Bimco Sale And Purchase Agreement

Matt is a partner of Hannaford Turner and previously worked at Curtis Davis Garrard (2014-2016), Clyde and Co (2005-2014) and Clifford Chance (1993-2005). Matt`s practice focuses on the right of commercial shipping, with particular expertise in financing ships and selling and purchasing ships, including construction projects. He is co-author of Goldreins “Ship Sale and Purchase”, the main legal manual on the sale and purchase of used tonnage. He was a member of the BIMCO subcommittee for the preparation of the 2012 Norwegian Saleform. Its clients include shipowners and operators, major international banks, shipbuilders, commodity traders and private equity funds. In addition to ship financing, he regularly advises international shipping clients on mergers and acquisitions, joint ventures and pooling arrangements. In recent years, Matt has been heavily involved in debt restructuring, fleet implementation and insolvency advice. Matt is also known for his expertise in the superyacht market and regularly represents owners, contractors and international financial institutions in this single market. BIMCO is developing its own Memorandum of Understanding (MOA) for the sale and purchase of ships (S-P).

The new BIMCO MOA quickly took shape after only three meetings of the expert group, the last of which, on 27 January, at Louis Dreyfus` offices in Paris. One of the main objectives of preventing disputes over the interpretation of clauses is the progress of work on the S-P agreement. The drafting group formulated the contract in the clearest and clearest possible way, and the next step is to get feedback from the industry on the MOA project. The clauses follow the sequence of events as they take place in practice. The new contract is accompanied by three annexes that contain lists of items or are excluded from the sale, as well as documents that must be handed over upon delivery by sellers and buyers. The structure of the new form makes it easy to navigate and simplicity has been the key for the editorial team. Some of the key features of the new form are: BIMCO`s documentation committee welcomed a new standard memorandum (MOA) for the sale and purchase of ships, opening the door to industry consultation before completing and publishing the new standard next year. SALEFORM is the international memorandum of understanding of the Norwegian Maritime Brokers Association on the sale and purchase of ships. The copyrights in this document are held by the Norwegian Maritime Brokers Association. The last edition of this contract is SALEFORM 2012. RECYCLECON is a standard contract for the sale of recycling vessels in a safe and environmentally friendly manner.

The contract contains many of the requirements of the Hong Kong International Convention for Ship Recycling in 2009 (the Hong Kong Convention), such as the inventory of hazardous substances and the ship recycling plan.