Contract – Construction. The proceedings concerned four appeals from arbitration awards, which raised questions of interpretation of the cancellation provisions in four materially identical shipbuilding contracts between the buyers and the shipbuilders. The Commercial Court held, inter alia, that, on the facts pleaded by the shipbuilder in its defence and counterclaim submissions in the arbitrations, and on a true construction of the contracts between the parties, the buyers had, in each case, been entitled to cancel the contract and to repayment of the instalments of the price paid by them.