BIMCO has produced its own ship sale and purchase agreement – SHIPSALE 22.

The agreement consists of four parts, the first of which summarises key information such as the details of the ship, inspection, and the purchase price. The second section contains the terms and conditions of the agreement in an easy-to-follow structure and the third deals with documents to be provided plus the protocol of delivery and acceptance. The fourth section is where any items that are excluded from the sale should be listed.

“With SHIPSALE 22, the team has focused on drafting an agreement that is clearly written and will need far fewer amendments and additional clauses compared to other standard sale forms. This will make the negotiation process faster and simpler and ultimately saves users time and money,” said Francis Sarre of CMB who headed the project team. 

Despite being a new and more modern agreement, BIMCO said the agreement retains the necessary familiarity for users transitioning from other forms used for buying and selling ships.