TERMS & CONDITIONS

1. DEFINITIONS

A. “Repairer-Supplier” means ABSOLUTE BOATING SL. or MUNDIAL YACHTING SL.

B. “Customer” means the owner and/or representative requesting the Repairer-Supplier to provide services and/or provide supplies to a Vessel.

C. “Shipyard” means the premises and entire area including the docks, dry dock, and facilities of the Repairer-Supplier.

D. “Contract” means the agreement between the Repairer-Supplier and the Customer for work to be carried out/supplies to be furnished by the Repairer-Supplier to the Vessel.

E. “Vessel” means any vessel, ship, yacht, and/or any other watercraft and/or structure.

F. “Work Order” means work order, purchase order, quotation, invoice, and/or any other communication, including, but not limited to, written, e-mail, and/or oral, which identifies requests for work, supplies and/or services; and/or identifies work, supplies and/or services to be provided to the Vessel; and/or identifies work, supplies and/or services rendered to the Vessel.

2. GENERAL

A. These Standard Terms and Conditions apply to all agreements of the Repairer-Supplier to provide services and/or supplies to any Vessel, including but not limited to, repairs, conversions, maintenance, upgrades, spares, replacement parts, consumable supplies and generally all works and materials related to or incident thereto. These Standard Terms and Conditions form an integral part of all Contracts of the Repairer-Supplier. Agreements varying these Standard Terms and Conditions must be in writing and signed by both parties.

B. These Standard Terms and Conditions shall govern and control every order for services and/or goods placed with the Repairer-Supplier, whether oral or written, howsoever transmitted, whether by telephone, in writing, fax, e-mail, telex or cable communication, and shall be deemed thereby acknowledged and accepted by the Customer or on its behalf.

C. Price quotations and cost estimates of the Repairer-Supplier are not binding and are subject to change. They shall include only the supplies and services explicitly specified therein.

D. Contracts will be deemed binding on the Repairer-Supplier once it has accepted in writing the Work Order placed with it. This shall apply mutatis mutandis to all amendments to or alterations of Contracts.

E. The Repairer-Supplier and the Customer have jointly reviewed the work to be carried out onboard the Vessel, which is as described in the Work Order. The price for same shall be as noted in the Work Order, excluding however, any additional costs and/or expenses and/or additional labor and/or materials that may be required to perform additional work over and above the scope of the work described in the Work Order, but discovered once the Repairer-Supplier commenced to execute the work. By way of example only and not by way of limitation, such additional work may include dismantling for purposes of making areas accessible where work is to be performed; cleaning and/or gas freeing; and/or disposal of waste materials in compliance with applicable laws and/or regulations. All such additional work will be charged as extra and shall be payable by the Customer, together with the price noted in the Work Order. If, in the course of performing the agreed work noted in the Work Order, the Repairer-Supplier discovers items of work that need to be carried out as they relate to the seaworthiness of the subject Vessel identified in the Work Order, the Repairer-Supplier shall bring it to the attention of the Customer promptly and request them to agree to an amendment of the Work Order to expand the scope of the work and price accordingly. In such event, the Customers will be bound to accept the amendment to the Work Order accordingly within 48 hours of the notice, failing which, the Repairer-Supplier will not be required to perform such additional work, and the Repairer-Supplier will be entitled to perform only the work as described in the Work Order.

F. The person agreeing to the Work Order and/or signing the Work Order, warrants to the Repairer-Supplier it is authorized to accept the Work Order for and on behalf of the Customer whose name appears on the Work Order.

3. INSURANCE

A. The Customer warrants to the Repairer-Supplier that the Vessel is fully insured up to its full value by appropriate hull insurance and its owners, and/or operators, and/or managers, and/or charterers are covered by Protection and Indemnity (P&I) insurance for any liabilities that they might incur to third parties.

4. PAYMENT

A. The payment amount agreed hereunder is due and owing upon completion of the work, invoicing, and notice to the Customer for the delivery of the Vessel, except where agreed that part or full payment is due in advance as noted on the Work Order.

B. If not otherwise agreed to in the Work Order, failure to make payment of the Repairer-Supplier’s invoice within the agreed thirty (30) day period will entitle the Repairer-Supplier to collect interest on the unpaid amount, calculated at the rate of 1.5% monthly, commencing from the date of the invoice until same is paid in full.

5. NOT REPAIRABLE

A. The Repairer-Supplier will exercise its best endeavors to complete the work described in the Work Order in a workmanlike manner, but will not be responsible to perform work which, in the course of its endeavors, proves to be technically not feasible, or work for which the necessary spares and/or materials cannot be promptly sourced. In such event, the Repairer-Supplier will have the sole option to either: i) decline to carry on the agreed work to full and final completion and demand payment for the value of work already completed; or ii) defer completion of the work until it is technically feasible and/or the necessary materials are available for its resumption and completion within the time frame dictated by the circumstances.

6. NO WARRANTY AS TO TIME OF COMPLETION

A. The Repairer-Supplier does not warrant the estimated time of the completion of work and will not be liable for any damages, direct or consequential, for any delay whatsoever, however caused.