Common use of RIGHT TO CANCEL FOR EXCESSIVE DELAY Clause in Contracts

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies as stipulated in Article XII, aggregates two hundred and seventy (270) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIIIXIII.7, (ii) the BUYER's ’s defaults under Article XIXI.1 and XI.2., (iii) modifications and changes under Article V V.1 and V.3 or (iv) delays or defects in the BUYER's ’s supplies as stipulated in Article XIIXII.1, aggregates two hundred and seventy sixty (270260) days or moremore (inclusive of the thirty (30) days grace period as per Article III.1.(a)), then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER and the BUILDER, upon receipt of such notice, and upon the BUYER’s demand, shall refund in accordance with the provisions of Article X.5 hereof all payments made to the BUILDER by the BUYER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. III.1 hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy sixty (270260) days in case of the delay delays referred to in this Paragraph 3 or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email e-mail or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) business days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due Permissible Delays, amounts to Three Hundred and Sixty (i) arbitration under Article XIII, (ii) the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies as stipulated in Article XII, aggregates two hundred and seventy (270360) days or more, then, in such event, the BUYER may, at any time thereafter, may cancel this CONTRACT by giving a written notice Contract in accordance with the provisions of cancellation to the BUILDERArticle III hereof. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the The BUILDER may, at any time after expiration of the accumulated time of the delay in deliveryaforementioned delays justifying cancellation by the BUYER, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future propose a new date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future dateand demand in writing that the BUYER shall make an election whether to cancel the Contract or accept the proposed new date for delivery, in which case the BUYER shall, within seven twenty (715) days after receipt of such demanddemand is received by the BUYER, make and either notify the BUILDER of such election. If its choice; it being understood and agreed by the Parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Article, the BUYER elects shall have the same right of cancellation upon the same terms as hereinabove provided. Should the BUYER fail to consent give such notification within the said fifteen (15) days, the BUYER shall be deemed to have accepted the new date for delivery of as proposed by the VESSEL at such future date (or other future date as the parties may agree):BUILDER. Ulstein Verft AS X.X. Xxx 000, X-0000 Xxxxxxxxxx, Xxxxxx Tel. +00 0000 0000. Fax +00 0000 0000 Ent. No: 912 447 561 xxx.xxxxxxx.xxx Shipbuilding Contract

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIIIXIV, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies ’S SUPPLIES as stipulated in Article XII, aggregates two three hundred and seventy sixty five (270365) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy sixty five (270365) days in case of the delay in this Paragraph or two hundred and ten seventy (210270) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding (i) delays due to (i) arbitration under Article XIII, (ii) delays due to the BUYER's Buyer’s defaults of a nature which under Article XI, the terms of this Contract permit extension of the time for delivery (iii) delays due to modifications and changes under Article V 5 or (iv) delays or defects in delivery of the BUYER's supplies as stipulated in Article XIIBuyer’s supplied items, aggregates aggregate two hundred and seventy ten (270210) days or more, then, the BUYER may, Buyer may at any time thereafter, thereafter cancel this CONTRACT Contract by giving a written notice of cancellation to the BUILDERBuilder. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDERBuilder, and the Builder, upon receipt of such notice, and upon the Buyer’s demand, shall promptly refund in accordance with the provisions of Article 10 (g) hereof all payments made to the Builder by the Buyer. The aforementioned refund by the Builder as provided in Article 10 (g) shall forthwith discharge all obligations, duties and liabilities of each of the parties hereto to the other under this Contract. If the BUYER Buyer has not served the notice of cancellation cancelled this Contract as provided in the above or Article III.1. hereofprovided, the BUILDER Builder may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1aforementioned delays, notify the BUYER Buyer of the future date upon which the BUILDER estimates Builder estimated the VESSEL Vessel will be ready for delivery and demand by email or facsimile in writing that the BUYER Buyer make an election either to cancel this CONTRACT Contract or to consent to the delivery of the VESSEL Vessel at such future date, date in which case the BUYER Buyer shall, within seven fourteen (714) working days after receipt of such demand, make and notify the BUILDER Builder of such election. If the BUYER Buyer elects to consent to the delivery of the VESSEL Vessel at such future date (or other future date as the parties may agree):date:

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies ’S SUPPLIES as stipulated in Article XII, aggregates two hundred and seventy ten (270210) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy ten (270210) days in case of the delay in this Paragraph or two one hundred and ten eighty (210180) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven fourteen (714) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’ s supplies as stipulated in Article XII, aggregates two three hundred and seventy (270300) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1III. 1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy (270300) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1III. 1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email facsimile or facsimile e-mail that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible delays on account of the causes specified in Paragraph 1 of the Article aggregate to Two Hundred and Ten (210) calendar days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of the Article and non-permissible delaysdelays as described in Paragraph 1 of Article III aggregate to Two Hundred and Forty (240) calendar days or more, in any circumstances, excluding delays due to (i) arbitration under as provided for in Article XIIIXIII hereof or due to default in performance by the BUYER, (ii) or due to delays in delivery of the BUYER's defaults Supplied Items, and excluding delays due to causes which, under Article XIV, (iii) modifications VI, XI and changes under Article V XII hereof, permit extension or (iv) delays or defects postponement of the time for delivery of the VESSEL, then in the BUYER's supplies as stipulated in Article XII, aggregates two hundred and seventy (270) days or more, thensuch event, the BUYER at any time thereafter in accordance with the provisions set out herein rescind or cancel this Contract by serving upon the SELLER notice of cancellation or rescission by letter or email and the provisions of Article X of this Contract shall apply. The SELLER may, at any time thereaftertime, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify aforementioned delays justifying cancellation by the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and as above provided for, demand by email or facsimile in writing that the BUYER shall make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within seven thirty (730) calendar days after receipt of such demand, make and demand is received by the BUYER either notify the BUILDER SELLER of such election. If its intention to cancel, or consent to an extension of the time for delivery to an agreed future date, it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER elects to consent to shall have the delivery same right of cancellation upon the VESSEL at such future date (or other future date same terms as the parties may agree):hereinabove provided.

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies ’s SUPPLIES as stipulated in Article XII, aggregates two hundred and seventy ten (270210) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy ten (270210) days in case of the delay in this Paragraph or two one hundred and ten eighty (210180) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven fourteen (714) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’ s supplies as stipulated in Article XII, aggregates two three hundred and seventy (270300) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1III. 1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy (270300) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1III. 1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of (a) all permissible delays in accordance with Article VIII.1 above or (b) permissible delays in accordance with Article VIII.1 above and non-non permissible delays, excluding delays due to (i) arbitration under Article XIIIXIV, (ii) the BUYER's defaults under Article XIXII, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies SUPPLIES as stipulated in Article XIIXIII, aggregates two hundred and seventy (270) [***] days or more, more then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration the BUYER's right of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1cancellation has arisen, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile E-mail that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven twenty-one (721) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIIIXII, (ii) the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies as stipulated in Article XII, aggregates two three hundred and seventy (270300) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy (270300) days in case of the delay in this Paragraph or two one hundred and ten eighty (210180) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email telex, cable or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, ; (ii) the BUYER's ’S defaults under Article XI, ; (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies ’S SUPPLIES as stipulated in Article XII, aggregates two hundred and seventy (270) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. 111.1 hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future datedate (or other date which the parties hereto may agree), in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-non permissible delays, excluding delays due to (i) arbitration under Article XIII, XIV (ii) the BUYER's BUYER defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’s supplies as stipulated in Article XII, XIII aggregates two hundred and seventy forty (270240) days or more, then, then the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. III.1 hereof, the BUILDER may, may at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy forty (270240) days in case of the delay in this Paragraph or two one hundred and ten eighty (210180) days in case of the delay in Article III.1, III.1 notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email telex, cable or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) ten days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER buyer elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible delays on account of the causes specified in Paragraph 1 of this Article aggregate to Two Hundred and Ten (210) days or more, or if the total accumulated time of all permissible delays on account of the causes specified in Paragraph 1 of this Article and non-permissible delaysdelays as specified in Paragraph 1 of Article III aggregate to Two Hundred and Forty (240) days or more, in any circumstances, excluding delays due to (i) arbitration under as provided for in Article XIII, (ii) XIII hereof or due to default in performance by the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) due to delays or defects in delivery of the BUYER's supplies as stipulated ’s Supplied Items, and excluding delays due to causes which, under Articles V, Article VI, Article XI and Article XII hereof, permitting extension or postponement of the time for delivery of the VESSEL, then in Article XII, aggregates two hundred and seventy (270) days or more, thensuch event, the BUYER may in accordance with the provisions set out herein cancel this Contract by serving upon the SELLER telefax or email notice of cancellation which shall be confirmed in writing and the provisions of Article X of this Contract shall apply.The SELLER may, at any time thereaftertime, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify aforementioned delays justifying cancellation by the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and as above provided for, demand by email or facsimile in writing that the BUYER shall make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within seven thirty (730) days after receipt of such demand, make and demand is received by the BUYER either notify the BUILDER SELLER of such election. If its intention to cancel, or consent to an extension of the time for delivery to an agreed future date, it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER elects to consent to shall have the delivery same right of cancellation upon the VESSEL at such future date same terms as hereinabove provided. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (or other future date as the parties may agree):Hull No.YZJ2013-1145)

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, ; (ii) the BUYER's ’S defaults under Article XI, ; (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies ’S SUPPLIES as stipulated in Article XII, aggregates two hundred and seventy (270) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. III.1 hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future datedate (or other date which the parties hereto may agree), in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's supplies as stipulated in Article XII, aggregates two three hundred and seventy (270300) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1III. 1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy (270300) days in case of the delay in this Paragraph or two one hundred and ten eighty (210180) days in case of the delay in Article III.1III. 1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email telex, cable or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, demand make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’s supplies as stipulated in Article XII, aggregates two three hundred and seventy sixty-five (270365) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. III.1 hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy sixty-five (270365) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’s supplies as stipulated in Article XII, aggregates two three hundred and seventy (270300) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1III. 1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two three hundred and seventy (270300) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1III. 1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand in writing or by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible delays on account of the causes specified in Paragraph 1 of this Article aggregate to Two Hundred and Ten (210) days or more, or if the total accumulated time of all permissible delays on account of the causes specified in Paragraph 1 of this Article and non-permissible delaysdelays as specified in Paragraph 1 of Article III aggregate to Two Hundred and Forty (240) days or more, in any circumstances, excluding delays due to (i) arbitration under as provided for in Article XIII, (ii) XIII hereof or due to default in performance by the BUYER's defaults under Article XI, (iii) modifications and changes under Article V or (iv) due to delays or defects in delivery of the BUYER's supplies as stipulated ’s Supplied Items, and excluding delays due to causes which, under Articles V, Article VI, Article XI and Article XII hereof, permitting extension or postponement of the time for delivery of the VESSEL, then in Article XII, aggregates two hundred and seventy (270) days or more, thensuch event, the BUYER may in accordance with the provisions set out herein cancel this Contract by serving upon the SELLER telefax or email notice of cancellation which shall be confirmed in writing and the provisions of Article X of this Contract shall apply.The SELLER may, at any time thereaftertime, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify aforementioned delays justifying cancellation by the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and as above provided for, demand by email or facsimile in writing that the BUYER shall make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future dateelection, in which case the BUYER shall, within seven thirty (730) days after receipt of such demand, make and demand is received by the BUYER either notify the BUILDER SELLER of such election. If its intention to cancel, or consent to an extension of the time for delivery to an agreed future date, it being understood and agreed by the parties hereto that, if any further delay occurs on account of causes justifying cancellation as specified in this Contract, the BUYER elects to consent to shall have the delivery same right of cancellation upon the VESSEL at such future date same terms as hereinabove provided. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (or other future date as the parties may agree):Hull No.YZJ2013-1144)

RIGHT TO CANCEL FOR EXCESSIVE DELAY. If the total accumulated time of all permissible and non-permissible delays, excluding delays due to (i) arbitration under Article XIII, (ii) the BUYER's ’s defaults under Article XI, (iii) modifications and changes under Article V or (iv) delays or defects in the BUYER's ’s supplies as stipulated in Article XII, aggregates two hundred and seventy (270) days or more, then, the BUYER may, at any time thereafter, cancel this CONTRACT by giving a written notice of cancellation to the BUILDER. Such cancellation shall be effective as of the date the notice thereof is received by the BUILDER. If the BUYER has not served the notice of cancellation as provided in the above or Article III.1. hereof, the BUILDER may, at any time after expiration of the accumulated time of the delay in delivery, either two hundred and seventy (270) days in case of the delay in this Paragraph or two hundred and ten (210) days in case of the delay in Article III.1, notify the BUYER of the future date upon which the BUILDER estimates the VESSEL will be ready for delivery and demand by email or facsimile that the BUYER make an election either to cancel this CONTRACT or to consent to the delivery of the VESSEL at such future date, in which case the BUYER shall, within seven (7) days after receipt of such demand, make and notify the BUILDER of such election. If the BUYER elects to consent to the delivery of the VESSEL at such future date (or other future date as the parties may agree):