6） the proceeds of the insurance referred to in paragraph （1） of this article shall be dealt with as follows：
if the insurance proceeds are in respect of an actual or constructive or compromised or arranged total loss then they shall be applied firstly in reimbursement to the buyer of the amount of all payments， if any， made by the buyer to the builder under this contract and in reimbursement of the value of any items of buyer‘s supply and， secondly， in payment of any balance to the builder.
7） following delivery of the yacht， the buyer shall accept all risk in the yacht including all materials， machinery and equipment thereof， and the buyer shall at its own expense be responsible for all insurance risks thereafter.
article viii – tests
1） prior to delivery of the yacht to the buyer， the builder shall carry out the tests provided for in the quality documentation， including but not limited to： a） noise and vibration
b） hose and pressure tests
c） motoring trials within the confines of the west river.
2） the builder shall give the buyer reasonable written notice of the time and place at which each of the tests is to be carried out.
article ix – delivery
1） the yacht shall be delivered to the buyer by the builder at a mutually agreed place in hong kong harbour on or before the contract delivery date， or as the said contract delivery dates may have been extended in accordance with the provisions of articles iii or iv.
2） provided that all instalments and other sums as set out and contained in article v are fully paid then the delivery of the yacht shall be effected forthwith by the concurrent signature by the buyer and the builder of a certificate of delivery and acceptance acknowledging delivery of the yacht by the builder and acceptance thereof by the buyer provided that the signature thereof by the buyer shall not operate as a waiver of any rights which the buyer might otherwise have in respect of the yacht. 3） upon delivery， the risk in the yacht delivered shall pass to the buyer， it being expressly understood that， until delivery is effected， the yacht and their equipment are at the entire risk of the builder.
4） the buyer shall take possession of the yacht immediately upon delivery.
5） if the builder is unable to tender the yacht for delivery within sixty days （‘the period of grace’） of the contract delivery date， the builder shall pay to the buyer as agreed and liquidated damages the sum of us$100 for each day the yacht is not so tendered for the first thirty day period of delay after the period of grace， then us$250 for each subsequent day the yacht is not so tendered and until satisfactory delivery is made.