Purchase And Sale Agreement For Vessel

The terms of the sale are based on the moA agreed as soon as it is signed. Since NSF is the most common form in ship sales and purchase practices, the next steps must be noted in accordance with the 2012 NSF conditions. If the vessel is at the point of delivery, which is determined under the corresponding clause of the NF 2012, the buyer is informed in writing of the seller`s availability to deliver. In addition, the parties determine the date and location of the closing meeting. These clauses are very different and vary considerably depending on the circumstances. Therefore, if the buyer is satisfied with the condition of the vessel, the contract may include the clause that the sale is complete and final upon execution and that there is no right to control. However, in the case of larger or classified vessels equipped with special equipment, the purchaser has the right to check the vessel and its class statements and, if dissatisfied with the condition of the vessel, may terminate the contract and receive the deposit paid or request a price adjustment. If the contract includes the inspection, the scope of the inspection must be set and should also include a timetable for the inspection, otherwise the consequences should be mentioned, as well as the distribution of inspection costs and insurance and compensation for inspectors` claims. Based on years of negotiation, development and verification of purchase and sale contracts for small and large vessels, you will find here a checklist of the main commercial and legal points that should normally be dealt with in a contract to purchase ships: unless the buyer prefers to continue with the existing crew, the new crew will board while the existing crew leaves the ship. It is the duty of the seller to arrange the repatriation of the sailors who have left the ship. On the other hand, the CBT establishes the principles governing the acquisition of ownership of vessels registered in the Turkish Vessel Registry.

Section 1001 of the CBT provides two conditions for the transfer of ownership of a registered vessel. First, the parties should agree to a transfer of ownership and, second, the actual ownership of the vessel should be transferred from the seller to the buyer. The contract is concluded in writing and the parties` signatures must be notarized. Registration with the Turkish Ship Registry is not necessary for the transfer of ownership, but it is in the buyer`s best interest to register the vessel. The corresponding clauses generally examine how and when there will be quantification and pricing of cargo hold, spare parts and other equipment for the delivery of ships, and whether these items will be included in the price or paid separately. This article is intended to provide a brief overview of the phases of the sale and purchase of vessels as part of international practice. Ship brokers act as intermediaries between buyer and seller. As soon as a suitable vessel is found, the buyer receives technical information about the ship through the broker.

If the information provided by the vessel meets the buyer`s criteria, a buyer-appointed inspector usually conducts an inspection to understand the general condition of the vessel. If the buyer is satisfied with the results, negotiations between the brokers begin. During this phase, offers and counter-offers are exchanged, in which brokers generally focus on key topics such as price, necessary deposits, information provided by the ship, inspections, etc. The seller is required to provide the vessel without charter, charges, mortgages and marine mortgages or any other debt, and must also guarantee that the vessel is not subject to the port state or other administrative detention centres. Therefore, the seller assumes full responsibility for the claims that were filed against the vessel prior to the delivery date. On the day of closing, the buyer, seller, legal representatives, brokers (if any) and bank representatives (if the purchase is financed by a bank loan) attend the meeting.