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Rule 12 Estimated Total Calls and Last Instalments

1 Before the commencement of each Policy Year, the Association shall decide what percentage of the Estimated Total Calls of all Ships entered for that year is to be collected during that Policy Year and what proportion shall be deferred for call in later years (the Last Instalment).

2 The Association may at any time after the end of the Policy Year call for the Last Instalment in whole or in part. All Last Instalments so made shall be calculated pro rata of the Estimated Total Calls in the relevant Policy Year.

3 Notification of the proportion of the Estimated Total Calls to be collected during the Policy year to which it relates and the Last Instalment deferred for payment in later years shall, if practicable, be given to Members prior to 20th January.

4 A Ship entered in the course of the Policy Year shall pay a daily pro rata proportion of the stipulated Estimated Total Call, including the Last Instalment, for the year.