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Article XVIII
Each of the Contracting Powers undertakes not to dispose by gift, sale or any mode of transfer of any vessel of war in such a manner that such vessel may become a vessel of war in the Navy of any foreign Power.
Which really overrides Article XV (one of the contractions of the treaty). And we will note that none of the contracting powers did build and cruiser/battleships/carrier for a non-contracted power.
Yes, Vickers/Armstrong/etc assisted in construction in Spain of cruisers, but we will also note, it took 8 years to build them. And Battleship/Aircraft Carriers are much more complex.
I haven't found a conclusive analysis, but my reading is that one "disposes" of existing ships owned by a Contracting Power, not ones that a company within the Contracting Power is building for another nation. A nation may not have any ownership in a ship that is being built in a yard within that nation, therefore the nation has nothing to dispose. It's standard contract law that a contract can easily specify that the property in an item under construction is held by the purchaser at all times, and therefore the nation in which the item is being built has nothing at all to "dispose" of. There is simply no legal right to do anything to the vessel, much lesss to dispose of the vessel.
Article XVI said;
"If the construction of any vessel of war for a non-Contracting Power is undertaken within the jurisdiction of any of the Contracting Powers, such Power shall promptly inform the other Contracting Powers of the date of the signing of the contract and the date on which the keel of the ship is laid; and shall also communicate to them the particulars relating to the ship prescribed in Chapter II, Part 3, Section I (b), (4) and (5).|
So with XV and XVI, there are two articles explicitly about what ships can be constructed, and how such construction is to be notified. Contracts are normally read from the viewpoint that they are logical, and there is no logic in having two clauses controlling the construction of ships for other powers if such construction is entirely banned. Therefore the term 'disposal' would be seen as referring to disposing of ships owned by the Contracting Power (IMHO its normal definition anyway) because to do otherwise would be to adopt a very unusual definition of "disposal" and to make Articles XV and XVI illogical.
As far as building times go, this is not an Essex. The concept is basically for a RN light fleet carrier with larger powerplant and light deck armour a la Unicorn. Given the likely Vickers involvement that would probably mean a design by J S Redshaw. D K Brown called his design for the Light Fleets "one of the outstanding designs of all time, both simple and efficient", and their very long post-war lives proved their utility. They weren't even built to normal warship hull standards. The Light Fleets weren't more complex than a cruiser if measured by actual building time - they had an average of 27 months average, about the same as a smaller Colony class cruiser.