04 Dec Bimco Sale And Purchase Agreement
SALEFORM is the international memorandum of understanding of the Norwegian Maritime Brokers Association on the sale and purchase of ships. The copyrights in this document are held by the Norwegian Maritime Brokers Association. The last edition of this contract is SALEFORM 2012. The clauses follow the sequence of events as they take place in practice. The new contract is accompanied by three annexes that contain lists of items or are excluded from the sale, as well as documents that must be handed over upon delivery by sellers and buyers. The structure of the new form makes it easy to navigate and simplicity has been the key for the editorial team. Some of the main features of the new form are: The new MOA goes BIMCos “brand” presentation layout sheet contains all important contractual information such as ship details, deposit, purchase price, inspection locations and delivery dates and notices. The order of clauses follows the timing of events during a sale and purchase of ships, so the contract is easy to read and follow. At the documentation committee meeting held on September 21-22, the new BIMCO MOA was subject to a review of BIMCO`s strategy for awarding contracts for all sectors of the marine industry.
BIMCO is working on a clear and comprehensive alternative contract for the sales and purchasing market, in line with modern practice, and the standard is expected to be published in early 2021. One of the main objectives of preventing disputes over the interpretation of clauses is the progress of work on the S-P agreement. The drafting group formulated the contract in the clearest and clearest possible way, and the next step is to get feedback from the industry on the MOA project. “Surprisingly, we don`t have a default S-P agreement, but we think it`s an obvious void in our library of documents that we should fill. We want to rethink the MOAs and propose a clearer and chronologically structured agreement compared to other forms currently in use,” explains Mr. Sarre. The first four clauses define the contractual framework and the purpose of the conditions applicable to the effectiveness of the contract, the purchase price and what is included in the sale and excluded from the sale. Learn more about BIMCO`s new sales and leasing schedule on December 8 at 9:00 a.m. (German time). The seminar lasts about 45 minutes and the participants… BIMCO is developing its own Memorandum of Understanding (MOA) for the sale and purchase of ships (S-P).
The new BIMCO MOA quickly took shape after only three meetings of the expert group, the last of which, on 27 January, at Louis Dreyfus` offices in Paris.