Common use of INSUFFICIENT SPEED Clause in Contracts

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACT. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 at or above 0.4 but below 0.5 knot US$75,000 at or above 0.5 but below 0.6 knot US$125,000 at or above 0.6 but below 0.7 knot US$185,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Original Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed at ▇▇▇▇▇▇▇▇▇ draft as specified in Paragraph 4 of Article ARTICLE I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run Run(s) after correction according to the Specifications) below the Guaranteed SpeedSpeed as specified in Paragraph 4, ARTICLE I of this Contract, the Original Contract Price shall be reduced as follows: In case of deficiency, above 0.3 deficiency Above 0.30 but below 0.4 0.40 knot US$35,000 at or above 0.4 50,000 Above 0.40 but below 0.5 0.50 knot US$75,000 at or above 0.5 100,000 Above 0.50 but below 0.6 0.60 knot US$125,000 at or above 0.6 but below 0.7 knot US$185,000US$ 150,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is 0.6 knot or more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article ARTICLE X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Original Contract Price as above provided, by in the maximum amount of United States Dollars Three One Hundred Fifty Thousand Only (US$ 300,000.00) being the maximumUSD150,000.00).

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient actual speed (as described in detail in the Specifications and as determined by the Trial Run according to the Specifications) being not more equal to or less than three three-tenths (3/10) of one knot between below the actual guaranteed speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 of Article 1 of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 deficiency Above 0.30 but below 0.4 or at 0.40 knot US$35,000 at or above 0.4 USD 5,000 (Total) Above 0.40 but below 0.5 or at 0.50 knot US$75,000 at or above 0.5 USD 10,000 (Total) Above 0.50 but below 0.6 or at 0.60 knot US$125,000 at or above 0.6 USD 15,000 (Total) Above 0.60 but below 0.7 or at 0.70 knot US$185,000USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 nine tenths (9/10) of one knot below the Guaranteed Speedguaranteed speed of 12.5 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X 10 of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above providedprovided for nine tenths (9/10) of one knot, by that is United States Dollars Three Hundred Thousand forty thousand only (US$ 300,000.00USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price CONTRACT PRICE of the VESSEL shall not be affected nor changed or changed, if the actual speed, as determined by reason trial runs more fully described in Article VI hereof, is less than the speed required under the terms of this CONTRACT and the insufficient SPECIFICATIONS provided such deficiency in actual speed being is not more than three three-tenths (3/10) of one a knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACT. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 at or above 0.4 but below 0.5 knot US$75,000 at or above 0.5 but below 0.6 knot US$125,000 at or above 0.6 but below 0.7 knot US$185,000guaranteed speed. (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 one (1) full knot below the Guaranteed Speedspeed guaranteed under this CONTRACT, then the BUYER BUYER, at its option, may, subject to the BUILDER's right to effect alterations or corrections as provided in Article VI of this CONTRACTVI.5. hereof, at its option reject the VESSEL and cancel or rescind this CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price CONTRACT PRICE as above providedprovided for one (1) full knot of deficiency only. (d) If the actual speed of the VESSEL exceeds the speed guaranteed under this CONTRACT, then the CONTRACT PRICE shall be increased for each full one-tenth (1/10) of a knot by United States adding U.S. Dollars Three Hundred Twenty Thousand (US$ 300,000.0020,000) being the maximum[fractions of less than one-tenth (1/10) of a knot shall be regarded as a full one-tenth (1/10) of a knot].

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed SpeedSpeed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 deficiency of less than 0.30 knot US$35,000 US$ 0 In case of deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 100,000 at or above 0.5 0.40 but below 0.6 0.50 knot US$US$ 125,000 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 one (1) knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$ 300,000.00US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144)

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed SpeedSpeed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 deficiency of less than 0.30 knot US$35,000 US$ 0 In case of deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 100,000 at or above 0.5 0.40 but below 0.6 0.50 knot US$US$ 125,000 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 one (1) knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$ 300,000.00US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142)

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 deficiency of less than 0.30 knot US$35,000 US$ In case of deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ at or above 0.5 0.40 but below 0.6 0.50 knot US$125,000 US$ at or above 0.6 0.50 but below 0.7 0.60 knot US$ at or above 0.60 but below 0.70 knot US$ at or above 0.70 but below 0.80 knot US$ at or above 0.80 but below 0.90 knot US$185,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 0.90 knot below the Guaranteed Speedguaranteed speed, as per Article I. 4, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being equal to or less than three-tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I 1 of this CONTRACTContract. (b) However, commencing with and including a deficiency of three above three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 of Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, deficiency above 0.3 0.30 but below 0.4 or at 0.40 knot US$35,000 at or USD (total) above 0.4 0.40 but below 0.5 or at 0.50 knot US$75,000 at or USD (total) above 0.5 0.50 but below 0.6 or at 0.60 knot US$125,000 at or above 0.6 but below 0.7 knot US$185,000USD (total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 0.6 knot below the Guaranteed Speedguaranteed speed of 14.3 knots , then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X 10 of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above providedprovided for 0.6 knot only, by that is United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 50,000.00 at or above 0.5 0.40 but below 0.6 0.50 knot US$125,000 US$ 100,000.00 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 150,000.00 at or above 0.60 but below 0.70 knot US$ 200,000.00 at or above 0.70 but below 0.80 knot US$ 250,000.00 at or above 0.80 but below 0.90 knot US$ 300,000.00 at or above 0.90 but below 1.00 knot US$ 350,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 1.00 knot below the Guaranteed Speedguaranteed speed of 14.5 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred and Five Thousand only (US$ 300,000.00US$350,000) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACT.. 16 / 82 Shipbuilding Contract Hull No. H2854 (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 Article I of this CONTRACT, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 150,000.00 at or above 0.5 0.40 but below 0.6 0.50 knot US$125,000 US$ 300,000.00 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 450,000.00 at or above 0.60 but below 0.70 knot US$ 600,000.00 at or above 0.70 but below 0.80 knot US$ 750,000.00 at or above 0.80 but below 0.90 knot US$ 900,000.00 at or above 0.90 but below 1.00 knot US$ 1,050,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 1.00 knot below the Guaranteed Speedguaranteed speed of 16.0 knots , then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred One Million Fifty Thousand only (US$ 300,000.001,050,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient actual speed (as described in detail in the Specifications and as determined by the Trial Run according to the Specifications) being not more equal to or less than three three-tenths (3/10) of one knot between below the actual guaranteed speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I 1 of this CONTRACTContract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 of Article 1 of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 deficiency Above 0.30 but below 0.4 or at 0.40 knot US$35,000 at or above 0.4 USD 5,000 (Total) Above 0.40 but below 0.5 or at 0.50 knot US$75,000 at or above 0.5 USD 10,000 (Total) Above 0.50 but below 0.6 or at 0.60 knot US$125,000 at or above 0.6 USD 15,000 (Total) Above 0.60 but below 0.7 or at 0.70 knot US$185,000USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 nine tenths (9/10) of one knot below the Guaranteed Speedguaranteed speed of 12.3 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X 10 of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above providedprovided for nine tenths (9/10) of one knot, by that is United States Dollars Three Hundred Thousand forty thousand only (US$ 300,000.00USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than four point five tenths (0.45) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three four point five tenths (3/100.45) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 deficiency of less than 0.45 knot US$35,000 US$ In case of deficiency at or above 0.4 0.45 but below 0.5 0.55 knot US$75,000 US$ at or above 0.5 0.55 but below 0.6 0.65 knot US$125,000 US$ at or above 0.6 0.65 but below 0.7 0.75knot US$ at or above 0.75 but below 0.85 knot US$ at or above 0.85 but below 0.95 knot US$ at or above 0.95 but below 1.05 knot US$ at or above 1.05 but below 1.15 knot US$185,000 (c) If the deficiency in actual speed (as determined by the Trial Run after Date: 16/63 Shipbuilding Contract Hull No. correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 1.15 knot below the Guaranteed Speedguaranteed speed of 14.3 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and rescind or cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one (1) knot below the Guaranteed Speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one (1) knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed SpeedSpeed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 deficiency of less than 0.30 knot US$35,000 US$ 0 In case of deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 100,000 at or above 0.5 0.40 but below 0.6 0.50 knot US$US$ 125,000 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 175,000 at or above 0.60 but below 0.70 knot US$ 225,000 at or above 0.70 but below 0.80 knot US$ 275,000 at or above 0.80 but below 0.90 knot US$ 325,000 at or above 0.90 but below 1.00 knot US$ 375,000 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 one (1) knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred and Seventy-five Thousand only (US$ 300,000.00US$375,000.00) being the maximum. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145)

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACT.. Shipbuilding Contract Hull No. H2855 (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 Article I of this CONTRACT, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ 150,000.00 at or above 0.5 0.40 but below 0.6 0.50 knot US$125,000 US$ 300,000.00 at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ 450,000.00 at or above 0.60 but below 0.70 knot US$ 600,000.00 at or above 0.70 but below 0.80 knot US$ 750,000.00 at or above 0.80 but below 0.90 knot US$ 900,000.00 at or above 0.90 but below 1.00 knot US$ 1,050,000.00 (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 1.00 knot below the Guaranteed Speedguaranteed speed of 16.0 knots , then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred One Million Fifty Thousand only (US$ 300,000.001,050,000.00) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient actual speed (as described in detail in the Specifications and as determined by the Trial Run according to the Specifications) being not more equal to or less than three three-tenths (3/10) of one knot between below the actual guaranteed speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I 1 of this CONTRACTContract. (b) However, commencing with and including a deficiency of three more than three-tenths (3/10) of one knot in actual speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4 of Article 1 of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 deficiency Above 0.30 but below 0.4 or at 0.40 knot US$35,000 at or above 0.4 USD 5,000 (Total) Above 0.40 but below 0.5 or at 0.50 knot US$75,000 at or above 0.5 USD 10,000 (Total) Above 0.50 but below 0.6 or at 0.60 knot US$125,000 at or above 0.6 USD 15,000 (Total) Above 0.60 but below 0.7 or at 0.70 knot US$185,000USD 20,000 (Total) Above 0.70 but below or at 0.80 knot USD 25,000 (Total) Above 0.80 but below or at 0.90 knot USD 40,000 (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 nine tenths (9/10) of one knot below the Guaranteed Speedguaranteed speed of 12.5 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and cancel or rescind this CONTRACT Contract in accordance with provisions of Article X 10 of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above providedprovided for nine tenths (9/10) of one knot, by that is United States Dollars Three Hundred Thousand forty thousand only (US$ 300,000.00USD 40,000) being the maximum.

INSUFFICIENT SPEED. (a) The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and being less than three tenths (3/10) of one knot below the Guaranteed Speed guaranteed speed as specified in Paragraph 4 of Article I of this CONTRACTContract. (b) However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual Trial speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speedguaranteed speed as specified in Paragraph 4, Article I of this Contract, the Contract Price shall be reduced as follows: In case of deficiency, above 0.3 but below 0.4 knot US$35,000 deficiency at or above 0.4 0.30 but below 0.5 0.40 knot US$75,000 US$ (Total) at or above 0.5 0.40 but below 0.6 0.50 knot US$125,000 US$ (Total) at or above 0.6 0.50 but below 0.7 0.60 knot US$185,000US$ (Total) at or above 0.60 but below 0.70 knot US$ (Total) at or above 0.70 but below 0.80 knot US$ (Total) (c) If the deficiency in actual speed (as determined by the Trial Run after correction according to the Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s)Run, is more than 0.7 0.80 knot below the Guaranteed Speedguaranteed speed of 14.4 knots, then the BUYER may, subject to Article VI of this CONTRACT, may at its option reject the VESSEL and rescind or cancel or rescind this CONTRACT Contract by giving notice in accordance with provisions of Article X of this CONTRACTContract, or may accept the VESSEL at a reduction in the Contract Price as above Date: 11/58 Shipbuilding Contract Hull No. provided, by United States Dollars Three Hundred Thousand only (US$ 300,000.00) being the maximum.