILDER. In the event that mat it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms delivered to the BUYER's nominated port, onboard the VESSEL, at the BUYER’S designated port by air, sea, road or rail freight at the BUILDER’S expense to such location as is directed by the BUYER, the method of transportation being determined by the urgency with which the replacement is required. The BUILDER reserves the option to retrieve, at the BUILDER's ’S cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelowherein below. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials to the VESSEL under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email telex, cable or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telex, cable or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The SELLERS hereby undertake and warrant that they shall cause the BUILDER shall to remedy, at its the BUILDER’s expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the SELLERS may allow the BUILDER may to forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDshipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLERS notice in writing or by email or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLERS shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER SELLERS shall, in such case, promptly advise the BUYER by email facsimile or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLERS’ acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the SELLERS shall immediately cause the BUILDER shall compensate to pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDShipyard. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII X IV hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defect against which the VESSEL or any part of equipment thereof is guaranteed under this Article, Article IX by making all necessary repairing or replacing the defective parts in the BUILDER’s SHIPYARD. Such repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall replacing defective parts will be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, made by the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingfree of charge. (b) Such repairs or replacement will be made at the BUILDER’s SHIPYARD unless the VESSEL cannot be conveniently brought there. However, if it is impractical (which shall include, but not be limited to, an emergency) inconvenient to bring the VESSEL to the SHIPYARDBUILDER’s SHIPYARD and if it is likewise not feasible for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the VESSEL’s operation or working, then, in such event, the BUYER may shall cause the necessary repairs or replacements to be made elsewhere which is deemed by at the BUYER with the consent discretion of the BUILDER which shall not be unreasonably withheldBUYER, to be suitable for the purposeprovided, provided thathowever, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email in writing or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) representative the nature and extent of the defects complained of. The BUILDER shallBUILDER, in such casecases, shall promptly advise the BUYER by email or facsimile, after such examination verification has been completed, of its acceptance or rejection of the defects defect as ones one that are covered by is subject to the guarantee Guarantee herein provided. Upon In all minor cases, the Guarantee Engineer, if applicable, will act for and on behalf of the BUILDER's acceptance . Then and in any of the defects as justifying remedy under this Article, or upon award of the arbitration so determiningcircumstances set out below, the BUILDER shall compensate immediately pay to the BUYER an amount equal to in United States Dollars by telegraphic transfer either (i) the reasonable actual cost for such repairs or replacements including forwarding charges, or (ii) at the average cost of making the same similar repairs or replacements at the SHIPYARD. including forwarding charges as quoted by a leading SHIPYARD in each of Japan, South Korea, Singapore, Malta, and China, whichever (ci) In the event that it or (ii) is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.lower:

REMEDY OF DEFECTS. (a) The BUILDER Seller shall cause the Builder to remedy, at its expense, any defects, defects against which the VESSEL is guaranteed under this Article, by making all necessary repairs or and/or replacements at the SHIPYARD or elsewhere as provided for shipyard in (b) hereinbelow. In such case, Japan which the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingSeller determines. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDshipyard determined by the Seller, the BUYER Buyer may cause the necessary repairs or and/or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Seller may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER repairs and/or replacements in Japan is impractical in the Seller's opinion and then the Buyer proposes to cause the necessary repairs or and/or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARDshipyard determined by the Seller, the BUYER Buyer shall first (first, but in all events any event as soon as reasonably possible) , give the BUILDER Seller notice in writing by email or facsimile of the time and place such repairs and/or replacements will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Seller shall have the right to verify by its own or the Builder’s representative(s) the nature and extent of the defects complained of. The BUILDER Seller shall, in such case, promptly advise advice the BUYER Buyer in writing by email or facsimile, facsimile after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by under the guarantee warranty herein provided. Upon the BUILDER's Seller’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER Seller shall compensate immediately pay to the BUYER an amount Buyer for such repairs and/or replacements a sum equal to the reasonable cost of making the same repairs or and/or replacements at the SHIPYARDShipyard in Japan determined by the Seller. In the event it is necessary to forward the replacement for the defective part under the Seller’s warranty, the Seller shall forward or cause the Builder to forward the same. (c) In any case, the event that it is necessary VESSEL shall be taken at the Buyer’s cost and responsibility to the place selected, ready in all respects for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlerepairs and/or replacements necessitated. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of the Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials to the VESSEL under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email facsimile or facsimile e-mail of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email facsimile or facsimilee-mail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements which shall not exceed the average cost of making same repairs or replacements at a reputable Korean repair yard, a reputable European repair yard, a reputable Singapore repair yard and a reputable Chinese repair yard. The repair yards for the SHIPYARDreference of BUILDER’s compensation shall be chosen by the BUYER subject to the BUILDER’s prior written consent which shall not be unreasonably withheld. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of C.I.F. port of the country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER Builder shall remedy, at its expense, any defects, against which the VESSEL Vessel is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacements. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDVessel under its own direction, the BUYER Buyer shall first (but in all events as soon as reasonably possible) give the BUILDER Builder notice in writing or by email or facsimile telecopy confirmed in writing of the time and place such repairs will are intended to be mademade by it. Prior to commencement of such repair work, and if provided that the VESSEL Vessel is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER Buyer by email or facsimiletelecopy, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDERBuilder's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER Builder shall compensate the BUYER an amount equal immediately pay to the reasonable Buyer the actual cost for such repairs or replacements. The Buyer shall use the normal diligence and business practices of a competent shipowner to minimize such cost of making the same repairs or replacements replacements. The Builder shall also reimburse the Buyer for the travel costs charged to the Buyer by contractors carrying out guarantee works on board the Vessel, provided, however, that no such claim by the Buyer shall be paid unless the Buyer shall reasonably demonstrate that the works in question could not have been carried out by either (a) the Vessel's crew or (b) a suitably qualified contractor carrying on business at the SHIPYARD. (c) Vessel's location during the repairs. In the event that it is necessary to forward the replacement for the BUILDER to forward a replacement for a defective part under this the Builder's guarantee, replacement parts the Builder shall forward same by sea, road or railfreight at its own expense. However, if the Buyer requires the part to be sent by air, the Buyer shall meet the difference in cost but shall be shipped entitled to reimbursement from the Builder in circumstances in which the Buyer can reasonably demonstrate that provision of an immediate replacement was vital to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any continued operation of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this ArticleVess▇▇. (dc) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingSHIPYARD. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard other SHIPYARD or works other than the SHIPYARD, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email fax or facsimile E-mail confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email fax or facsimileE-mail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARD. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER 1. Builder shall remedy, at its expense, any defects, against which the VESSEL each Unit is guaranteed warranted under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for Shipyard within [**] of receipt of notice in (b) hereinbelow. In such caseaccordance with Paragraph B above, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingif practicable. (b) 2. However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Unit to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made in a facility elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowUnits, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Unit would impair or delay the operation or working schedule of the VESSELUnit. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Units at any other shipyard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (first, but in all events as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL Unit is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER Buyer by email or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee warranty herein provided. Upon the BUILDER's Builder’s acceptance of [**] Confidential Treatment 29 the defects as justifying remedy under this Article, or upon award of the arbitration so determiningsuch final decision by a competent court or tribunal, the BUILDER Builder shall compensate the BUYER an amount immediately pay to Buyer for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at replacements. Buyer acknowledges that, in performing repairs, it has a duty to perform the SHIPYARDrepairs so as to mitigate damages. (c) 3. In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Unit shall be shipped taken at Buyer’s cost, risk and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) 4. Any dispute under this Article shall be referred to arbitration dispute resolution in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL is guaranteed a quality warranty has been given under paragraph 1 of this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingHull No. (bYZJ2013-1142) However, if it is impractical (which shall includeto make the repair by the SELLER, but and/or if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall have the right to cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by telefax or email or facsimile confirmed in writing of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email telefax or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstance as set out below, the SELLER shall pay to the BUYER for such repairs or replacement a sum in United States Dollars for the costs actually incurred by the BUYER including forwarding charges, or calculated as the average cost for making similar repairs or replacements including forwarding charges as quoted by one reputable shipyard in Shanghai, Singapore, Hong Kong, whichever is the lower: a) Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award or b) If the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determiningBUYER’s notice of defects. If the guarantee works are carried out by the BUYER’s personnel the work will be paid for by the SELLER against presentation of the damage report and a statement of the hours worked, unless however the BUILDER BUYER’s personnel’s repair concern minor deficiencies, in which case the SELLER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary not pay for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts repair work. The hourly remuneration shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portTen United States Dollars (US$10.00). The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The SELLERS shall cause the BUILDER shall to remedy, at its the BUILDER’s expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the SELLERS may allow the BUILDER may to forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDshipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLERS notice in writing or by email or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLERS shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER SELLERS shall, in such case, promptly advise the BUYER by email facsimile or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLERS’ acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the SELLERS shall immediately cause the BUILDER shall compensate to pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDShipyard. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense free of charge to the BUYER any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in (b) hereinbelowSELLER. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred The Seller will provide another 12 months guarantee for the BUYER's getting and keeping replaced parts, however the VESSEL ready for such repairing or replacing. (b) maximum guarantee period will not exceed 18 months after the delivery of the vessel. However, if it is impractical (which shall includeto make the repair by the SELLER, but and if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may subject to the SELLER’s consent in writing, not to be unreasonably withheld, cause the necessary repairs or replacements to be made elsewhere which is deemed by at the BUYER with the consent discretion of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposeBUYER, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER SELLER notice in writing by email letter, telefax, or facsimile telex of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed or impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email or facsimiletelex, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer(s), as hereinafter provided for, will act for and on behalf of the SELLER. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped pay to the BUYER under in freely transferable United States Dollars, whatever actual costs for such repairs or replacements, including forwarding charges, as either agreed or awarded by the C.I.F terms arbitration tribunal to the BUYER's nominated port, same not to exceed the costs of effecting such repairs in a average shipyard in China. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII 13 hereof. Any liabilities outstanding at the end of the guarantee period, shall be settled within thirty (30) days after the amounts have been agreed between the parties or in case of disagreement, upon publication of the Arbitration Award.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL DRILLSHIP is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL DRILLSHIP to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelownearest airport or port from the DRILLSHIP, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELDRILLSHIP. In the event that the BUYER proposes to cause the necessary repairs or replacements for the DRILLSHIP to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL DRILLSHIP is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telefax or facsimile, telex after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount for such repairs or replacements a sum equal to the necessary and reasonable cost of making the same repairs or replacements in a competent shipyard at a reasonable location, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The reimbursement of the cost incurred in relation to guarantee works shall be paid after the repairs or replacements are made but if not made or the costs incurred for each such repair or replacement is below US$ 100,000, such costs shall be paid at the expiration of the guarantee period. (c) In The BUILDER guarantees repairs or replacements to the event that it is necessary for DRILLSHIP made under the BUILDER to forward a replacement guarantee in paragraph 1 of this Article for a defective part under this guaranteefurther period of Twelve (12) months from the date of completion of such repair or replacement. In any case, replacement parts the maximum guarantee period shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlenot exceed Eighteen (18) months. (d) In any case, the DRILLSHIP shall be taken, at the BUYER'S cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. (e) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its cost and expense, any defects, Defect(s) against which the VESSEL is guaranteed under this ArticleARTICLE IX, by making all necessary repairs or replacements as well as dismantling, removal, reassembling and incidental works at the SHIPYARD Shipyard or elsewhere as provided for in Clause (b) hereinbelow. In such caseof this Clause, the VESSEL shall be taken at the BUYER's cost and responsibility to ’s convenience. If the place selectedcause of the Defect(s) is not known or if the Defect(s) is of a recurring nature the SELLER shall, ready in all respects at its expense, explore the reason for such repairs or replacements Defect(s) and take all necessary steps and measures to remedy same in any event, such a way as to eliminate the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreoccurrence thereof. (b) However, if if, in the BUYER’s sole discretion, it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed suitable by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose (including by the VESSEL’s crew), provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice in writing by email telex or facsimile confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right at its own cost and expense to verify by its own representative(s) representatives the nature nature, cause and extent of the defects Defect(s) complained of. It is understood that defects to underwater parts of the VESSEL, which were found and detected during the Guarantee Period, may be made good at the time of the first dry-docking of the VESSEL following the expiration of the Guarantee Period. The BUILDER SELLER shall, in such case, promptly advise the BUYER by email telex or facsimilefacsimile confirmed in writing, after such examination has been completed, of its acceptance or rejection of the defects Defect(s) as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects Defect(s) as justifying remedy under this ArticleARTICLE IX, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in a first class Chinese shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. Payment for the work done to remedy the Defect(s) shall be settled regularly during the Guarantee Period and the actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period for minor items (up to US$50,000) and promptly by the SELLER after settlement of the same for major items. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrievetaken, at the BUILDER's costBUYER’s cost and responsibility, any to the place elected, ready in all respects for such repairs or replacement. In case of breakdown at sea due to Defects, the cost of bringing the VESSEL to a repair yard shall be for SELLER’s account, (d) Notwithstanding anything contained in Clause 5(a) of this ARTICLE IX, the BUYER shall be entitled to require the SELLER to forward to the VESSEL, wherever it may be, replacement(s) for defective part(s) to which the SELLER’s guarantee under this ARTICLE IX applies, and in such case the SELLER shall forward the same by such means as to reach the VESSEL as expeditiously as possible. In emergency cases when the VESSEL will be prevented from sailing or from completing its voyage, forwarding of replacement(s) as aforesaid will be effected by the SELLER by air cargo. The SELLER shall bear and pay all C.I.F. costs of the replaced equipment/parts in case defects are remedied in accordance with replacement(s) until they arrive on board the provisions in this ArticleVESSEL. (de) Any dispute under this Article ARTICLE IX shall be referred to arbitration in accordance with the provisions of Article XIII ARTICLE XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this ArticleContract, by making all necessary repairs or and/or replacements at the SHIPYARD Shipyard or elsewhere as provided for in (b3(b) hereinbelowbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in either case whether all respects for such necessary repairs or replacements and are performed by the SELLER at its shipyard or elsewhere as provided for in any event3(b) below, the BUILDER SELLER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's Buyer’s getting and keeping the VESSEL ready for such repairing and replacing. Shipbuilding Contract Hull No.H1596 Any parts or replacingmaterial so repaired or replaced by the SELLER according to this Article shall be guaranteed for a further six (6) months period starting from completion of relevant repair or replacement provided that the maximum period of guarantee shall in any event not exceed eighteen (18) months from the date of delivery of the VESSEL. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring make the VESSEL to repair by the SHIPYARDSELLER, the BUYER may shall cause without undue delay the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose after mutual agreement between the Parties, provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In , in the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDelsewhere, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The BUILDER THE SELLER shall, in such casecases, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDERSELLER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay by telegraphic transfer to the BUYER an amount for such repairs or replacements a sum equal to the reasonable lower figure of (i) the actual cost of making the same for such repairs or replacements including forwarding charges; and (ii) the average quotes for making similar repairs or replacements including forwarding charges as quoted by three leading shipyards at or in the SHIPYARDvicinity of the port of the repairs or replacements. (c) In any case, the event that it is necessary for BUYER shall, at its cost and responsibility, bring the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped VESSEL to the BUYER under place elected for repairs and replacements, and cause the C.I.F terms VESSEL to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts be ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs and replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof. Shipbuilding Contract Hull No.H1596

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in (b) hereinbelowSELLER. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall includeto make the repair by the SELLER, but and if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall, cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events circumstances, as soon as reasonably possible) , give the BUILDER SELLER notice by telefax or email or facsimile of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the Date: 30/58 Shipbuilding Contract Hull No. right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email telefax or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. Upon In all minor cases, the BUILDER's Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstances as set out below, the SELLER shall immediately pay to the BUYER in United States Dollars by telegraphic transfer the actual cost for such repairs or replacements including forwarding charges, or at the average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in China, South Korea and Singapore whichever is lower: (a) upon the SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award or (b) if the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost BUYER’s notice of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portdefects. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to the Classification Society or arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL is guaranteed a quality warranty has been given under paragraph 1 of this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingHull No. (bYZJ2013-1145) However, if it is impractical (which shall includeto make the repair by the SELLER, but and/or if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall have the right to cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by telefax or email or facsimile confirmed in writing of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email telefax or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstance as set out below, the SELLER shall pay to the BUYER for such repairs or replacement a sum in United States Dollars for the costs actually incurred by the BUYER including forwarding charges, or calculated as the average cost for making similar repairs or replacements including forwarding charges as quoted by one reputable shipyard in Shanghai, Singapore, Hong Kong, whichever is the lower: a) Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award or b) If the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determiningBUYER’s notice of defects. If the guarantee works are carried out by the BUYER’s personnel the work will be paid for by the SELLER against presentation of the damage report and a statement of the hours worked, unless however the BUILDER BUYER’s personnel’s repair concern minor deficiencies, in which case the SELLER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary not pay for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts repair work. The hourly remuneration shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portTen United States Dollars (US$10.00). The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its cost and expense, any defects, Defect(s) against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements as well as dismantling, removal, reassembling and incidental works at the SHIPYARD Shipyard or elsewhere as provided for in Sub-clause (b) hereinbelow. In such caseof this Clause, the VESSEL shall be taken at the BUYER's cost and responsibility to ’s convenience. If the place selectedcause of the Defect(s) is not known or if the Defect(s) is of a recurring nature the BUILDER shall, ready in all respects at its expense, explore the reason for such repairs or replacements Defect(s) and take all necessary steps and measures to remedy same in any event, such a way as to eliminate the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreoccurrence thereof. (b) However, if if, in the BUYER’s sole discretion, it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed suitable by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose (including by the VESSEL’s crew), provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing by email telex or facsimile confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right at its own cost and expense to verify by its own representative(s) representatives the nature nature, cause and extent of the defects Defect(s) complained of. It is understood that defects to underwater parts of the VESSEL, which were found and detected during the Guarantee Period, may be made good at the time of the first dry-docking of the VESSEL following the expiration of the Guarantee Period. The BUILDER shall, in such case, promptly advise the BUYER by email telex or facsimilefacsimile confirmed in writing, after such examination has been completed, of its acceptance or rejection of the defects Defect(s) as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects Defect(s) as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in a first class Korean shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. Payment for the work done to remedy the Defect(s) shall be settled regularly during the Guarantee Period and the actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period for minor items (up to US$50,000) and promptly by the BUILDER after settlement of the same for major items. (c) In any case, the event that it is necessary VESSEL shall be taken, at the BUYER’s cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. In case of breakdown at sea due to Defects the cost of bringing the VESSEL to a repair yard shall be for BUILDER’s account. (d) Notwithstanding anything contained in Clause 3 of this Article, the BUYER shall be entitled to require the BUILDER to forward a replacement to the VESSEL, wherever it may be, replacement(s) for a defective part part(s) to which the BUILDER’s guarantee under this guaranteeArticle applies, replacement parts and in such case the BUILDER shall forward the same by such means as to reach the VESSEL as expeditiously as possible. In emergency cases when the VESSEL will be shipped to prevented from sailing or from completing its voyage, forwarding of replacement(s) as aforesaid will be effected by the BUYER under the C.I.F terms to the BUYER's nominated portBUILDER by air cargo. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any shall bear and pay all C.I.F. costs of the replaced equipment/parts in case defects are remedied in accordance with replacement(s) until they arrive on board the provisions in this ArticleVESSEL. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER Sellers shall remedy, at its their expense, any defects, against which the VESSEL Vessel is guaranteed under this ArticleClause 32, by making arranging for all necessary repairs or replacements to be made by the Builder at the SHIPYARD or elsewhere as provided for in (b) hereinbelowShipyard. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyers may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Sellers may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVessel, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER proposes Buyers propose to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any shipyard or works other than the SHIPYARDShipyard, the BUYER Buyers shall first (first, but in all events as soon as reasonably possible) , give the BUILDER Sellers notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL Vessel is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER Sellers shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER Sellers and/or the Builder shall, in such case, promptly advise the BUYER Buyers by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. If the Sellers fail to send a representative or to advise whether they reject the defects then the Sellers shall be deemed that they have accepted the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's Sellers’ acceptance of the defects as justifying remedy under this ArticleClause 32, or upon award of the arbitration so determining, the BUILDER Sellers shall compensate immediately pay to the BUYER an amount Buyers for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in the Shipyard. In any case, the Vessel shall be taken at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped Buyers’ cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated portplace elected, ready in all respects for such repairs or replacements. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article Clause 32 shall be referred to arbitration in accordance with the provisions of Article XIII Clause 15 hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defects against which the VESSEL is guaranteed under this Article, Article7 by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in subparagraph (b) hereinbelowbelow. If the cause of the Defect(s) is not known or if the Defect(s) is of a recurring nature, the BUILDER shall, at its expense, explore the reasons for such Defect(s) and take all necessary steps and measures to remedy the same in such a way as to eliminate the reoccurrence thereof. In such casethe event of any Defect(s) guaranteed under this Article, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for by the BUYER's BUYER in getting and keeping the VESSEL ready for such repairing repair or replacingreplacement. The BUILDER and the BUYER agree that Defects to underwater parts of the VESSEL found and detected during the Guarantee Period may be made good at the time of the first dry-docking of the VESSEL following the expiration of the Guarantee Period, however, the BUILDER shall not be liable for any worsening of the Defects after the expiry date of the Guarantee Period, unless mutually agreed by the parties. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER BUILDER, which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in subparagraph (c) hereinbelowbelow, unless the forwarding or supplying thereof under the terms described in subparagraph (c) hereinbelow below would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right right, at its own cost and expense, to verify by its own representative(s) the nature and extent of the defects Defect(s) complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects Defect(s) as ones that are one(s) covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects Defect(s) as justifying remedy under this Article, or upon award of the an arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARDmajor ship repair facilities in Singapore. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under BUYER, and the C.I.F terms to BUILDER shall bear and pay all C.I.F. costs of the BUYER's nominated port. replacement(s) until they arrive on board the VESSEL. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects the event Defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its expense, any defects, defects against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or and/or replacements at the SHIPYARD shipyard or elsewhere as provided for in (b) hereinbelowbelow. In such caseSuch repairs and/or replacements will be made by the SELLER. However, if the VESSEL shall BUYER (acting reasonably) considers it is impractical to make the repair by the SELLER, and/or if forwarding by the SELLER of replacement parts, and materials cannot be taken at accomplished without impairing or delaying the BUYER's cost and responsibility to operation or working schedule of the place selectedVESSEL, ready in all respects for such repairs or replacements and then, in any such event, the BUILDER BUYER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for have the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) right to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, at the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule discretion of the VESSEL. In the event BUYER provided that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by telefax or email or facsimile of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email telefax or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. Upon SHIPBUILDING CONTRACT HULL NO.: YZJ2024-1624 In any circumstances as set out below, the BUILDER's SELLER shall pay to the BUYER a sum in United States Dollars for the cost actually incurred by the BUYER for such repairs or replacements, or calculated as the average cost for making similar repairs or replacements as quoted by a leading shipyard each in Singapore and Malaysia area, Shanghai, Guangzhou and Dalian, whichever is lower, but excluding any indirect, special, exemplary, punitive and/or consequential losses and damages, arising from, or relating to or in connection with such repairs or replacements (including but not limited to loss of hire, loss of contract, loss of profit, crew wage, cost of stores or inspection, customs, ship removal and towage, port and anchorage charge, claims from third party): (a) upon the SELLER’S acceptance of the defects as justifying remedy under this Article, or upon award or (b) if the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within fifteen (15) days after its receipt of the arbitration so determiningBUYER’S notice of defects. In any event, the BUILDER VESSEL shall compensate be taken at the BUYER’S cost and responsibility to the place elected, ready in all respects for such repairs or replacements. Replacement parts or materials furnished to the BUYER by the SELLER for making repairs in an amount equal emergency under this guarantee elsewhere than at the SHIPYARD or in other facility of the SELLER in People’s Republic of China shall be transported to the reasonable cost of making the same repairs or replacements VESSEL at the SHIPYARD. (c) place of such emergency repairs by air-freight at the SELLER’S expense. In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guaranteerepairs are not urgent and do not affect the seaworthiness of the VESSEL, such replacement parts shall be shipped transported by sea freight to the BUYER under the C.I.F terms VESSEL or to the BUYER's nominated port. The BUILDER reserves place specified by the option to retrieve, BUYER at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this ArticleSELLER’S expense. SHIPBUILDING CONTRACT HULL NO. (d) : YZJ2024-1624 Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's ’s nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) a. The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelowShipyard. In Upon having remedied such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, defects the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred give the BUYER a further guarantee period of 6 months for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingaforementioned repairs but not longer than 18 months in total. (b) b. However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's 'S acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determiningsuch final decision by a competent court, the BUILDER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum up to a sum equal to the reasonable cost of making the same repairs or replacements in the Shipyard. Subject to a written agreement with the BUILDER, warranty repairs may be made by the crew members of the VESSEL, provided however that BUYER submits documentation for the work performed and BUILDER will not reimburse BUYER at the SHIPYARDlabor rates in excess of $55.00. (c) c. In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to taken at the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of risk and responsibility to the replaced equipment/parts place elected, ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) d. Any dispute under this Article shall be referred to arbitration dispute resolution in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL DRILLSHIP is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL DRILLSHIP to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelownearest airport or port from the DRILLSHIP, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELDRILLSHIP. In the event that the BUYER proposes to cause the necessary repairs or replacements for the DRILLSHIP to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL DRILLSHIP is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telefax or facsimile, telex after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount for such repairs or replacements a sum equal to the necessary and reasonable cost of making the same repairs or replacements in a competent shipyard at a reasonable location, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The reimbursement of the cost incurred in relation to guarantee works shall be paid after the repairs or replacements are made but if not made or the costs incurred for each such repair or replacement is below US$ 100,000, such costs shall be paid at the expiration of the guarantee period. (c) In The BUILDER guarantees repairs or replacements to the event that it is necessary for DRILLSHIP made under the BUILDER to forward a replacement guarantee in paragraph 1 of this Article for a defective part under this guaranteefurther period of Twelve (12) months from the date of completion of such repair or replacement. In any case, replacement parts the maximum guarantee period shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlenot exceed Eighteen (18) months. (d) In any case, the DRILLSHIP shall be taken, at the BUYER’s cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. (e) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedyIf at any time during the Defects Liability Period the Company, at its expense, in respect of the Works or a portion thereof: decides that any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs Work performed or replacements at the SHIPYARD Materials supplied or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed used by the BUYER Contractor or its Sub-contractors is defective or not in accordance with the consent Contract, or that the Works or any portion thereof are defective or do not fulfil the requirements of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in Contract (all such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events matters being “Defects”); as soon as reasonably possible) give practicable afterwards gives to the BUILDER notice by email or facsimile Contractor Notice in writing of the time abovementioned decision specifying particulars of the Defects and place where the same exist or have occurred; and so far as may be necessary gives the Contractor access to the location(s) of the Defects; then the Contractor must thereafter within 15 days make good the Defects so specified. If Contractor fails to do so, the Company shall have the right at the cost of the Contractor to take such repairs will steps as may in all the circumstances be maderequired to make good such Defects, and if the VESSEL is not thereby delayedContractor shall remove all Materials that the Company may have replaced, all at the Contractor’s cost. During the Defects Liability Period in respect of the Works or her operation or working schedule is not thereby impaireda portion thereof, the BUILDER Contractor shall be responsible for making good with all possible speed any Defect arising from its defective design, Materials or workmanship or from any act or omission of Contractor that may develop or become apparent within the Defects Liability Period. If any such Defect shall occur the Company shall notify the Contractor in writing stating the nature of the Defect. If the Contractor replaces or renews any portion of the Works the provisions of this Clause shall apply to the portion of the Works so replaced or renewed as if an Acceptance of Work Certificate had been issued on the date of such replacement or renewal. If the Contractor fails to remedy any such Defects within the agreed time period, the Company shall have the right to verify make good such Defects either itself or by its own representative(s) engaging another contractor to remedy the nature Defects and extent where any costs arise due to the default of the defects complained of. The BUILDER shallContractor all such costs shall be charged to or recovered from the Contractor, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection without prejudice to any other rights of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance Company in respect of the defects as justifying Contractor’s failure to remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARDDefects. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in (b) hereinbelowBUILDER. In the event any defects are repaired, replaced, remedied or made good by the BUILDER the period of guarantee for such case, the VESSEL item or items shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects extended for such repairs or replacements and in any event, the BUILDER shall another months but not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) exceed months. However, if it is impractical (which shall includeto make the repair by the BUILDER, but and if forwarding by the BUILDER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working schedule of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall, cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, as soon as reasonably possible) , give the BUILDER notice by email in writing, or facsimile telefax of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER shall, in such casecases, promptly advise the BUYER BUYER, by email telex or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the Shipbuilding Contract Hull No. defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the BUILDER. In any circumstances as set out below, the BUILDER shall immediately pay to the BUYER in United States Dollars by telegraphic transfer the actual cost for such repairs or replacements including forwarding charges, or at the average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in China, Japan, South Korea and Singapore, whichever is lower: (a) Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award or (b) If the BUILDER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost BUYER’s notice of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portdefects. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII 13 hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL is guaranteed under this Article, Article by making all necessary repairs and/or replacement. Such repairs and/or replacement, if any, will be made by the SELLER. And shall, in any event, constitutes the sole liability of the SELLER and sole remedy to the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the SHIPYARD its shipyard or elsewhere as provided for in (b3(b) hereinbelowbelow, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER’s getting and keeping the VESSEL ready for such repairing and replacing. In such any case, the VESSEL shall be taken at the BUYER's ’s sole cost and responsibility to the place selectedelected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacements. (b) However, if it is impractical (which shall includeto make the repair by the SELLER, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDthen in any such event, the BUYER may shall cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose of the operations of the Vessel, provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDelsewhere, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable lower figure of (i) the actual cost of making the same for such repairs or replacements at including forwarding charges. and (ii) the SHIPYARD.average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in China, Turkey and Singapore. Shipbuilding Contract Hull No. H2855 (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER BULDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or of materials to the VESSEL under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than that the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements which shall not exceed the average cost of making same repairs or replacements at a reputable European repair yard, a reputable Singapore repair yard and a reputable Chinese repair yard. The repair yards for the SHIPYARDreference of BUILDER’s compensation shall be chosen by the BUYER subject to the BUILDER’s prior written consent which shall not be unreasonably withheld. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of C.I.F. port of the country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email telex, cable or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and the extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telex, cable or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARDa major repair shipyard in Singapore. (c) In the event that it is necessary for the BUILDER to forward a replacement replacement, for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under terms of F.O.B. port of the C.I.F terms country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER OWNER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER OWNER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER OWNER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email telex or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER OWNER by email telex or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER an amount equal OWNER for such repairs or replacements a sum equa to the reasonable cost of making the same repairs or replacements in a first class Korean shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The guarantee works shall be settled regularly during the Guarantee Period. The actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrievetaken, at the BUILDEROWNER's costcost and responsibility, any of to the replaced equipment/parts place elected, ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacement. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof. (e) Repairs under this Article are guaranteed for the balance of the period set out in paragraph 1 of this Article but for major repairs are guaranteed for the longer of the balance of the period set out in paragraph 1 of this Article or 6 months from the date of completion of major repairs, but in no event longer than 18 months after the Delivery Date. For purposes hereof, "major repairs" shall be defined as a repair costing more than One Hundred Fifty Thousand United States Dollars (US$▇▇▇,▇▇▇)

REMEDY OF DEFECTS. (a) The BUILDER Seller shall remedy, at its expense, cause the Builder to remedy any defects, defects against which the VESSEL Vessel, or any part or equipment thereof is guaranteed under this Article, by making all necessary repairs repairing or replacements replacing the defective parts at the SHIPYARD or elsewhere as provided Builder's shipyard, unless the Vessel can not be conveniently brought to such shipyard for in (b) hereinbelowsuch repairs. In such casecase the Vessel can not be conveniently brought to the shipyard of the Builder, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere which is deemed by at the BUYER with the consent direction of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELBuyer. In such case the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER Buyer shall first (but in all events as soon as reasonably possible) give the BUILDER Seller the notice by email or facsimile of the time and place such repairs will be madethereof, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Seller shall have the right to verify by its own representative(s) or the Builder's representative the nature and extent of the defects complained of. The BUILDER , and shall, in after such caseverification, promptly advise the BUYER by email or facsimile, after such examination has been completed, Buyer of its acceptance or rejection of the defects as ones one/those that is/are covered by subject to the guarantee herein provided. Upon the BUILDER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof. If the Seller accepts the defects as one/those justifying remedy under this Article, the Seller shall pay to the Buyer, unless otherwise agreed upon between the parties hereto, actual cost incurred for such repairs and replacements. Upon reasonable requests from the Buyer, duly endorsed by the Builder's engineer ifhe is then on board, the Seller shall cause the Builder to forward to the Vessel necessary parts and/or equipment, by sea freight at Seller's expense, to replace those which have been found defective in accordance with provisions hereof. If the Buyer should reasonably require same to be forwarded by air freight, the Seller shall do so at Seller's expense, provided that, such parts and/or equipment are essential to and urgently required for the seaworthiness of the Vessel. The guarantee contained in this Article shall not be assigned to any party in any case including but not limited to the case that the Vessel is sold by the Buyer to the third party, unless prior consent of the Seller is given in writing.

REMEDY OF DEFECTS. (a) The BUILDER Builder shall remedy, at its expense, any defects, defects against which the VESSEL Vessel is guaranteed under this Article, Clause (and any damage to other parts of the Vessel resulting therefrom) by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if Buyer deems it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposeelsewhere, provided that, in such event, the BUILDER may Builder shall, unless otherwise instructed by Buyer, forward or supply replacement parts or materials to Buyer under the terms described in (c) hereinbelowterm of CIF to the port where repairs are to be carried out, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any other shipyard or works other facility than the SHIPYARDShipyard, the BUYER Buyer shall first (first, but in all events as soon as reasonably possible) give the BUILDER notice by email or facsimile , notify Builder of the time and place such repairs will be made, and if the VESSEL Vessel is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER by email or facsimileBuyer, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this ArticleClause, or upon award of the arbitration so determiningdetermination under Clause 14 hereof, the BUILDER Builder shall compensate the BUYER an amount immediately pay to Buyer for such repairs or replacements a sum equal to the reasonable aggregate of: (i) the actual documented cost of making the same said repairs or replacements at replacements, (ii) all import duties, agency fees, transportation and forwarding charges for the SHIPYARDnecessary parts, (iii) all costs of the maker’s or supplier’s personnel; and (iv) any reasonable additional crew charges incurred in making the necessary repairs or replacement, provided always that Builder shall not be responsible for the cost of the loss of time to the Vessel resulting from such repair or replacement. (c) In any case, the Vessel shall be taken by Buyer to the place elected (whether the Shipyard or otherwise), ready in all respects for such repairs or replacements. In the event however, that it the Vessel is necessary dry-docked or otherwise taken out of service for the BUILDER sole purpose of rectifying a defect under the terms of this Clause, Builder shall bear the costs of (i) making the Vessel available for repair, including fuel costs of the voyage to forward and waiting to enter the dry-dock yard or other repair facility, the costs of gas freeing, warming up and inerting, and LNG cool down costs, (ii) towage, dockage, wharfage, port charges, inspection and underwater survey costs and (iii) dry-docking the Vessel, provided always that Builder shall not be responsible for the cost of the loss of time to the Vessel resulting from such repair or replacement. Where a replacement for scheduled dry-docking is extended to enable a defective part defect to be rectified under this guaranteeClause 10, replacement parts Builder shall be shipped to bear the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any additional cost of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlesuch extension. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL or any part of the equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided SELLER including the cost of dry-dock Date: 36/63 Shipbuilding Contract Hull No. should the same be necessary for in (b) hereinbelowrepairing such defects of the VESSEL. In such caseHowever, the VESSEL necessity for repairing the effects in Dry Dock shall be taken at evaluated and confirmed by the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacing. (b) BUILDERS. However, if it is impractical (which shall includeto make the repair by the SELLER, but and if forwarding by the SELLER of replacement parts, and materials can not be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall, cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by telefax and/or email or facsimile of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society at the SELLER’s expense the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email or facsimiletelefax and/or email, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstances as set out below, the SELLER shall immediately pay to the BUYER in United States Dollars by telegraphic transfer the actual cost for such repairs or replacements including forwarding charges, or at the average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in P.R.China, Dubai, Portugal and Singapore, whichever is lower: (a) Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award or (b) If the SELLER neither accepts nor rejects the defects as above provided, nor requests arbitration within thirty (30) days after its receipt of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost BUYER’s notice of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portdefects. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defect against which the VESSEL or any part of equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacing the defective parts in the SHIPYARD. (b) Such repairs or replacement will be made at the SHIPYARD unless the VESSEL cannot be practically brought there. However, if it is impractical (which shall include, but not be limited to, an emergency) for the BUYER to bring the VESSEL to the SHIPYARDSHIPYARD and if it is likewise impractical for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the VESSEL’s operation or working, then, in such event, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDSHIPYARD at the discretion of the BUYER, provided, however, that the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email in writing or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) representative the nature and extent of the defects complained of. The BUILDER shallBUILDER, in such casecases, shall promptly advise the BUYER by email or facsimile, after such examination impartial verification has been completed, of its acceptance or rejection of the defects defect as ones one that are covered by is subject to the guarantee Guarantee herein provided. Upon receipt by the BUYER of the BUILDER's ’S facsimile acceptance of the defects defect as one justifying remedy under this Article, the BUYER may cause necessary repairs or upon award of the arbitration so determining, replacements to be made and the BUILDER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable same cost of making such repairs and/or replacements in the same repairs or replacements at SHIPYARD in United States Dollars within thirty (30) days after receipt by the SHIPYARDBUILDER from the BUYER of repair invoices. (c) In the event that it is necessary to forward the replacement for the defective parts under the BUILDER’s Guarantee, the BUILDER shall forward the same to the agent designated by the BUYER at Cost, Insurance and Freight by sea. However, if such replacement(s) is/are indispensably essential to and urgently required for the seaworthiness of the VESSEL, the BUILDER shall forward a the same to the agent designated by the BUYER at Cost, Insurance and Freight by airfreight. Seafreight and/or airfreight thereby incurred are for account of the BUILDER, but such replacement for a defective part under this guarantee, replacement parts shall be shipped taken to the BUYER under the C.I.F terms to Vessel and installed at the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under In any case, the VESSEL shall be taken at the BUYER’s cost and responsibility to the place elected, ready in all respects for such repairs or replacements. (e) All disputes in this Article connection, including any disputes arising on the question of cost or upon the rejection by the BUILDER, upon impartial verification of the defects as aforesaid and all other disputes connected with or arising upon the discovery by the BUYER of the defects which cannot be amicably settled between the BUYER and the BUILDER shall be referred to the Classification Society. However, if the decision of the Classification Society is not acceptable to either or both parties, such disputes shall be then referred to arbitration as provided in accordance with the provisions ARTICLE XIII of Article XIII hereofthis Contract.

REMEDY OF DEFECTS. (a) The BUILDER 1. Builder shall remedy, at its expense, any defects, against which the VESSEL each Tug is guaranteed warranted under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for Shipyard within [****] days of receipt of notice in (b) hereinbelow. In such caseaccordance with Paragraph B above, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingif practicable. (b) 2. However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Tug to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made in a facility elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowTugs, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Tug would impair or delay the operation or working schedule of the VESSELTug. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Tugs at any other shipyard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (first, but in all events as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL Tug is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER Buyer by email or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee warranty herein provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determiningsuch final decision by a competent court or tribunal, the BUILDER Builder shall compensate the BUYER an amount immediately pay to [****] Confidential Treatment Buyer for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at replacements. Buyer acknowledges that, in performing repairs, it has a duty to perform the SHIPYARDrepairs so as to mitigate damages. (c) 3. In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Tug shall be shipped taken at Buyer’s cost, risk and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) 4. Any dispute under this Article shall be referred to arbitration dispute resolution in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL is guaranteed under this Article, Article by making all necessary repairs and/or replacement. Such repairs and/or replacement, if any, will be made by the SELLER. And shall, in any event, constitutes the sole liability of the SELLER and sole remedy to the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the SHIPYARD its shipyard or elsewhere as provided for in (b3(b) hereinbelowbelow, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER’s getting and keeping the VESSEL ready for such repairing and replacing. In such any case, the VESSEL shall be taken at the BUYER's ’s sole cost and responsibility to the place selectedelected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacements. (b) However, if it is impractical (which shall includeto make the repair by the SELLER, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDthen in any such event, the BUYER may shall cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose of the operations of the Vessel, provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDelsewhere, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable lower figure of (i) the actual cost of making the same for such repairs or replacements at including forwarding charges. and (ii) the SHIPYARD.average cost for making similar repairs or replacements including forwarding charges as quoted by a leading shipyard each in China, Turkey and Singapore. 44 / 82 Shipbuilding Contract Hull No. H2854 (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary and reasonably practicable repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice in writing or by email e-mail or facsimile of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email e-mail or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of F.O.B. port of the country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL DRILLSHIP is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL DRILLSHIP to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowDRILLSHIP, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow DRILLSHIP would impair or delay the operation or working schedule of the VESSELDRILLSHIP. In the event that the BUYER proposes to cause the necessary repairs or replacements for the DRILLSHIP to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telex confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL DRILLSHIP is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimiletelex, after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in a first class Korean shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The guarantee works shall be settled regularly during the Guarantee Period. The actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts DRILLSHIP shall be shipped to the BUYER under the C.I.F terms to taken, at the BUYER's nominated port. The BUILDER reserves cost and responsibility, to the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacement. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof. (e) Repairs under this Article are guaranteed for the balance of the period set out in paragraph 1 of this Article but for major repairs are guaranteed for the longer of the balance of the period set out in paragraph 1 of this Article or 6 months from the date of completion of major repairs, but in no event longer than 18 months after the Delivery Date. For purposes hereof, "major repairs" shall be defined as a repair costing more than One Hundred Fifty Thousand United States Dollars (US$150,000).

REMEDY OF DEFECTS. (a) The BUILDER 1. Builder shall remedy, at its expense, any defects, against which the VESSEL Vessel is guaranteed warranted under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for Shipyard within thirty (30) days of receipt of notice in (baccordance with Article IX(B) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingabove. (b) 2. However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVessel, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any other shipyard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (first, but in all events as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL Vessel is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER Builder shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER Buyer by email or facsimilewritten notice, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee warranty herein provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determiningsuch final decision by a competent court, the BUILDER Builder shall compensate the BUYER an amount immediately pay to Buyer for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDShipyard. (c) 3. In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Vessel shall be shipped taken at Buyer’s cost, risk and responsibility to the BUYER under place elected, ready in all respects for such repairs or replacements. However, notwithstanding any other provisions herein this Contract, all reasonable costs incurred by the C.I.F terms Buyer to repair defective work discovered within the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this ArticleWarranty Period shall be for Builder’s account. (d) 4. Any dispute under this Article shall be referred to arbitration dispute resolution in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL DRILLSHIP is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL DRILLSHIP to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelownearest airport or port from the DRILLSHIP, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSELDRILLSHIP. In the event that the BUYER proposes to cause the necessary repairs or replacements for the DRILLSHIP to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL DRILLSHIP is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email telefax or facsimile, telex after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’S acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount for such repairs or replacements a sum equal to the necessary and reasonable cost of making the same repairs or replacements in a competent shipyard at a reasonable location, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The reimbursement of the cost incurred in relation to guarantee works shall be paid after the repairs or replacements are made but if not made or the costs incurred for each such repair or replacement is below US$ 100,000, such costs shall be paid at the expiration of the guarantee period. (c) In The BUILDER guarantees repairs or replacements to the event that it is necessary for DRILLSHIP made under the BUILDER to forward a replacement guarantee in paragraph 1 of this Article for a defective part under this guaranteefurther period of Twelve (12) months from the date of completion of such repair or replacement. In any case, replacement parts the maximum guarantee period shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Articlenot exceed Eighteen (18) months. (d) In any case, the DRILLSHIP shall be taken, at the BUYER’S cost and responsibility, to the place elected, ready in all respects for such repairs or replacement. (e) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, remedy at its expense, expense any defects, against which the VESSEL is guaranteed a quality warranty has been given under paragraph 1 of this Article, Article by making all necessary repairs or replacements at and/or replacement. Such repairs and/or replacement will be made by the SHIPYARD or elsewhere as provided for in SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingHull No. (bYZJ2013-1144) However, if it is impractical (which shall includeto make the repair by the SELLER, but and/or if forwarding by the SELLER of replacement parts, and materials cannot be limited toaccomplished without impairing or delaying the operation or working of the VESSEL, an emergency) to bring the VESSEL to the SHIPYARDthen, in any such event, the BUYER may shall have the right to cause the necessary repairs or replacements to be made elsewhere which is deemed by at the discretion of the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (but and in all events events, will, as soon as reasonably possible) , give the BUILDER SELLER notice in writing, or by telefax or email or facsimile confirmed in writing of the time and place such repairs will be mademade and, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby delayed, or her operation or working is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or that of Classification Society the nature and extent of the defects complained of. The BUILDER SELLER shall, in such casecases, promptly advise the BUYER BUYER, by email telefax or facsimileemail, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by subject to the guarantee herein provided. In all minor cases, the Guarantee Engineer, as hereinafter provided for, will act for and on behalf of the SELLER. In any circumstance as set out below, the SELLER shall pay to the BUYER for such repairs or replacement a sum in United States Dollars for the costs actually incurred by the BUYER including forwarding charges, or calculated as the average cost for making similar repairs or replacements including forwarding charges as quoted by one reputable shipyard in Shanghai, Singapore, Hong Kong, whichever is the lower: a) Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award or b) If the SELLER neither accepts nor rejects the defects as above provided, nor request arbitration within thirty (30) days after its receipt of the arbitration so determiningBUYER’s notice of defects. If the guarantee works are carried out by the BUYER’s personnel the work will be paid for by the SELLER against presentation of the damage report and a statement of the hours worked, unless however the BUILDER BUYER’s personnel’s repair concern minor deficiencies, in which case the SELLER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements at the SHIPYARD. (c) In the event that it is necessary not pay for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts repair work. The hourly remuneration shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated portTen United States Dollars (US$10.00). The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its expense, any defects, defects against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements replacements, including the supply of fresh parts, materials or equipment in substitution for parts, materials and equipment found to be defective, at the SHIPYARD Shipyard of the SELLER or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingherein. (b) However, if in the opinion of the BUYER it is impractical (which shall include, but not be limited to, an emergency) or inconvenient to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere at another place which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, at the SELLER’s expense, unless forwarding or supplying thereof under to the terms described VESSEL would in (c) hereinbelow would the BUYER’s judgement impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice in writing or by email telex or facsimile fax confirmed in writing of the time time, place, items and place costs at which such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its his own representative(s) the nature and extent of the defects complained of. The BUILDER SELLER shall, in such case, promptly advise the BUYER by email telex or facsimile, fax after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the any arbitration so determining, the BUILDER SELLER shall compensate immediately pay to the BUYER an amount equal to the reasonable cost of making such repairs or replacements. Such cost shall however not exceed what would be charged if the same repairs or replacements had been made at the SHIPYARDSELLER’S Shipyard. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER Builder shall remedy, remedy at its expense, expense any defects, against which the VESSEL Vessel is guaranteed under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingBuilder’s nominated yard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere at another place which is deemed by the BUYER Buyer with the consent of the BUILDER which shall Builder, such consent not to be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the Vessel on CIF terms described in (c) hereinbelow, unless such forwarding or supplying supply thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel. In the event that the BUYER If Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any shipyard yard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (but before doing so, and in all events any event as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile of the time and place where such repairs will be made, and if . If the VESSEL Vessel is not thereby delayed, or nor her operation or working schedule is not thereby materially impaired, the BUILDER Builder shall have the right to verify by its own or appointed representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER by email or facsimile, Buyer after such examination has been completed, of its acceptance or rejection of the defects as ones that are being covered by the guarantee herein undertakings hereby provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this ArticleArticle IX.3.(b), or upon the final award of the an arbitration so determining, Builder shall reimburse Buyer the BUILDER documented expenses incurred by Buyer, but such reimbursement shall compensate not exceed the BUYER an amount equal to the reasonable average cost of making the same repairs or replacements at a reputable European repair yard, a reputable Singapore repair yard and a reputable Chinese repair yard. The repair yards for the SHIPYARDreference of Builder’s compensation shall be chosen by the Buyer subject to the Builder’s prior written consent which shall not be unreasonably withheld. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Vessel shall at Buyer’s risk and expense be shipped taken to the BUYER under place chosen and be kept ready in all respects for such repairs or replacements at that place and Builder shall not be responsible for towage, dockage, wharfage, port charges, and anything else incurred in Buyer’s getting and keeping the C.I.F terms to the BUYER's nominated port. The BUILDER reserves Vessel ready for such repairs and replacements. (d) Builder shall have the option to retrieve, retrieve at the BUILDER's cost, its own cost any of the replaced equipment/equipment and parts in case where the defects are remedied in accordance with the provisions in of this ArticleArticle IX. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereofXIII. 1.(b).

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, Defect against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) impracticable to bring the VESSEL to the SHIPYARDShipyard, the BUYER OWNER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER OWNER proposes to cause the necessary repairs or replacements for the VESSEL to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER OWNER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email telex or facsimile telefax confirmed in writing of the time and place when and where such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature nature, cause and extent of the defects Defects complained of. The BUILDER shall, in such case, promptly advise the BUYER OWNER by email telex or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects Defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's acceptance of the defects Defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate pay to the BUYER an amount OWNER for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements in a first class Korean shipyard, at the SHIPYARDprices prevailing at the time of such repairs or replacements are made. The guarantee works shall be settled regularly during the Guarantee Period. The actual reimbursement for the guarantee shall be made in a lump sum at the expiry of the Guarantee Period. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrievetaken, at the BUILDEROWNER's costcost and responsibility, any of to the replaced equipment/parts place elected, ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacement. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII XII hereof. (e) Repairs under this Article are guaranteed for the balance of the period set out in paragraph 1 of this Article but for major repairs are guaranteed for the longer of the balance of the period set out in paragraph 1 of this Article or 6 months from the date of completion of major repairs, but in no event longer than 18 months after the Delivery Date. For purposes hereof, "major repairs" shall be defined as a repair costing more than One Hundred Fifty Thousand United States Dollars (US$150,000)

REMEDY OF DEFECTS. (a) The SELLER shall remedy, at its expense, or shall cause the BUILDER shall to remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at any of the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingBUILDER’s shipyards. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDBUILDER’s shipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the SELLER may cause the BUILDER may to forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARDBUILDER’s shipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice SELLER in writing or by email or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its their own representative(s) the nature and extent extents of the defects complained of. The BUILDER SELLER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDBUILDER’s shipyard. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, defect against which the VESSEL or any part of equipment thereof is guaranteed under this Article, Article by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingreplacing the defective parts in the SHIPYARD. (b) Such repairs or replacement will be made at the SHIPYARD unless the VESSEL cannot be practically brought there. However, if it is impractical (which shall include, but not be limited to, an emergency) for the BUYER to bring the VESSEL to the SHIPYARDSHIPYARD and if it is likewise impractical for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the VESSEL’s operation or working, then, in such event, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in (c) hereinbelow, unless forwarding or supplying thereof under the terms described in (c) hereinbelow would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDSHIPYARD at the discretion of the BUYER, provided, however, that the BUYER shall first (but in all events as soon as reasonably possible) give the BUILDER notice by email in writing or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, delayed or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) representative the nature and extent of the defects complained of. The BUILDER shallBUILDER, in such casecases, shall promptly advise the BUYER by email or facsimile, after such examination impartial verification has been completed, of its acceptance or rejection of the defects defect as ones one that are covered by is subject to the guarantee Guarantee herein provided. Upon receipt by the BUYER of the BUILDER's ’s facsimile acceptance of the defects defect as one justifying remedy under this Article, the BUYER may cause necessary repairs or upon award of the arbitration so determining, replacements to be made and the BUILDER shall compensate pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable same cost of making such repairs and/or replacements in the same repairs or replacements at SHIPYARD in United States Dollars within thirty (30) days after receipt by the SHIPYARDBUILDER from the BUYER of repair invoices. (c) In the event that it is necessary to forward the replacement for the defective parts under the BUILDER’s Guarantee, the BUILDER shall forward the same to the agent designated by the BUYER at Cost, Insurance and Freight by sea. However, if such replacement(s) is/are indispensably essential to and urgently required for the seaworthiness of the VESSEL, the BUILDER shall forward a the same to the agent designated by the BUYER at Cost, Insurance and Freight by airfreight. Seafreight and/or airfreight thereby incurred are for account of the BUILDER, but such replacement for a defective part under this guarantee, replacement parts shall be shipped taken to the BUYER under the C.I.F terms to Vessel and installed at the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's ’s cost, any of the replaced equipment/parts in case defects are remedied in accordance with the provisions in this Article. (d) Any dispute under In any case, the VESSEL shall be taken at the BUYER’s cost and responsibility to the place elected, ready in all respects for such repairs or replacements. (e) All disputes in this Article connection, including any disputes arising on the question of cost or upon the rejection by the BUILDER, upon impartial verification of the defects as aforesaid and all other disputes connected with or arising upon the discovery by the BUYER of the defects which cannot be amicably settled between the BUYER and the BUILDER shall be referred to the Classification Society. However, if the decision of the Classification Society is not acceptable to either or both parties, such disputes shall be then referred to arbitration as provided in accordance with the provisions ARTICLE XIII of Article XIII hereofthis Contract.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this ArticleARTICLE IX, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelowbelow. In such case, the VESSEL shall be taken at the BUYER's ’s cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's ’s getting and keeping the VESSEL ready for such repairing or replacing. (b) However, if in the opinion of the BUYER, it is impractical (impractical, which shall include, but not be limited to, an emergencyemergency or excessive cost or delay (having regard to the value of the proposed repairs) or excessive disruption to the operating schedule of the VESSEL, to bring the VESSEL to the SHIPYARD, the BUYER may cause require the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under the terms described in Paragraph (c) hereinbelowbelow, unless forwarding or supplying thereof under the terms described in Paragraph (c) hereinbelow below would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARD, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice by email or facsimile NOTICE in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent of the defects complained of. The BUILDER shall, in such case, promptly advise give NOTICE to the BUYER by email or facsimileBUYER, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this ArticleARTICLE IX, or upon award of the arbitration so determining, the BUILDER shall compensate the BUYER an amount equal to the reasonable actual cost of making the same repairs or replacements at provided however that the SHIPYARDBUILDER’s liability hereunder shall not exceed an amount equal to the one hundred and ten per cent (110%) of the average of three (3) quotes for cost of making the same repairs or replacements from mutually agreeable shipyard in Korea, China or Singapore. (c) In the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped to the BUYER under the C.I.F terms of FOB port of the country where they are to the BUYER's nominated port. be purchased. (d) The BUILDER reserves the option to retrieve, at the BUILDER's cost’s cost and expense, any of the replaced equipment/equipment and parts in case defects are remedied in accordance with the provisions in this ArticleARTICLE IX. (de) Any dispute under this Article ARTICLE IX shall be referred to arbitration in accordance with the provisions of Article XIII hereofARTICLE XIII.

REMEDY OF DEFECTS. (a) The BUILDER SELLER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this ArticleContract, by making all necessary repairs or and/or replacements at the SHIPYARD Shipyard or elsewhere as provided for in (b3(b) hereinbelowbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in either case whether all respects for such necessary repairs or replacements and are performed by the SELLER at its shipyard or elsewhere as provided for in any event3(b) below, the BUILDER SELLER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's Buyer’s getting and keeping the VESSEL ready for such repairing and replacing. Shipbuilding Contract Hull No.H1597 Any parts or replacingmaterial so repaired or replaced by the SELLER according to this Article shall be guaranteed for a further six (6) months period starting from completion of relevant repair or replacement provided that the maximum period of guarantee shall in any event not exceed eighteen (18) months from the date of delivery of the VESSEL. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring make the VESSEL to repair by the SHIPYARDSELLER, the BUYER may shall cause without undue delay the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purposepurpose after mutual agreement between the Parties, provided that, in such event, the BUILDER SELLER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In , in the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDelsewhere, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER SELLER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER SELLER shall have the right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The BUILDER THE SELLER shall, in such casecases, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDERSELLER's acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay by telegraphic transfer to the BUYER an amount for such repairs or replacements a sum equal to the reasonable lower figure of (i) the actual cost of making the same for such repairs or replacements including forwarding charges; and (ii) the average quotes for making similar repairs or replacements including forwarding charges as quoted by three leading shipyards at or in the SHIPYARDvicinity of the port of the repairs or replacements. (c) In any case, the event that it is necessary for BUYER shall, at its cost and responsibility, bring the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts shall be shipped VESSEL to the BUYER under place elected for repairs and replacements, and cause the C.I.F terms VESSEL to the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of the replaced equipment/parts be ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs and replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof. Shipbuilding Contract Hull No.H1597 4. Extent of SELLER's Responsibility: (a) The SELLER shall have no responsibility or liability for any other defects whatsoever in the VESSEL other than the defects specified in paragraph 1 of this Article. The SELLER shall neither be responsible or liable for any consequential or special losses, damages or expenses, nor be responsible for any losses, damages or expenses including but not limited to any loss of time, loss of use, loss of profit, loss of earnings or demurrage, damage to the VESSEL caused by the defects specified in paragraph 1 of this Article, regardless of whether the aforesaid losses, damages or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in paragraph 1 of this Article or due to repairs or other works done the VESSEL to remedy such defects. (b) The SELLER shall not be responsible for any defects in any part of the VESSEL which subsequent to delivery of the VESSEL have been replaced or in any way repaired by any other contractor not appointed by the SELLER, or for any defects which have been caused or aggravated by mismanagement, accident, negligence, omission, willful neglect or improper use and maintenance of the VESSEL on the part of the BUYER, its servants or agents or by perils of sea or river, or navigation, or fire or accidents at sea or elsewhere or by ordinary wear and tear or by any other circumstances whatsoever beyond the control of the SELLER. (c) The SELLER’s liability provided for in this Article shall be limited to the repairs and replacements as provided for in 3(a) above. The guarantee contained as hereinabove in this Article replaces and excludes any other liability, guarantee, warranty and/or condition imposed or implied by the law, customary, statutory or otherwise, by reason of the construction and sale of the VESSEL by the SELLER for and to the BUYER. The guarantee contained in this Article shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER. (d) Upon delivery of the VESSEL to the BUYER, the SELLER shall thereby and thereupon be released from any and all liability whatsoever and howsoever arising out of the Contract and/or the law, customary, statutory or otherwise, by reason of the construction and sale of the VESSEL by the SELLER for and to the BUYER (save for the SELLER's obligations to remedy defects in accordance with this Article). Shipbuilding Contract Hull No.H1597 1. All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this Contract under and pursuant to any of the provisions of this Contract specifically permitting the BUYER to do so, then the BUYER shall notify the SELLER in writing or by e-mail, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER. 2. Thereupon the SELLER shall refund in United States dollars within thirty (30) business days immediately after cancellation and/or rescission of the Contract to the BUYER the full amount of all installments and sums already paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER's cancellation and/or rescission by commencing arbitration procedures in accordance with Article XIII. If the BUYER's cancellation or rescission of this Contract is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from SELLER’s Bank under its guarantee, until the arbitration award between the BUYER and the SELLER or, in case of appeal or appeals by the SELLER on the arbitration award or any court orders, by the final court order, which shall be in favour of the BUYER, declaring the BUYER's cancellation and/or rescission justified, is made and delivered to the SELLER by the arbitration tribunal. In the event of the SELLER is obligated to make refund, the SELLER shall pay the BUYER interest in United States Dollars at the rate of Five percent (5%), if the cancellation or rescission of the Contract is exercised by the BUYER in accordance with the provision of Article III 1(c), 2(c), 3(c) or 4(c) hereof, on the amount required herein to be refunded to the BUYER computed from the respective dates when such sums were received by SELLER’s bank pursuant to Article II 4(b), 4(c) or 4(d) from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that if the said rescission by the BUYER is made under the provisions of Paragraph 3 of Article VIII or Paragraph 2 (b) of Article XII, then in such event the SELLER shall not be required to pay any interest. In case of BUYER’s cancellation and/or rescission of this contract and pursuant to any of the provisions of this Contract specifically permitting the BUYER to do so, the SELLER shall also return all Buyers' Supplies to the BUYER, or if they cannot be returned, the SELLER shall pay to the BUYER an amount equal to the BUYER's costs for such equipment. 3. Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall be forthwith completely discharged. Shipbuilding Contract Hull No.H1597

REMEDY OF DEFECTS. (a) The SELLER shall remedy or shall cause the BUILDER shall to remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingShipyard. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any shipyard or works other than the SHIPYARDshipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the SELLER and the BUILDER notice in writing or by email or facsimile confirmed in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER and the BUILDER shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER SELLER shall, in such case, promptly advise the BUYER by email or facsimile, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's SELLER’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER SELLER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARDShipyard. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingSHIPYARD. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARD, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARD, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice in writing or by email or facsimile telefax of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimiletelefax, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's ’s acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determining, the BUILDER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum equal to the reasonable cost of making the same repairs or replacements at in the SHIPYARD. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped taken at the BUYER’s cost and responsibility to the BUYER under the C.I.F terms to the BUYER's nominated port. The BUILDER reserves the option to retrieveplace elected, at the BUILDER's cost, any of the replaced equipment/parts ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereof.

REMEDY OF DEFECTS. (a) a. The BUILDER shall remedy, at its expense, any defects, against which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements at the SHIPYARD or elsewhere as provided for in (b) hereinbelowShipyard. In Upon having remedied such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, defects the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred give the BUYER a further guarantee period of 6 months for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingaforementioned repairs but not longer than 18 months in total. (b) b. However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL to the SHIPYARDShipyard, the BUYER may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be suitable for the purpose, provided that, in such event, the BUILDER may forward or supply replacement parts or materials under to the terms described in (c) hereinbelowVESSEL, unless forwarding or supplying thereof under to the terms described in (c) hereinbelow VESSEL would impair or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard or works other than the SHIPYARDShipyard, the BUYER shall first (first, but in all events as soon as reasonably possible) , give the BUILDER notice by email or facsimile in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the BUILDER shall have the right to verify by its own representative(s) the nature and extent extents of the defects complained of. The BUILDER shall, in such case, promptly advise the BUYER by email or facsimilein writing, after such examination has been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the BUILDER's 'S acceptance of the defects as justifying remedy under this Article, or upon award of the arbitration so determiningsuch final decision by a competent court, the BUILDER shall compensate immediately pay to the BUYER an amount for such repairs or replacements a sum up to a sum equal to the reasonable cost of making the same repairs or replacements in the Shipyard. Subject to a written agreement with the BUILDER, warranty repairs may be made by the crewmembers of the VESSEL, provided however that BUYER submits documentation for the work performed and BUILDER will not reimburse BUYER at the SHIPYARDlabor rates in excess of $55.00. (c) c. In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts VESSEL shall be shipped to the BUYER under the C.I.F terms to taken at the BUYER's nominated port. The BUILDER reserves the option to retrieve, at the BUILDER's cost, any of risk and responsibility to the replaced equipment/parts place elected, ready in case defects are remedied in accordance with the provisions in this Articleall respects for such repairs or replacements. (d) d. Any dispute under this Article shall be referred to arbitration dispute resolution in accordance with the provisions of Article XIII XIV hereof.

REMEDY OF DEFECTS. (a) The BUILDER Builder shall remedy, remedy at its expense, expense any defects, against which the VESSEL Vessel is guaranteed under this Article, Article by making all necessary repairs or replacements at the SHIPYARD Shipyard or elsewhere as provided for in (b) hereinbelow. In such case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place selected, ready in all respects for such repairs or replacements and in any event, the BUILDER shall not be responsible for towage, dockage, wharfage, port charges and anything else incurred for the BUYER's getting and keeping the VESSEL ready for such repairing or replacingherein below. (b) However, if it is impractical (which shall include, but not be limited to, an emergency) to bring the VESSEL Vessel to the SHIPYARDShipyard, the BUYER Buyer may cause the necessary repairs or replacements to be made elsewhere which is deemed by the BUYER with the consent of the BUILDER which shall not be unreasonably withheld, to be at another place suitable for the purpose, provided that, in such event, the BUILDER Builder may forward or supply replacement parts or materials under to the Vessel on CIF terms described in (c) hereinbelow, unless such forwarding or supplying supply thereof under to the terms described in (c) hereinbelow Vessel would impair or delay the operation or working schedule of the VESSELVessel, in this case, Buyer shall be responsible for handling of the replacement parts or materials after Builder’s CIF delivery. In Thereafter, Buyer shall first try to have the event that defects be remedied by the BUYER Vessel’s crew as far as practically possible, in which case no compensation by Builder shall be made to Buyer for the works performed by the Vessel’s crew. If Buyer proposes to cause the necessary repairs or replacements to be made to the VESSEL Vessel at any shipyard yard or works other than the SHIPYARDShipyard, the BUYER Buyer shall first (but before doing so, and in all events any event as soon as reasonably possible) , give the BUILDER Builder notice by email or facsimile of the time and place where such repairs will be made, and if . If the VESSEL Vessel is not thereby delayed, or nor her operation or working schedule is not thereby materially impaired, the BUILDER Builder shall have the right to verify by its own or appointed representative(s) the nature and extent of the defects complained of. The BUILDER Builder shall, in such case, promptly advise the BUYER by email or facsimile, Buyer after such examination has been completed, of its acceptance or rejection of the defects as ones that are being covered by the guarantee herein undertakings hereby provided. Upon the BUILDER's Builder’s acceptance of the defects as justifying remedy under this ArticleArticle IX.3.(b), or upon the final award of the an arbitration so determining, Builder shall reimburse Buyer the BUILDER shall compensate the BUYER an amount equal to the reasonable cost of making the same repairs or replacements documented expenses incurred by Buyer, at the SHIPYARDend of the Warranty Period or at the time of final award of an arbitration, as the case may be, but such reimbursement shall not exceed the average cost quoted by two reputable Shipyards in Singapore, one of which shall be selected by the Buyer and the other shall be selected by the Builder. (c) In any case, the event that it is necessary for the BUILDER to forward a replacement for a defective part under this guarantee, replacement parts Vessel shall at Buyer’s risk and expense be shipped taken to the BUYER under place chosen and be kept ready in all respects for such repairs or replacements at that place and Builder shall not be responsible for towage, dockage, wharfage, port charges, inspection and underwater survey costs for defects finding, and anything else incurred in Buyer’s getting and keeping the C.I.F terms to the BUYER's nominated port. The BUILDER reserves Vessel ready for such repairs and replacements. (d) Builder shall have the option to retrieve, retrieve at the BUILDER's cost, its own cost any of the replaced equipment/equipment and parts in case where the defects are remedied in accordance with the provisions in of this ArticleArticle IX. (de) Any dispute under this Article shall be referred to arbitration in accordance with the provisions of Article XIII hereofXIII.1.(b).