This masterclass explores the complete mechanics and processes behind the sale and purchase of vessels, including the obligations and benchmarks regarding the vessel's condition (physical and legal), the price, and the S&P process, covering payments, notices, inspections, delivery, and more.
The course has been extended from one to two days and now covers all aspects of S&P. It is divided into two parts: first, we examine the mechanics of S&P, addressing the obligations and benchmarks concerning the vessel's condition, the price, and other related factors. Then, we look at the S&P process, covering payments, notices, inspections, delivery, and other essential elements. The course also includes two comprehensive case studies.
What will you learn?
Some of the topics the course will cover are:
- The development of SALEFORM from 1987 to 1993 and to 2012
- Memorandum of Agreement – 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.
Download Sale & Purchase Masterclass Programme PDF
Why choose to participate?
The combination of theory, discussion and casework will make the complexity of sale and purhcase of vessels clearer and more manageable.
You 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 towards practical solutions, which can be used direcly 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 sale and purchase of ships, and 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?
Selling and buying ships is a specialised 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 helps to avoid unnecessary or futile disputes.
The course will help you identify the potential challenges in advance in this complex environment and enables you to ask the right questions to the parties involved, thereby helping 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 better able to understand and anticipate the procedures involved, both as a buyer and a seller.
Course certification
Participants will be given an option of taking a final assessment (open-book test) at the end of the course, and Certificate of Achievement will be issued with a grade (pass, merit or distinction). 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.
Note
Lunch and coffee breaks are included in the course fee.
Accommodation and transportation are not included and must be arranged individually.
