ABSTRACT
Under the majority of shipbuilding contracts the principal obligations assumed by the buyer are to pay the various instalments of the contract price as they fall due and to accept delivery of the vessel when duly tendered by the builder. Because the timely performance of these promises is of crucial importance to the builder, it is usual for the parties to agree upon the effect of a default by the buyer, rather than merely leaving the builder to pursue his common law remedies for breach of contract. Such common law remedies will, however, normally continue to remain available to the builder.
