Rule 18  PAYMENT

A.  Every Call (Advance Call, Supplementary Call or Release Call or Overspill Call) shall be payable at such rate and, save as otherwise agreed in writing by the Managers, in such instalments and on such dates as the Managers may specify.

B. As soon as reasonably practical after any Call or call rate (Advance Call, Supplementary Call or Release Call or Overspill Call) shall have been so fixed the Managers shall notify each Member concerned:

i. of the rate;

ii.  of the date on which the Call concerned is payable or, if such Call is payable by instalments, of the amounts of such instalments and the respective dates on which they are payable;

iii. of the amount payable by such Member in respect of each ship or all ships entered by him;

iv.  if such Call is payable by such Member in any currency other than U.S. Dollars, of such fact.

C.  The Managers may require any Member to pay all or any part of any Call payable by him in such currency or currencies as the Managers may specify.

D. No claim of any kind whatsoever by a Member against the Association shall constitute any set-off against the Calls, fixed premiums or other sums of whatsoever nature due to the Association or shall entitle a Member to withhold or delay payment of any such sum.

E. Without prejudice to the rights and remedies of the Association under these Rules and in particular Rules 24, 25 and 26, if any Call or instalment or part thereof or any other sum of whatsoever nature (including, without prejudice to the generality of the foregoing, any fixed premium and any amount due pursuant to Rules 24, 25 and 26 and any part thereof) due from any Member is not paid by such Member on or before the date specified for payment thereof, such Member shall pay interest on the amount not so paid from and including the date so specified down to the date of payment at such rate as the Directors may from time to time determine, but the Directors may waive payment of such interest in whole or in part.

F. The Association shall have a lien or other right of action against any ship entered by the Member in respect of any sum of whatsoever nature owed by him to the Association, notwithstanding that the cover of the Member or in respect of any ship entered by him may have ceased or been terminated or cancelled.

G. If any Call or other payment due from a Member to the Association is not paid and if the Directors decide that payment cannot be obtained, the sums required to make good any resulting shortfall or deficiency in the funds of the Association shall be deemed to be expenses of the Association for which, as the Directors may decide, Calls may be levied in accordance with Rule 16, or the reserves may be applied in accordance with Rules 19 and 23. 

H. The Member shall pay on demand to the Association or its order the amount of any call tax or other tax levied on or in connection with the insurance or reinsurance provided by the  Association to the Member for which  the Association determines it or the Member has or may become liable, and shall indemnify the Association and hold it harmless in respect of any loss,damage, liability, cost or expense which the Association may incur in respect of such call tax or other similar tax.

I. If the Association brings legal proceedings of whatsoever nature to recover and / or to secure recovery of any sums due to the Association, the Member shall pay the costs incurred by the Association in and / or consequent upon, such legal proceedings.