Sale And Purchase Agreement Vessel

The MOA sets out a number of procedures necessary for the final conclusion of the transaction. Certain documents are required, including the closing event, the minutes of the meeting of the directors and shareholders of the seller, a certificate of good reputation, a power of attorney, the contract of sale, the class certificate, any consents or licenses required by the government authority, an attestation from the Registrar of the Ship Registry authorizing the sale. If the buyer used a bank loan for the purchase, the bank`s mortgage is also registered on the ship. In addition, a new insurance policy will be issued in the name of the buyer and the buyer will also inform the classification society of the date and time of purchase. The effective execution of the necessary documents and the surrender of the ship should be carried out by the duly authorised parties (buyers and sellers). To terminate the sales contract, there are two main procedures and the buyer must follow these steps: ships are not like other mobile goods due to their high economic value. The procedures for selling and buying a vessel can be complex, as there are many factors that the parties must consider. Neither the Turkish Bond Legislation (TCO) nor the Turkish Commercial Code (TCC) contain provisions specifically designed for the sale and purchase of vessels. In the absence of a contract drawn up by the parties, the provisions of the contract of sale laid down in Articles 207 to 281 shall apply to the total cost of operating the contracts for the purchase of ships. In contrast, the TCC sets out the principles for acquiring ownership of vessels registered in the Turkish Ship Register.

In accordance with Article 1001 of the TCC, there are two requirements for the transfer of ownership of a registered vessel. . . .