Thursday, February 23, 2012

Revised Sale Document For Second Hand Ocean Vessels

SALEFORM 2012 Introduced
Shipping News Feature

UK – NORWAY – WORLDWIDE – The standard document used as a contract for the transfer of ownership of second hand ocean vessels whether small coasters or vast container ships, has received an update to ensure it incorporates many of the commonly made amendments applied by the industry. BIMCO and the Norwegian Shipbrokers’ Association (NSA) have worked together to produce the amended form.

Certain provisions in the ’93 edition which are known to have created uncertainty and misunderstanding have been re-worded in SALEFORM 2012 which the two groups say has resulted in much greater clarity for buyers and sellers with care being taken to avoid the agreement becoming overly prescriptive.

Both parties say the emphasis during the revision has very much been on retaining SALEFORM’s character as a commercially flexible platform agreement on which to base a wide variety of different types of ship sale around the world. According to BIMCO’s Deputy Secretary General, Mr Soren Larsen:

“Together with the NSA, BIMCO is delighted to bring this updated edition of SALEFORM to the market. We have listened carefully to what the industry wanted and we believe that users will welcome this much improved version of what is recognised globally as the standard contract for the international sale and purchase of ships”.

Copies of SALEFORM 2012 can be obtained through BIMCO and the NSA along with explanatory notes highlighting the differences between the new edition and the ’93 edition.