BIMCO has produced SHIPSALE 22 11.05.2022 11:57
BIMCO has produced its own ship sale and purchase agreement (SHIPSALE 22).
The agreement consists of four parts of which the first section summarises key information such as the details of the ship, inspection, and the purchase price. The second section contains the terms and conditions of the agreement in an easy-to-follow structure and the third deals with documents to be provided plus the protocol of delivery and acceptance. The fourth section is where any items that are excluded from the sale should be listed.
Saleform 2012 does not include a regulation of subjects to effectiveness (such as board approvals), and an additional clause is therefore frequently added. In SHIPSALE 22, a mechanism for subjects to effectiveness has been included as a new Clause 3, a sensible and welcome addition. Care is however needed when drafting the subjects to specify which party benefits from and is able to lift them.
You can download a sample copy of SHIPSALE 22...
