Key legal question
How to interpret the clause on payment if the vessel arrived by 15 July 1998
Extracted holding
The clause was an agreed payment condition, not a final deadline for delivery; the buyer therefore remained in default when it refused payment.
Extracted reasoning
Under objective interpretation, the text and surrounding circumstances did not show a shared intent to make 15 July the last arrival date; the clause mainly regulated deferred payment and was consistent with the commercial context.