Related time and place of delivery clauses should have consequences if the vessel is not delivered on time, or the right to cancel or liability for the damage. If the buyer used a bank loan for the purchase, the bank mortgage is also registered on the ship. In addition, a new insurance policy will be issued in the buyer`s name and the buyer will also inform the classification company of the date and time of the purchase. 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. High-speed vessels for sale and purchase present many legal and practical challenges. However, careful planning and execution could help address many of these challenges. Do not hesitate to delay negotiations on what you think is important and therefore make the necessary revision of the agreement. Here is a checklist of the main trade and legal issues that need to be addressed when preparing a ship purchase contract. Both brokers have a duty of care to their contractors and are liable for 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. In general, contracts for the purchase and sale of vessels have other customary provisions, such as. B those that apply to them, such as contracts for the purchase and sale of ships: many forms of contracts for the purchase and sale of ships can be used publicly as models for the development of specific agreements and clauses. However, if you receive a contract, either on the basis of an established model (e.g.
B BIMCO, Saleform) or designed for each deal, you should never hesitate to negotiate what interests you and revise the agreement accordingly. Ship brokers act as intermediaries between buyer and seller. As soon as a suitable vessel is found, the buyer receives technical information about the ship through the broker. If the information provided by the vessel meets the buyer`s criteria, a buyer-appointed inspector usually conducts an inspection to understand the general condition of the vessel. If the buyer is satisfied with the results, negotiations between the brokers begin. During this phase, offers and counter-offers are exchanged, in which brokers generally focus on key topics such as price, necessary deposits, information provided by the ship, inspections, etc. On the other hand, the CBT establishes the principles governing the acquisition of ownership of vessels registered in the Turkish Vessel Registry.