The Vessel Purchase and Sale Agreement is a crucial document used in New Zealand maritime transactions for transferring vessel ownership between parties. It operates within the framework of New Zealand maritime law, particularly the Maritime Transport Act 1994 and Ship Registration Act 1992. This agreement is essential for both commercial and private vessel transactions, providing a structured approach to vessel sales while ensuring compliance with local maritime regulations and international standards. The document typically includes comprehensive details about the vessel, purchase terms, warranties, and completion requirements, serving as the primary contract governing the transaction. It's designed to protect both parties' interests while facilitating a smooth transfer of ownership and addressing key aspects such as vessel registration, maritime safety requirements, and regulatory compliance.
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1. Parties: Identification of the seller and buyer with full legal names and addresses
2. Background: Context of the transaction and brief description of the vessel
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the vessel, including the purchase price
5. Deposit: Terms for payment and handling of the deposit
6. Conditions Precedent: Conditions that must be satisfied before completion
7. Pre-delivery Inspection: Terms for vessel inspection and sea trials
8. Vessel Documentation: Requirements for vessel certificates, registrations, and other documentation
9. Completion: Process and requirements for completing the sale
10. Payment Terms: Details of payment method, timing, and currency
11. Representations and Warranties: Seller's warranties about the vessel's condition and buyer's warranties
12. Risk and Insurance: Transfer of risk and insurance requirements
13. Default: Consequences of default by either party
14. Notices: How formal notices should be given between parties
15. Governing Law and Jurisdiction: New Zealand law as governing law and jurisdiction details
16. General Provisions: Standard boilerplate clauses including assignment, entire agreement, etc.
1. Vessel Management During Transition: Used when there's a gap between contract signing and completion, specifying vessel management responsibilities
2. Crew Arrangements: Include when existing crew contracts need to be addressed
3. Foreign Currency Provisions: Required when purchase price is in non-NZD currency
4. Environmental Compliance: Additional provisions for vessels requiring specific environmental certificates or compliance
5. Charter Arrangements: Include when existing charter contracts need to be assigned or terminated
6. Intellectual Property: Required when vessel names, designs, or other IP need to be transferred
7. Tax Indemnity: Include when specific tax implications need to be addressed
8. Broker Provisions: Include when brokers are involved in the transaction
1. Vessel Specifications: Detailed technical specifications of the vessel
2. Inventory: Complete list of equipment, spare parts, and items included in the sale
3. Certificates and Documentation: List of all required certificates and documentation to be provided
4. Form of Bill of Sale: Template for the bill of sale to be executed at completion
5. Protocol of Delivery and Acceptance: Form to be signed at physical delivery of the vessel
6. Classification Records: Vessel's classification history and current status
7. Insurance Particulars: Details of current insurance and requirements for completion
8. Outstanding Liens and Encumbrances: Declaration of any existing liens or encumbrances on the vessel
9. Compliance Certificates: Copies of all required compliance and safety certificates
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