A template for the contract of sale of a vessel intended for registration of the transfer of a vessel from one legal entity to another. The agreement includes the key provisions and the main aspects of the transaction. The document covers the following sections:
1. The subject of the contract is a description of the transferred vessel, the conditions of its transfer and warranty obligations.
2. Price and settlement procedure - fixes the cost of the vessel and establishes the procedure for payment and transfer of funds.
3. Transfer of property - determines the procedure, place and timing of the transfer of the vessel, as well as the moment of transfer of ownership and the risk of accidental death or damage.
4. Liability of the parties - specifies the sanctions for violation of the terms of the agreement, including the terms of payment and transfer.
5. Force majeure - describes the exemption from liability in the event of force majeure, as well as the procedure for notifying the other party.
6. Applicable law and dispute resolution - regulates the law to be applied to the relations of the parties and the procedure for dispute settlement.
7. The procedure for modification and termination are the conditions under which the parties can unilaterally withdraw from the performance of the contract, and the procedure for the return of property or funds.
The contract also provides for detailed details of the parties and the procedure for processing documents necessary for the transfer of the vessel