Here you will find a checklist of the main commercial and legal issues that must be taken into account when preparing a boat purchase contract. There are differences in these clauses and vary considerably depending on the circumstances applied. If the buyer is satisfied with the condition of the vessel, the contract may contain the clause that the sale is complete and final and that there is no right of inspection. However, in the case of larger or classified ships equipped with special equipment, the buyer has the right to inspect the ship and its class records and, if he is not satisfied with the condition of the ship, he may terminate the contract and receive the deposit paid or demand an adjustment to the prices. If the contract includes an inspection, the scope of the inspection must be specified and must also contain a timetable, failing which the consequences should be mentioned, as well as the apportionment of inspection costs and the insurance and compensation of inspectors` claims. The main problem in this regard is to ensure that the contract contains the seller`s services, such as the corresponding certificates and other documents necessary for the registration envisaged by the buyer. The contract should contain clauses to provide them as a precondition for payment of the purchase price. This would help the buyer not to chase the seller away after the completion of the transaction for the specific paper needed to register the vessel on behalf of the buyer. These provisions concern the various circumstances that require the buyer for the dry dock or the inspection of divers, who 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 the dry dock.

The clauses may also include the buyer`s right to inspect the stern well or other components of the ship during the dry dock. The purchase and sale contract concluded with shipping brokerage companies in Norway or elsewhere also contains other usual provisions to address the following terms: for each supplement, the agreement should contain the agreed sum and the conditions under which it is considered null and void. High-speed vessels for sale and purchase represent many legal and practical challenges. However, careful planning and execution could help address many of these challenges. Do not hesitate to negotiate what you deem important and make the necessary revision of the agreement accordingly. These clauses relate to the buyer`s right to withdraw a transaction if the ship turns out to be a total loss before delivery. The relevant clauses generally take into account how and when there will be quantification and pricing of bunkers, spare parts and other delivery equipment for ships, and whether these items will be included in the price or whether they must be paid separately. The clauses on the time and place of delivery should have consequences if the ship is not delivered in a timely manner or if there is a right of cancellation or liability for damage. This website is protected by reCAPTCHA and Google`s privacy statement and terms of use….