Course price

Discounts

10% group discount is available for registering 3 or more participants from the same company. Cannot be combined with any other discount.

Overview

The Sale & Purchase (S&P) Masterclass examines the mechanisms and processes behind the sale and purchase of vessels.

What will you learn?

Some of the topics the course will cover are:

• Introduction to BIMCO’s new form SHIPSALE 22
• The development of SALEFORM from 1987 to 1993 and to 2012
• Memorandum of Agreement (MOA) – legally defined
• Physical condition of the vessel; sale by description, inspections regime
• The sale price; market value, spares, exclusions, bunkers, taxes, fees, expenses
• Sellers’ obligation to deliver the vessel free from encumbrances
• Examination of the choices of governing law and arbitration
• Overview and analysis of dispute resolution options and their pros and cons
• Non-performance; Force Majeure, total loss, Buyer’s breach, Seller’s breach
• Entire Agreement clause
• Payment considerations; Lodging the Deposit, Payment of the Purchase Price, Payment for bunkers, greases and oils
• Pre-delivery timetable; Initial vessel inspection, Buyers’ on-board representatives, Notices, vessel location and NOR, Diver’s Inspection / Drydocking, Process for measuring bunkers and identifying inventory
• Delivery; Financial closing meeting and documentary requirements
• Post-delivery considerations; Change of name / funnel markings, Post-delivery documentary obligations, Seller’s warranties, Latent defects

Why choose to participate?

The seminar has been expanded from one to two days and now covers all aspects of the Sale & Purchase process.

Part 1: The mechanisms of S&P. What are the obligations/benchmarks regarding the condition of the vessel (physical and legal), the price, etc.

Part 2:  The process of S&P, covering, payments, notices, inspections, delivery, etc.

The combination of theory, discussion and casework will make the complexity of sale and purchase of vessels clearer and more manageable.

Participants will be taught by hand-picked industry experts who have built a career out of solving complicated issues related to sale and purchase of ships. The trainer group is an integrated team, which has worked with BIMCO for a long time. They will share valuable experiences and point participants toward practical solutions which can be used directly on the job.

The course will also facilitate networking between international shipping peers and enable long-term relationships between the participants.

The seminar is aimed at all practitioners involved in the sale and purchase of ships, and at those who wish to boost their knowledge and become more proficient in the entire process of selling and buying second-hand vessels.

How will this course help your professional development?

The process of selling and buying ships is a specialized business area with the potential for huge profits or losses. Disputes are common and having the best possible understanding of the allocation of risks and responsibilities help to avoid unnecessary or futile disputes.

The course will help you identify the potential challenges before they become a problem in this complex environment and enable you to ask the right questions to the parties involved. This will help you to understand and explain your own risks and exposures.

After the course, you will have a much deeper understanding of the fundamental issues related to sale and purchase, the flow of documentation and how risks can be mitigated. You will be in a better position when it comes to understanding and anticipating the procedures, both as a buyer and a seller.

Course certification

Participants will be given an option of taking a final assessment (1-hour open-book test) at the end of the course, and Certificate of Achievement will be issued with a grade (distinction, merit or pass). Those not taking the assessment will receive a Certificate of Attendance.

Course materials

BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes using a computer or tablet. Please bring a computer or tablet! All documentation and presentations will be in English.

Speakers

Organiser