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Saleform 1993 revision underway
Thursday, 23 December 2010 13:57

Following recent industry consultation, BIMCO and the Norwegian Shipbrokers’ Association (NSA) have decided to revise the industry’s standard international contract for the sale and purchase of vessels, Saleform 1993.

 

“While the general view of the industry was that the Saleform 1993 agreement works very well – it was acknowledged that some provisions are often subject to amendment,” said BIMCO in a statement.

“The objective of the revision will be to address these issues while maintaining the fundamental principles of Saleform. Both BIMCO and the NSA have formed sub-committees composed of international experts with commercial and legal expertise in ship sale and purchase.”

The aim of the two associations is to complete the revision of Saleform 1993 by autumn 2011.

“Saleform 1993 is the universally accepted standard form for the sale and purchase of second hand vessels,” according to BIMCO Deputy Secretary General, Soren Larsen.

“The two strong messages we received from our global consultation process was that we should preserve the general concept of Saleform but that a modest update was required.”