SALEFORM 2012 is a widely-used international Memorandum of Agreement for the sale and purchase of ships. However, the Norwegian Shipbrokers' Association (NSA) saw a need to revise the form to better reflect current industry practices and address strengthened regulatory and compliance requirements.
Following this work, BIMCO and NSA established a joint subcommittee, and the BIMCO Documentary Committee has now adopted the revised form as SALEFORM 2025 to address regulatory, operational and financial changes affecting ship transactions.
While largely maintaining the previously existing mechanisms, SALEFORM 2025 includes changes to the deposit and payment mechanisms, reflecting current banking realities.
SALEFORM 2025 includes multiple payment execution options, clearer escrow provisions and safeguards for delays linked to “know your customer” and anti-money laundering processes.
The revision provides clearer allocation of parties’ obligations across inspections, delivery procedures, bunkers and spares on delivery. It also addresses documentation exchange and vessel readiness with enhanced Notice of Readiness rules and more defined termination windows which can help minimise disputes and support smoother closings.
Updated compliance and regulatory provisions are also incorporated in the form, including anti-bribery and corruption, sanctions, confidentiality and the BIMCO FuelEU Maritime and ETS Clauses for Memoranda of Agreement. This will help ensure that the agreement aligns with current compliance standards and emerging environmental regulations.
