Sale Of Vessel Agreement

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. 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. To accept the ship, the buyer is required to take a positive act – issuing a written notification of acceptance to the seller. This must be done within 72 hours of the inspection, unless otherwise stated. If the NSF accepts 2012, it considers that the sale is „total and unequivocal“. If such a notification is not satisfied, the sale will automatically be considered null and void, and the buyer has the right to have his full deposit returned with all the interest he has earned. At the time of closure, the ship is delivered by two simultaneous actions. The first measure is the physical delivery of the ship by the buyer to the seller. Depending on the circumstances of the sale, there are different possibilities in this regard. Sometimes representatives are put on board to communicate with the coastal assembly that the vessel is being handed over, as indicated in the ship`s logbook.

It may be accompanied by a crew change. On the other hand, the CBT establishes the principles governing the acquisition of ownership of vessels registered in the Turkish Vessel Registry. Section 1001 of the CBT provides two conditions for the transfer of ownership of a registered vessel. First, the parties should agree to a transfer of ownership and, second, the actual ownership of the vessel should be transferred from the seller to the buyer. The contract is concluded in writing and the parties` signatures must be notarized. Registration with the Turkish Ship Registry is not necessary for the transfer of ownership, but it is in the buyer`s best interest to register the vessel. Before the MoA is signed, there are several important steps. In general, a potential buyer, or a zealous seller, will approach a broker as the first point of contact. Brokers are generally paid on the basis of commissions, depending on the closure, calculated on the value of the ship.