The Ship Sale and Purchase Agreement is a crucial document used in maritime transactions within Malaysian jurisdiction. It is required whenever there is a transfer of vessel ownership, whether for commercial shipping, private use, or fleet expansion. The agreement must comply with the Malaysian Merchant Shipping Ordinance 1952 and other relevant maritime regulations, ensuring proper documentation of the transaction terms, vessel specifications, and transfer requirements. This document includes detailed provisions for vessel inspection, payment structuring, delivery conditions, and warranty terms, while addressing regulatory compliance, registration requirements, and maritime safety standards. It serves as the primary legal instrument protecting both buyers' and sellers' interests in vessel transactions within Malaysian waters.
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1. Parties: Identification of the seller and buyer, including full legal names, registration details, and addresses
2. Background: Context of the transaction and brief description of the vessel
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the vessel, including price and basic terms
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and payment methods
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Pre-delivery Inspections: Requirements and procedures for vessel inspection before delivery
8. Delivery and Acceptance: Terms and procedures for physical delivery of the vessel and acceptance criteria
9. Representations and Warranties: Seller's warranties regarding vessel condition, ownership, and encumbrances
10. Documentation and Registration: Requirements for transfer documentation and vessel registration
11. Title and Risk: Transfer of title and risk provisions
12. Obligations Prior to Delivery: Parties' responsibilities before vessel delivery
13. Default and Termination: Consequences of default and termination rights
14. Governing Law and Jurisdiction: Choice of Malaysian law and jurisdiction provisions
15. Notices: Communication procedures between parties
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Broker's Commission: Include when a broker is involved in the transaction
2. Crew Arrangements: Include when existing crew contracts need to be addressed
3. Environmental Compliance: Include when specific environmental requirements need to be met
4. Intellectual Property: Include when vessel-related IP rights need to be transferred
5. Transitional Services: Include when seller provides post-sale support or services
6. Insurance Arrangements: Include when specific insurance transfer provisions are required
7. Export/Import Requirements: Include for international sales requiring specific customs clearance
8. Financing Provisions: Include when buyer is obtaining financing for the purchase
1. Schedule 1 - Vessel Specifications: Detailed technical specifications of the vessel
2. Schedule 2 - Vessel Documents: List of certificates, licenses, and documentation to be transferred
3. Schedule 3 - Inventory: Detailed inventory of equipment, spare parts, and bunkers included in sale
4. Schedule 4 - Protocol of Delivery and Acceptance: Form of delivery and acceptance certificate
5. Schedule 5 - Required Delivery Condition: Specific conditions the vessel must meet at delivery
6. Schedule 6 - Outstanding Liabilities: List of any liabilities or obligations to be settled before transfer
7. Schedule 7 - Form of Bill of Sale: Template for the bill of sale
8. Schedule 8 - Classification Records: Vessel's classification history and current status
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