The man desirous of obtaining distinction in the arena of yacht racing, supposing he decides to build a yacht of his own so that the luster appertaining to her achievements shall be inevitably associated with his name, should, in the first place, have a full and business-like understanding with his designer, who will only be happy to meet him half way and will cheerfully name the honorarium for his draught. The designer supplies drawings, plans and specifications, and supervises the work of the builder.
The builder's duty is to furnish an estimate of the cost of such yacht, which estimate, if accepted by the yachtsman, should be embodied in an agreement that takes the legal form of a contract, after being signed.
The agreement should specify:
1—That the yacht shall be constructed according to specifications and drawings furnished by the designer, complying with all requirements therein set forth regarding material and workmanship, and that all work shall be completed to the satisfaction of the designer and surveyor (if any).
2—That the yacht shall be delivered to the owner on a certain date afloat and complete, and in default of completion by such date, the builder shall pay a certain stipulated sum for each and every day afterward during which the yacht remains incomplete and undelivered, for liquidated damages, the owner being empowered to deduct
