AMA TERMS & CONDITIONS

The following terms and conditions apply to all work undertaken by Surveyors employed or engaged by "Atlantic Marine Associates" and supersede and override all other existing warranties, representations and terms and conditions whether express or implied, oral or written, including the Client's standard terms, whether disclosed or not at the time of engagement.

TERMINOLOGY

"Company" or "Surveyor" is the Company trading under the terms and conditions that are set out by the Company, "Atlantic Marine Associates".

"Client" is the party at whose request or on whose behalf the Surveyor undertakes to perform surveying or consulting services.

"Report" is any verbal or written report, advice or statement supplied by the Surveyor in connection with instructions received from the Client.

"Expenses" is the reasonable cost of photography, reproduction of drawings, diagrams, sketches and printing, duplicating and, where applicable, electronic transmission fees and all reasonable and appropriate expenses incurred, including travel and hotel accommodation where necessary.

"Fees" is the fees charged by the Company to the Client including any applicable taxes where added and any expenses incurred in order to fulfill the services required.

SCOPE

The Company will provide services solely in accordance with these terms and conditions. Where appropriate, the Client will set out in writing the services which it requires the Surveyor to provide. In the case of services for a subscription insurance market, this will be the requirement of the policy leader. When acting for Underwriters or other Clients, the surveyor’s opinions will be offered strictly without prejudice to liability, unless specifically directed and authorized otherwise by the Client.

FEES

Under the normal circumstances of engagement, the Company will offer to perform the work on an hourly or daily rate as mutually agreed. Hourly or daily rates may be reviewed periodically by the Company, entirely at the discretion of the Company.

PAYMENT TERMS

The Client will be responsible for the Company’s invoice and shall pay the fees generated punctually in accordance with these Conditions and in any event not later than thirty (30) days following the relevant invoice date. In certain circumstances the Company may legitimately request payment of estimated fees in advance of services to be rendered.

PERFORMANCE

Surveyor The Surveyor shall use reasonable care and skill in the performance of the services in accordance with good marine surveying practice whilst always observing safe working practices. The Surveyor will make the final decision regarding the safety of the working conditions encountered.

Reporting The Surveyor shall submit interim advices, site situation reports and a final report to the Client during and following completion of the agreed services describing the Surveyor’s findings, assessments and inspection purporting to the purpose of the Client's instruction, unless otherwise expressly instructed by the Client not to do so.

Confidentiality The Company undertakes not to disclose any information provided in confidence by the Client to any third party and will not permit access to such information by any third party unless the Client expressly grants permission or where required to do so by an order of a court of law.

Intellectual Property The right of ownership in respect to any intellectual property resulting from the performance of the work created by the Surveyor remains the property of the Company. The Client shall be entitled to disclose the report or document to a third party for whose benefit the instruction was specifically commissioned. The Company shall promptly notify the client of any matter, including conflict of interest, or lack of suitable qualifications and experience, which would render it undesirable for the Surveyor to continue his involvement with the appointment. The Client shall be responsible for payment of the Surveyor's fees up the date of such notification.

Client The client shall promptly settle the Surveyor’s invoice in accordance with Payment Terms above.

LIABILITY

The Company shall be under no liability whatsoever to the Client or to any 3rd party whosoever for any loss, damage, delay or expense, whether directly or indirectly arising, whenever and howsoever caused.

In compiling reports the Company may have relied upon information provided by other parties including 3rd parties and which may not have been factually verified and for which the Company can accept no liability whatsoever.

In any event, the Company's total liability for professional negligence will not exceed the fee paid for the services performed. Neither the Company nor the Client shall, except as otherwise provided in these Conditions, be responsible for any loss, damage, delay or failure in performance hereunder arising or resulting from act of God, act of war or terrorism, seizure under legal process, quarantine restrictions, strikes, boycotts, lockouts, riots, civil commotions and arrest.

Insurance

In any event, the Company shall maintain, at no cost to the Client, Professional Liability Insurance for such loss and damage for which the Surveyor may be held liable to the Client under these terms and conditions.

Sub-Contracting

The Company or the Surveyor shall have the right to sub-contract any of the services provided under the conditions, subject to the Client's right to discuss such an appointment. In the event of such a sub-contract, the Company shall remain fully liable for the due performance of its obligations under these conditions.

Time Bar

In any event, any claims against the Company shall be deemed to be waived and absolutely time barred upon the expiry of one year from the submission date of the report to the Client.

Document retention

The Company shall retain all data, correspondence, documents and records that have a bearing on the services provided to the Client for a period of seven (7) years after completion of the service.

Governing Law

The foregoing Terms & Conditions and any dispute arising therefrom shall be governed by and construed in accordance with the laws of the State of New York.