Readiness given,the Buyers shall retain their option to cancel.In the event that the Buyers elect 248 to cancel this Agreement the deposit together with interest earned shall be released to them 249 immediately. 250 Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready 251 to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for 252 their loss and for all expenses together with interest if their failure is due to proven 253 negligence and whether or not the Buyers cancel this Agreement. 254 15. Buyers'representatives 255 After this Agreement has been signed by both parties and the deposit has been lodged,the Buyers 256 have the right to place two representatives on board the Vessel at their sole risk and expense upon 257 arrival at on or about 258 These representatives are on board for the purpose of familiarisation and in the capacity of 259 observers only,and they shall not interfere in any respect with the operation of the Vessel.The 260 Buyers'representatives shall sign the Sellers'letter of indemnity prior to their embarkation. 261 16.Arbitration 262 a)* This Agreement shall be governed by and construed in accordance with English law and 263 any dispute arising out of this Agreement shall be referred to arbitration in London in 264 accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or 265 re-enactment thereof for the time being in force.one arbitrator being appointed by each 266 party.On the receipt by one party of the nomination in writing of the other party's arbitrator, 267 that party /shall appoint their arbitrator within fourteen days,failing which the decision of the 268 single arbitrator appointed shall apply.If two arbitrators properly appointed shall not agree 269 they shall appoint an umpire whose decision shall be final 270 b)*This Agreement shall be governed by and construed in accordance with Title 9 of the 271 United States Code and the Law of the State of New York and should any dispute arise out of 272 this Agreement,the matter in dispute shall be referred to three persons at New York,one to 273 be appointed by each of the parties hereto,and the third by the two so chosen;their 274 decision or that of any two of them shall be final,and for purpose of enforcing any award,this 275 Agreement may be made a rule of the Court. 276 The proceedings shall be conducted in accordance with the rules of the Society of Maritime 277 Arbitrators.Inc.New York. 278 c)*Any dispute arising out of this Agreement shall be referred to arbitration at 279 subject to the procedures applicable there. 280 The laws of shall govern this Agreement 281 16 a),16 b)and 16 c)are alternatives;delete whichever is not applicable.In the absence of 282 deletions,alternative 16 a)to apply. 283Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect 248 to cancel this Agreement the deposit together with interest earned shall be released to them 249 immediately. 250 Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready 251 to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for 252 their loss and for all expenses together with interest if their failure is due to proven 253 negligence and whether or not the Buyers cancel this Agreement. 254 15. Buyers' representatives 255 After this Agreement has been signed by both parties and the deposit has been lodged, the Buyers 256 have the right to place two representatives on board the Vessel at their sole risk and expense upon 257 arrival at on or about 258 These representatives are on board for the purpose of familiarisation and in the capacity of 259 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 260 Buyers' representatives shall sign the Sellers' letter of indemnity prior to their embarkation. 261 16. Arbitration 262 a)* This Agreement shall be governed by and construed in accordance with English law and 263 any dispute arising out of this Agreement shall be referred to arbitration in London in 264 accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or 265 re-enactment thereof for the time being in force, one arbitrator being appointed by each 266 party. On the receipt by one party of the nomination in writing of the other party's arbitrator, 267 that party shall appoint their arbitrator within fourteen days, failing which the decision of the 268 single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree 269 they shall appoint an umpire whose decision shall be final. 270 b)* This Agreement shall be governed by and construed in accordance with Title 9 of the 271 United States Code and the Law of the State of New York and should any dispute arise out of 272 this Agreement, the matter in dispute shall be referred to three persons at New York, one to 273 be appointed by each of the parties hereto, and the third by the two so chosen; their 274 decision or that of any two of them shall be final, and for purpose of enforcing any award, this 275 Agreement may be made a rule of the Court. 276 The proceedings shall be conducted in accordance with the rules of the Society of Maritime 277 Arbitrators, Inc. New York. 278 c)* Any dispute arising out of this Agreement shall be referred to arbitration at 279 , subject to the procedures applicable there. 280 The laws of shall govern this Agreement. 281 * 16 a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In the absence of 282 deletions, alternative 16 a) to apply. 283