Vessel Purchase And Sale Agreement Template for Indonesia

The Vessel Purchase and Sale Agreement is a crucial document used in maritime transactions within Indonesian jurisdiction. It is essential when transferring ownership of any vessel, from small commercial boats to large shipping vessels, and must comply with Indonesian maritime laws and regulations, particularly Law No. 17 of 2008 on Shipping. This agreement is required whenever a vessel is bought or sold in Indonesian waters or involving Indonesian parties, and must address specific local requirements for vessel registration, ownership transfer, and maritime safety standards. The document covers comprehensive details including vessel specifications, purchase price, payment mechanisms, delivery terms, warranties, and necessary regulatory approvals. It should be carefully drafted to ensure compliance with both Indonesian civil law principles and specific maritime regulations, including requirements for foreign ownership if applicable.

1. Parties: Identification of the Seller and Buyer, including complete legal names, registration details, and addresses

2. Background: Context of the transaction and brief description of the vessel and parties' intentions

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase: Core agreement to sell and purchase the vessel, including basic vessel details

5. Purchase Price: Agreed purchase price, currency, and basic payment terms

6. Payment Terms: Detailed payment structure, including deposits, installments, and final payment arrangements

7. Inspections and Surveys: Rights and procedures for vessel inspection and survey requirements

8. Conditions Precedent: Conditions that must be satisfied before completion of the sale

9. Delivery and Acceptance: Terms and procedures for vessel delivery and acceptance

10. Representations and Warranties: Seller's and Buyer's representations regarding the vessel and their authority

11. Title and Risk: Transfer of title and risk provisions

12. Documentation and Registration: Requirements for transfer documentation and vessel registration

13. Taxes and Costs: Allocation of taxes, fees, and other transaction costs

14. Default and Termination: Consequences of default and termination rights

15. Governing Law and Jurisdiction: Choice of Indonesian law and jurisdiction provisions

16. Notices: Communication procedures between parties

17. General Provisions: Standard boilerplate clauses including amendments, waivers, and severability