ABSTRACT
In most shipbuilding projects delivery and acceptance of the completed vessel represents the true point of sale, i.e. the moment in time when title and risk pass from the builder to the buyer. The buyer is at this stage obliged to settle the outstanding balance of the contract price or, if credit terms have been extended by the builder, to pay the delivery instalment and to furnish the agreed securities in respect of payment of the post-delivery portion of the contract price.
