Page 22 - Shipyards

٦. Any payments due to the contractor for and relating to the repair of foreign

vessels and vessels owned by companies subjects to the law of Arab and Foreign

capital, shall be paid in U.S. Dollar. Whereas the Egyptian vessels owned by the
public sector, individuals or by local companies and fly the Egyptian flag shall pay in

Egyptian pound provided they submit documents cover this fact.

٧. Upon completion of work, the customer has to sign the work statements and pay
related bills before the vessel leaves the yard. The contractor reserves the right to

request the customer to pay the bill of the work that has been already executed

without waiting for the completion of the whole work.
٨. The contractor has the right to request the customer to increase the advance

payment if the volume and value of work are larger than what is referred to in the
work order.

٩. In case customer disapproves the value of any bill, he has to submit a letter of

guarantee to the contractor issued from one of the Egyptian banks covering the value
of the bill till they reach an agreement otherwise the ship shall be retained.

١٠. Terms of Payment :

- 50 % Advance payment.
- 50 % before the vessel leaves the yard, unless an agreement is concluded

between the customer and the concerned parties stating otherwise.

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