Agreement for Sale of a Ship

Updated at:March 2010
 
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Agreement for Sale of a Ship

AGREEMENT is made at ....... this ........ day of ......... between M/s. AB & Co. Ltd., a company registered under the companies Act, 1956, having its registered office at ................. hereinafter referred to as ''the Owner'' of the One Part and M/s. XYZ & Co. Ltd., a company registered under the said Act and having its registered office at .......... hereinafter referred to as the ''Purchaser of the Other Part.

WHEREAS

The owner owns a seagoing ship of the class of ......... built at ......... having a registered tonnage and other particulars, which are given in the Schedule hereunder written.

The owner has agreed to sell to the purchaser the said ship on the following terms and conditions.

NOW IT IS AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:

The owner agrees to sell and the Purchaser agrees to buy the said ship more particularly described in the schedule hereunder written, fully equipped with all necessary parts together with everything belongings to her on abroad and shore and including wireless and electronic installations and nautical instruments, at the price of Rs. ........ out of which a sum of Rs. ....... has been paid by the purchaser to the owner on the execution of this agreement as earnest and in part payment of the said price (receipt whereof the owner hereby admits) and the balance will be paid against delivery of possession of the said ship as hereinafter stated.

The sale shall be completed on the ....... day of ...... time being essence of the contract.

The owner shall give all facilities to the purchaser to inspect the said ship at the port of delivery namely ............ provided that the inspection shall be without any opening up of any part thereof and without putting the owners to any costs. During inspection the owner shall make available to the purchaser the log book for the voyage and the deck and all other document and papers relating to the said ship.

The owner shall also allow to the purchaser inspection of the bottom of the ship and of those parts thereof which are under the water level and if so required by the purchaser the owner shall arrange to place the said ship in a dry dock at the port of delivery. If the rudder, propeller, bottom and other parts of the ship under water are found damaged or defective the owner shall make good the damage or defects at its costs and to the satisfaction of the purchaser so as to obtain a clear certificate of class. Whilst the ship will...

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