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Boat Sales Agreement

Boat Sales Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Boat Sales Agreement

"I need a Boat Sales Agreement for the sale of a 40-foot luxury yacht from my company to a private buyer in Jeddah, with completion planned for March 2025 and including provisions for crew training and maintenance history transfer."

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Document background
The Boat Sales Agreement is a critical legal document used in Saudi Arabia for transferring ownership of marine vessels between parties. It is essential for both commercial and private boat sales transactions within Saudi territorial waters and ports. The agreement must comply with Saudi Arabian maritime laws, commercial regulations, and Islamic law principles, making it distinct from international boat sale contracts. This document is particularly important as it needs to address specific local requirements such as Saudi Ports Authority regulations, vessel registration procedures, and Islamic finance considerations. The agreement typically includes detailed vessel specifications, condition reports, warranty terms, and completion procedures, while ensuring all documentation meets local authority requirements for successful vessel transfer and registration.
Suggested Sections

1. Parties: Identification of seller and buyer with full legal names, addresses, and registration details

2. Background: Context of the sale and brief description of the vessel being sold

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

4. Sale and Purchase: Core terms of the sale including vessel details, price, and payment terms

5. Vessel Condition and Inspection: Details of vessel's current condition, inspection rights, and acceptance criteria

6. Warranties and Representations: Seller's warranties regarding vessel ownership, condition, and encumbrances

7. Title and Risk: Transfer of title and risk provisions, including registration requirements

8. Completion and Delivery: Details of completion process, delivery location, and timeline

9. Payment Terms: Detailed payment structure, method, and timing

10. Registration and Documentation: Requirements for transfer of registration and necessary documentation

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

12. Governing Law and Jurisdiction: Application of Saudi law and Islamic principles

13. Notices: Communication procedures between parties

14. General Provisions: Standard boilerplate clauses including force majeure and entire agreement

Optional Sections

1. Financing Arrangements: Include when purchase involves third-party financing or installment payments

2. Broker Provisions: Include when sale is conducted through a broker

3. Crew Transfer: Include when existing crew contracts are being transferred

4. Insurance Requirements: Include when specific insurance arrangements are needed during transfer period

5. Maritime Liens: Include when there are existing or potential maritime liens to address

6. Environmental Compliance: Include for vessels requiring specific environmental certificates or compliance

7. Training and Handover: Include when seller agrees to provide training or extended handover support

8. Maintenance Records Transfer: Include when substantial maintenance history exists

Suggested Schedules

1. Vessel Specifications: Detailed technical specifications of the vessel

2. Inventory List: Complete inventory of equipment, spares, and accessories included in sale

3. Condition Survey Report: Recent survey report detailing vessel condition

4. Registration Documents: Copies of current registration and required transfer documents

5. Maintenance Records: History of maintenance and repairs

6. Equipment Certificates: Copies of safety and equipment certificates

7. Insurance Certificates: Current insurance documentation

8. Payment Schedule: If applicable, detailed schedule of payments

9. Photos and Documentation: Recent photographs and additional documentation of vessel condition

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Vessel
Purchase Price
Completion Date
Delivery Date
Delivery Location
Acceptance Certificate
Bill of Sale
Registration Documents
Maritime Authority
Port Authority
Vessel Documents
Encumbrances
Survey Report
Technical Specifications
Equipment
Inventory
Sea Trial
Classification Society
Insurance Policy
Material Adverse Change
Force Majeure
Warranties
Due Diligence
Completion
Default Event
Seller's Representative
Buyer's Representative
Working Day
Banking Day
Security Interest
Maritime Liens
Title Documents
Permitted Encumbrances
Registration Fee
Transfer Documents
Condition Precedent
Acceptance Protocol
Certificate of Registry
Safety Certificates
Regulatory Authority
Payment Terms
Deposit
Final Payment
Inspection Period
Defect
Material Breach
Notice
Governing Law
Sharia Compliance
Effective Date
Clauses
Definitions
Sale and Purchase
Purchase Price
Payment Terms
Title Transfer
Delivery
Vessel Condition
Inspection Rights
Warranties
Representations
Registration
Documentation
Insurance
Risk Transfer
Completion
Default
Termination
Force Majeure
Confidentiality
Assignment
Notices
Dispute Resolution
Governing Law
Entire Agreement
Amendments
Severability
Third Party Rights
Costs
Further Assurance
Compliance
Islamic Law Compliance
Maritime Liens
Environmental Compliance
Safety Requirements
Broker Provisions
Tax
Anti-Money Laundering
Authority
Waiver
Indemnification
Survival
Relevant Industries

Maritime

Shipping

Leisure and Recreation

Marine Tourism

Commercial Fishing

Yacht and Boat Industry

Marine Transportation

Maritime Trade

Marine Insurance

Maritime Legal Services

Relevant Teams

Legal

Maritime Operations

Sales

Compliance

Finance

Risk Management

Commercial Operations

Documentation

Marine Insurance

Contract Administration

Relevant Roles

Maritime Lawyer

Marine Broker

Port Manager

Vessel Registration Officer

Marine Surveyor

Commercial Director

Legal Counsel

Compliance Officer

Marine Insurance Manager

Fleet Manager

Sales Director

Contract Administrator

Marine Operations Manager

Finance Manager

Risk Manager

Industries
Commercial Court Law: Royal Decree No. M/32 dated 15/1/1350H (1931) - Governs commercial transactions and contracts in Saudi Arabia, including sales agreements and commercial dealings
Maritime Law: Saudi Arabian Maritime Law under the Ministry of Transport - Regulates maritime activities, vessel registration, and ownership transfer requirements
Saudi Ports Authority Law: Royal Decree No. M/13 - Governs ports and maritime operations, including requirements for boat registration and documentation
E-Commerce Law: Royal Decree No. M/126 dated 7/11/1440H - Relevant if the sale is conducted through electronic means
Value Added Tax Law: Royal Decree No. M/113 dated 2/11/1438H - Applies to boat sales transactions with relevant VAT implications
Anti-Commercial Fraud Law: Royal Decree No. M/19 dated 23/4/1429H - Ensures transparency in commercial transactions and protects against fraudulent sales
Islamic Commercial Law Principles: Sharia principles governing commercial transactions, including the concepts of gharar (uncertainty) and riba (interest)
Saudi Customs Law: Royal Decree No. M/41 - Regulates import/export of vessels and associated customs duties
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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