CONTRACT FOR SALE OF NEW VESSEL (in $US)

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The purchaser hereby agrees to buy from the seller and the seller agrees to sell to the purchaser the new vessel described in this contract including any extras and/or accessories as stated in this contract for the price payable in the manner and on the terms and conditions contained in this contract and on the attached schedule.

DESCRIPTION OF VESSEL
Make and Model....Searenity 90 Serial Number VDS 90
Exterior theme ……………………………………………………
Interior theme …………………………………………………… Estimated delivery date FOB Port of Melbourne M.....……/Y....……
Other charges, accessories, amendments …………………………………………………… ……………………………………………………

PURCHASE PRICE OF THE VESSEL $US 2,100,000 FOB Port of Melbourne

TERMS OF SETTLEMENT

Subject to clause 3 of terms and conditions schedule one Deposit upon signature and submission of this contract $US 300,000 Completion of hull $US 850,000.
Completion of fitout $US 850,000 Completion of trials $US 100,000

The purchaser acknowledges that unless stated in this contract, no other additional conditions apply to this contract. The purchaser acknowledges that he/she has read and understood the terms and conditions above and on Schedule One of the contract and agrees to be bound by them.

THIS IS A LEGALLY BINDING CONTRACT

Signature of purchaser/directors of purchasing entity ………………… …………………. Signature of person duly authorized by seller …………………………………….

Dated the ………………day of …………………………..200….

TERMS AND CONDITIONS FOR CONSTRUCTION AND SALE OF NEW VESSEL SCHEDULE ONE

Definitions

1. Unless the context otherwise requires:-
Vessel means the boat described in the front of this contract under the panel headed "Description of Vessel".
"Purchaser" means the purchaser described in the front of this contract and shall include the heir, executors and assignees of the purchaser.
"The Seller" means the seller described in the front of this contract.
"Contract"means this contract, which is comprised of the front page hereof and this page.
GST means goods and services tax. All other definitions, meanings and references are as understood within the Commonwealth of Australia.

2. GST (purchases within Australia only)
Where Goods and Services Tax is applicable (domestic sales only) all prices shown in this contract are exclusive of GST. A separate tax invoice will be issued in accordance with Goods and Services Tax legislation.

3. Payment
(i) The purchaser is required to make progress payments to the seller at the following billing stages: · Deposit upon signature and submission of this contract $US 300,000 · Completion of hull $US 850,000 · Completion of fitout $US 850,000 · Completion of trials $US 100,000
* Bank Check Marked "Vandanick Ships Trust Account" or Electronic Funds Transfer to BSB..................Account#.....................
Bendigo Bank, Victoria, Australia.

(ii) If the purchaser fails to make any payment as provided for in this contract on the due date for such payment then the purchaser shall pay to the seller interest on such amount until payment of such amount at a rate equal to the rate fixed under Section 2 of the Penalty Interest Rates Act 1983 plus 5%.
(iii) Upon the seller giving notice that a billing stage has been reached the purchaser shall immediately pay the whole of the amount due for that billing stage.
(iv) The seller has the right to cease construction of the vessel until such time as the purchaser complies with clause 3.
(v) If the purchaser fails to comply with the terms of clause 3 within one month the seller reserves the right to sell the vessel to another purchaser and if construction of the vessel is incomplete at the time the purchaser breaches this clause, to complete the vessel for sale to another purchaser. In the case of such an event occurring, the return of payment installments to the purchaser after the vessel has been completed and sold to another purchaser will be at the discretion of the seller and will be net of costs incurred by the seller in connection with this contract.

4. Retention of Title
(i) Title to the vessel shall in no circumstances pass to the purchaser until the seller has received full and cleared payment for the vessel.
(ii) If the purchaser is in default under this contract the seller may at its option notwithstanding that property in the vessel has not passed to the purchaser and insofar as is possible by law sues for and recover the balance of any monies outstanding under this contract and any expenses and costs and interest incurred as a consequence of the purchaser's default.

5. Delivery
Delivery queue position subject to date of funds clearance. The purchaser shall accept delivery of the vessel at a loading facility at the Port of Melbourne Australia such that the loading facility is capable of berthing a transportation vehicle appropriate to transport the vessel to the nearest port of the purchaser's country of residence. All risk in the vessel shall pass to the purchaser upon delivery.

6. Delays in Delivery
The seller shall make every reasonable effort to make the vessel available for delivery on or before the delivery date stated in this contract. Failure to deliver the vessel by the delivery date will not constitute grounds for termination of this contract by the purchaser until the delivery date has been exceeded by six completed calendar months and only if the delay was caused by unreasonable delays that would reasonably be considered to be under the control of the seller.

7. Limitation of Liability
At the time of delivery of the vessel the purchaser acknowledges that the vessel is in all respects in accordance with the description contained in the contract and by taking delivery of the vessel the purchaser waives any rights or remedies he might otherwise have had by reason of any misdescription of the vessel in this contract and the parties to this contract shall be deemed to have agreed to have varied this contract by changing the description of the vessel so it describes the vessel actually delivered.

8. Termination
(i) Where this contract is lawfully terminated by the seller due to a breach of this contract by the purchaser then the purchaser shall forfeit all amounts paid on the contract up to time of the termination. Any decision to subsequently refund some or all of the abovementioned funds shall be solely at the discretion of the seller.
(ii) Where this contract is lawfully terminated by the purchaser due to a breach of this contract by the seller then the seller shall refund to the purchaser all monies paid by or on behalf of the purchaser.

9. Non exclusion of statutory and other rights
The benefits conferred by this contract and by the seller's warranty are in addition to all other rights and remedies in respect of the vessel which the purchaser possesses under the Trade Practices Act 1974 and any other Federal, State and Territory laws of the Commonwealth of Australia.

Buyer initials…...Seller initials…….

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