A contract protocol, also known as the Memorandum of Understanding (MoU), is a form that precedes a sales contract in which two parties agree on the same objective – the sale/purchase of a property. A Memorandum of Understanding (“MoA”) is usually the relevant sales contract. There are several standard moas that are most commonly used is a common product of the Norwegian Association of Ship Brokers and BIMCO. The latest version of this regularly updated MoA and the theme of this article is the “SALEFORM 2012”, better known as the Norwegian version of sale 2012 (“NSF 2012”). The 2012 NSF and its previous versions (particularly NSF 1993) have become industry standards within the United Arab Emirates and most other popular maritime areas. Before signing the MoA, buyers can request a basic inspection of the vessel and copies of the main certificates. While after the moA is signed, it is possible to resort to failed inspections, a potential buyer can more easily deviate from a sale without contractual obligation (or deposits paid), the ship is manifestly unacceptable. Detailed inspections and investigations are usually carried out after the MoA is signed, as described below. The parties are cautioned to ensure that these negotiations are not likely to create legally binding agreements inadvertently. This can (and a) can be done by accidentally extending an offer that can be accepted through a broker (as a presumed agent) or by accepting such an offer. These risks can be easily avoided by clearly confirming that all moA execution conditions are being met. B the guarantee of matches or summaries.
The inclusion in exchanges of formulations such as the “treaty” has become a good practice in this regard. A sale and purchase transaction culminates in the “closure.” Here, buyers and sellers (usually on the same day) exchange documents, pay and deliver and transfer the ship. It requires careful coordination between the various parties acting by mutual agreement in order to ensure the success of the sale. Each party has its role to play. As an indication, some important participants may be to date; Seller and buyer (or authorized representative), lawyers, bankers (both financial and for payments), flag state representative, crew (old and new, if replaced), broker, class representative, insurer, with others potentially also needed, usually not all in the same place, or even in the same time zone. Before the MoA is signed, there are several important steps. In general, a potential buyer, or a zealous seller, will approach a broker as the first point of contact. Brokers are generally paid on the basis of commissions, depending on the closure, calculated on the value of the ship.