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Bimco introduces its first ship sale and purchase agreement

Photo: Unsplash digital-signing
Bimco has launched ShipSale22, a ship sale and purchase agreement it developed over a two-year period.

The association said it aimed to make the authoring, negotiation and execution of sale and purchases faster and simpler by offering a modern, comprehensive alternative to other S&P documents. Attention had also been paid to make the new agreement familiar to those used to other sale and purchase documents.

Bimco’s standards organisation took over two years developing the agreement in a process which included the gathering of over 800 comments and suggestions on the draft. A nine-strong team led by CMB’s Francis Sarre worked on the agreement, bringing broking, legal nd commercial expertise.

The four-part agreement starts with a key information summary, followed by a section containing term and conditions section, a section on documentation and delivery and acceptance protocols, and a final section on items not included in the sale.

“With SHIPSALE 22, the team has focused on drafting an agreement that is clearly written and will need far fewer amendments and additional clauses compared to other standard sale forms. This will make the negotiation process faster and simpler and ultimately saves users time and money,” said Sarre.

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