Vessel Purchase And Sales Agreement

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These provisions relate to the various circumstances that require the buyer for dry treatment or inspection of divers, which bears the costs of these inspections, which may be based on the results of the inspection, as well as insurance and compensation related to claims during dry treatment. Clauses may also include the buyer`s right to inspect the aft shaft or other elements of the vessel during dry licking. As mentioned above, there are three types of sales forms commonly used in the international market. The Norwegian sales form (NSF), adopted in 1956 by the Baltic and International Maritime Council (BIMCO), is the most commonly used form. NSF has been revised several times and the latest version was released in February 2012 to replace NSF 1993. Outside the NSF, Nippon Sale Form or Singapore Sale Form, although relatively more often in the Asian market, are used by the parties. This is to ensure that the contract contains the seller`s delivery items, such as certificates and other documents necessary for the registration used by the buyer. The contract should contain clauses to provide them as a condition for payment of the purchase price. This would help the buyer not to hunt down the seller after concluding the agreement on the specific paper necessary to conclude the registration of the vessel on behalf of the buyer. Inspections are essential because the buyer can accept or refuse the vessel based on the results of these inspections. If the buyer is not satisfied with the result of the checks, the sale may fail. On the other hand, if the buyer decides to accept the vessel, a written notification must be made to the sellers within seventy-two hours of the end of the inspections. 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.

The purchase and sale agreement with ship brokerage firms in Norway or elsewhere also contains other customary provisions to answer the following questions: both brokers have a duty of care to their clients and are liable in the event of misrepresentation. They should therefore remain within the limits of their authority. In some cases, there can only be one broker for the seller and for the buyer. In such circumstances, the broker should avoid conflicts of interest. Brokers are entitled to a commission based on the sale price of the ship. Ships are not like all other moving objects because of their high economic value. Procedures for the sale and purchase of a vessel could be complicated, as there are many factors to consider by the parties. Neither turkish obligation law (TCO) nor the Turkish Code of Commerce (TCC) contains provisions specifically for the sale and purchase of ships. In the absence of a contract drawn up by the parties, the provisions of the sales contract under articles 207 to 281 of TCO apply to ship purchase contracts. The vessel is physically delivered to the buyer and the payment is made by the buyer either through a fiduciary agent or through the buyer`s bank directly on the same day. The vessel must be delivered in the same condition as at the time of the inspection.

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