The Vessel Purchase And Sale Agreement Form serves as the primary document for transferring vessel ownership in the United States maritime sector. This contract type is essential when selling or purchasing any registered vessel, from small pleasure craft to large commercial ships. It ensures compliance with federal maritime laws, state regulations, and Coast Guard documentation requirements while protecting both parties' interests through detailed specifications of the vessel, payment terms, warranties, and closing conditions. The agreement is particularly crucial for documenting the chain of title and ensuring proper transfer of all rights and obligations associated with vessel ownership.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the sale and basic vessel information
3. Definitions: Key terms used throughout the agreement including vessel specifications, closing date, and other relevant terminology
4. Vessel Description: Detailed description of the vessel including specifications, registration details, and current condition
5. Purchase Price: Amount and payment terms, including deposit requirements and payment schedule
6. Title Transfer: Process and requirements for transferring vessel ownership, including documentation requirements
7. Representations and Warranties: Seller's declarations regarding vessel condition, ownership, liens, and compliance with regulations
8. Closing Conditions: Requirements to complete the sale including documentation, inspections, and regulatory compliance
9. Risk and Insurance: Allocation of risk and insurance requirements during the transaction period
10. Governing Law: Specification of applicable law and jurisdiction for dispute resolution
1. Financing Provisions: Terms related to buyer financing and associated conditions
2. Vessel Inspection: Terms for pre-purchase survey, sea trial, and inspection rights
3. Crew Transfer: Terms relating to existing crew arrangements and employment contracts
4. Environmental Compliance: Specific provisions regarding environmental regulations and compliance requirements
5. Post-Closing Obligations: Any continuing obligations of either party after the closing date
1. Schedule A - Vessel Specifications: Detailed technical specifications of the vessel including dimensions, equipment, and systems
2. Schedule B - Inventory List: Comprehensive list of equipment, spare parts, and items included in the sale
3. Schedule C - Maintenance Records: History of vessel maintenance, repairs, and modifications
4. Schedule D - Title Documents: Copies of current registration, title documents, and proof of ownership
5. Schedule E - Insurance Certificates: Current insurance documentation and coverage details
6. Schedule F - Survey Reports: Recent survey reports, valuations, and condition assessments
Relevant legal definitions
Agreement
Vessel
Closing Date
Purchase Price
Deposit
Acceptance Protocol
Bill of Sale
Business Day
Classification Society
Closing
Delivery
Delivery Date
Due Diligence Period
Effective Date
Encumbrances
Flag State
Force Majeure
Good Marine Practice
Inventory
Maritime Liens
Material Adverse Change
Notice
Operating Documents
Port of Delivery
Pre-existing Conditions
Registration Documents
Regulatory Authority
Seller's Warranties
Specifications
Survey Report
Technical Documentation
Title Documents
Transfer Documents
Vessel Certificates
Vessel Records
Vessel
Closing Date
Purchase Price
Deposit
Acceptance Protocol
Bill of Sale
Business Day
Classification Society
Closing
Delivery
Delivery Date
Due Diligence Period
Effective Date
Encumbrances
Flag State
Force Majeure
Good Marine Practice
Inventory
Maritime Liens
Material Adverse Change
Notice
Operating Documents
Port of Delivery
Pre-existing Conditions
Registration Documents
Regulatory Authority
Seller's Warranties
Specifications
Survey Report
Technical Documentation
Title Documents
Transfer Documents
Vessel Certificates
Vessel Records
Clauses
Vessel Description
Purchase Price
Payment Terms
Deposit
Title and Ownership
Vessel Documentation
Representations and Warranties
Condition of Vessel
Sea Trial
Survey and Inspection
Closing Conditions
Delivery
Risk and Insurance
Maritime Liens
Encumbrances
Due Diligence
Technical Documentation
Inventory Transfer
Crew Matters
Registration Requirements
Regulatory Compliance
Environmental Compliance
Force Majeure
Default
Termination
Governing Law
Dispute Resolution
Notices
Assignment
Amendments
Entire Agreement
Severability
Confidentiality
Broker Commission
Tax Matters
Further Assurances
Survival of Obligations
Purchase Price
Payment Terms
Deposit
Title and Ownership
Vessel Documentation
Representations and Warranties
Condition of Vessel
Sea Trial
Survey and Inspection
Closing Conditions
Delivery
Risk and Insurance
Maritime Liens
Encumbrances
Due Diligence
Technical Documentation
Inventory Transfer
Crew Matters
Registration Requirements
Regulatory Compliance
Environmental Compliance
Force Majeure
Default
Termination
Governing Law
Dispute Resolution
Notices
Assignment
Amendments
Entire Agreement
Severability
Confidentiality
Broker Commission
Tax Matters
Further Assurances
Survival of Obligations
Relevant Industries
Relevant Teams
Relevant Roles
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