1.1 It is a common feature of shipbuilding projects and contracts that the purchase price will be paid by the buyer to the builder in instalments against certain milestone events. Typically a shipbuilding contract may require payments to be made upon (1) signing the contract or lifting board approvals; (2) steel cutting; (3) keel-laying; (4) launching; and (5) delivery, although the amount and number of instalments will vary from contract to contract.1