Based on $10 million contract, and 10-month construction projection
 
5%            ($500,000) due upon delivery of Notice to Proceed 
 
10%          ($1.000,000) upon completion of below: approx. 15 days after a contract signing.
40% Metal ordered 
Deposits on 90% of long lead Builder furnished items 
 
10%          ($1,000,000) upon completion of below: approx. 31 days after a contract signing.
Deposits and purchase orders complete on all major components. 
90% of Metal has been ordered 
10% of N.C. Cutting complete 
Start of vessel construction. 
 
10%          ($1,000,000) upon completion of below: approx. 61 days after a contract signing.
40% of Structural Metal received at Builder site 
25% of N.C. Cutting complete 
10% Hull frames and bulkheads erected 
 
10%          ($1,000,000) upon completion of below: approx. 92 days after a contract signing.
20% of Hull structure complete 
15% of House structure complete 
15% of Welding complete 
80% of N.C. Cutting complete 
95% of Metal received. 
 
10%          ($1,000,000) upon completion of below: approx. 128 days after a contract signing.
45% of Hull structure complete 
30% of House structure complete 
30% of Welding complete 
99% of N.C. Cutting complete. 
 
10%          ($1,000,000) upon completion of below: approx. 172 days after a contract signing.
70% of Hull structure complete 
65% of House structure complete  
60% of Welding complete 
20% of all systems complete 
10% of Joiner complete 
10%          ($1,000,000) upon completion of below: approx. 206 days after a contract signing.
95% of Hull structure complete 
85% of House structure complete 
80% of Welding complete 
Main engines, auxiliary engines and drive units set in hull 
50% of all systems complete 
50% of Insulation complete 
30% of Joiner complete. 
 
10%          ($1,000,000) upon completion of below: approx. 245 days after a contract signing.
Hull structure completed 
House structure completed 
70% of all systems complete 
80% of Insulation complete 
60% of Joiner complete 
95% of Main engines, auxiliary engines and shaft installation complete. 
 
10%          ($1,000,000) upon completion of below: approx. 275 days after a contract signing.
90% of all systems complete 
99% of Insulation complete 
85% of Joiner complete 
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5%            ($500,000) upon vessel acceptance and delivery, approx. 307 days after a contract signing.