Boat Building Agreement (Construction Of Marine Vessel)
--------------------, referred to as OWNER, and --------------------, referred to as CONTRACTOR, agree:
OWNER herewith hires CONTRACTOR to construct a vessel in accordance with plans and specifications referred to herein.
The vessel shall be constructed in a first class fashion, using highest grade materials, in accordance with the plans and specifications of [state in detail]. Said plans and specifications are attached hereto as Exhibit "1." CONTRACTOR warrants that he has had sufficient time to fully and completely review the plans and specifications.
In the event that CONTRACTOR reasonably requires any additional marine engineering or marine architecture services such services shall be provided upon request by CONTRACTOR to OWNER, at the OWNER's expense.
CONTRACTOR shall receive a fixed price for the construction of the vessel totaling $----------( dollars). Said sum shall be paid as follows:
First instalment [--%] of the fixed price, due within ten days of the execution of this agreement;
Second instalment [--%]of the fixed price, due at the earliest of:
(a) the laying of the keel;
(b) the beginning of hull assembly.
Third instalment [--%] of the fixed price, due at the time of launching the vessel.
Any changes or alterations in the plans or specifications shall be by written change order executed by both parties. In the event of any change order, the contract price shall be adjusted accordingly.
OWNER grants to CONTRACTOR an express lien upon the vessel and any materials held by the CONTRACTOR for the job. In the event that the OWNER fails to pay as agreed, upon 30 days notice the CONTRACTOR shall be entitled to...
(Excerpt)
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