Finance ship purchase

About this business activity

If you can't come up with the full purchase price for a ship upfront, financing it is a way to spread out the cost of the purchase over time and potentially get better terms on the purchase.

Loan Agreement To Purchase A Second-Hand Ship - Precedent Conditions

The following are conditions that must be met in order for a loan to be taken out for the purchase of a used ship: 1. The ship must be inspected and approved by a qualified marine surveyor.2. The ship must be insured for its full value.3. The ship must be registered in the country of the buyer.4. The ship must be seaworthy and have all the necessary certificates and licenses.

What to watch out for

  • The amount of the loan
  • The interest rate
  • The repayment schedule
  • The collateral
  • The conditions precedent
  • Contract template sketch

    Relevant Contract Types

    🧾 Conditions precedent

    A condition precedent is a requirement that must be met before a contract becomes legally binding. For example, a contract might state that "this agreement shall not be binding until both parties have signed it." If one party does not sign the contract, then the contract is not legally binding and either party can back out of the agreement.

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