5） notice of termination by the buyer shall be given in writing and shall be effective fourteen days after receipt by the builder unless the builder shall have then remedied the default.
article xii – default of the buyer
（1） the buyer shall be in default and this contract may， at the discretion of the builder， be suspended in whole or in part， or terminated， by the builder， by notice in writing to the buyer， if：
（a） the buyer fails to pay any instalment of the contract price within seven banking days of its becoming due and payable in accordance with article v； or
（b） the buyer， without due cause， fails to accept the yacht and pay all sums due on delivery within seven days of the yacht being tendered for delivery in accordance with this contract.
（c） the buyer fails to supply the materials， components and equipment in accordance with this contract the buyer having been notified in writing by the builder of the material， components or equipment which the buyer has failed to supply to the builder and
b） the buyer having failed to make such supply within seven （7） days of receipt of such notice and
such failure to supply or delay causes the builder actual direct delay or additional cost.
（2） if the builder suspends the contract， the period of suspension shall endure until：
（a） the buyer has remedied the default； or
（b） notice of termination of the contract is given by the builder to the buyer； or
（c） the builder otherwise intimates to the buyer that work under the contract is to be resumed.
3） notice of termination by the builder under this article shall be given by fax and confirmed in writing and shall be effective seven days after receipt thereof by the buyer， whereupon the builder shall （unless the buyer shall have then remedied the default） be entitled to exercise the rights provided for in paragraph （5）。 4） the builder shall be entitled to terminate this contract forthwith， by notice given by fax and confirmed in writing， upon an order being made or an effective resolution being passed for the winding up of the buyer （other than a members‘ voluntary winding up for the purpose of amalgamation or reconstruction） or a receiver or administrator being appointed of the whole or part of the undertaking of the buyer.
5） if the builder shall terminate this contract under this article the builder shall be entitled （in addition to interest as provided in article v （4）） to the proved loss resulting from the buyer‘s default. the builder shall sell the yacht by public auction， or tender， or private sale， at its discretion， and shall apply the proceeds of sale （after deducting the expenses of sale including the cost of completing the yacht for sale） together with any instalments of the contract price paid under article v as follows：