YACHTBUILDAGREEMENT(10) 5）noticeofterminationbythebuyershallbegiveninwritingandshallbeeffectivefourteendaysafterreceiptbythebuilderunlessthebuildershallhavethenremediedthedefault. articlexiidefaultofthebuyer （1）thebuyershallbeindefaultandthiscontractmayatthediscretionofthebuilderbesuspendedinwholeorinpartorterminatedbythebuilderbynoticeinwritingtothebuyerif： （a）thebuyerfailstopayanyinstalmentofthecontractpricewithinsevenbankingdaysofitsbeingdueandpayableinaccordancewitharticlev；or （b）thebuyerwithoutduecausefailstoaccepttheyachtandpayallsumsdueondeliverywithinsevendaysoftheyachtbeingtenderedfordeliveryinaccordancewiththiscontract. （c）thebuyerfailstosupplythematerialsponentsandequipmentinaccordancewiththiscontractthebuyerhavingbeennotifiedinwritingbythebuilderofthematerialponentsorequipmentwhichthebuyerhasfailedtosupplytothebuilderand b）thebuyerhavingfailedtomakesuchsupplywithinseven（7）daysofreceiptofsuchnoticeand suchfailuretosupplyordelaycausesthebuilderactualdirectdelayoradditionalcost. （2）ifthebuildersuspendsthecontracttheperiodofsuspensionshallendureuntil： （a）thebuyerhasremediedthedefault；or （b）noticeofterminationofthecontractisgivenbythebuildertothebuyer；or （c）thebuilderotherwiseintimatestothebuyerthatworkunderthecontractistoberesumed. 3）noticeofterminationbythebuilderunderthisarticleshallbegivenbyfaxandconfirmedinwritingandshallbeeffectivesevendaysafterreceiptthereofbythebuyerwhereuponthebuildershall（unlessthebuyershallhavethenremediedthedefault）beentitledtoexercisetherightsprovidedforinparagraph（5）4）thebuildershallbeentitledtoterminatethiscontractforthwithbynoticegivenbyfaxandconfirmedinwritinguponanorderbeingmadeoraneffectiveresolutionbeingpassedforthewindingupofthebuyer（otherthanamembersvoluntarywindingupforthepurposeofamalgamationorreconstruction）orareceiveroradministratorbeingappointedofthewholeorpartoftheundertakingofthebuyer. 5）ifthebuildershallterminatethiscontractunderthisarticlethebuildershallbeentitled（inadditiontointerestasprovidedinarticlev（4）totheprovedlossresultingfromthebuyersdefault.thebuildershallselltheyachtbypublicauctionortenderorprivatesaleatitsdiscretionandshallapplytheproceedsofsale（afterdeductingtheexpensesofsaleincludingthecostofpletingtheyachtforsale）togetherwithanyinstalmentsofthecontractpricepaidunderarticlevasfollows： 0);font-size:14.0000pt;mso-font-kerning:0.0000pt;