https://www.taxtmi.com/caselaws?id=158509 A ship-building agreement to construct and supply a completed twin screw steel motor launch for a fixed price was treated as a contract of sale, not an indivisible works contract. The court held that the true character of the bargain must be determined from its main object, surrounding terms, and the parties' intention. Stage-wise payment clauses and interim vesting of materials in the purchaser were treated only as security arrangements and did not alter the essential nature of the transaction. Construction in stages, by itself, does not convert a contract for supply of a completed vessel into a works contract. en-us Mon, 13 Feb 1995 00:00:00 +0530 Wed, 30 Oct 2013 12:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158509 A ship-building agreement to construct and supply a completed twin screw steel motor launch for a fixed price was treated as a contract of sale, not an indivisible works contract. The court held that the true character of the bargain must be determined from its main object, surrounding terms, and the parties' intention. Stage-wise payment clauses and interim vesting of materials in the purchaser were treated only as security arrangements and did not alter the essential nature of the transaction. Construction in stages, by itself, does not convert a contract for supply of a completed vessel into a works contract. Case-Laws VAT and Sales Tax Mon, 13 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158509