Observations on Saleform 2012 Owen McHugh

Clyde & Co LLP

20 November 2013

1

Why did NSA / BIMCO decide to revise Saleform?

Changes in market practice

Changes in law

Competition?

2

Style Changes

Definitions

Default Positions

No box format?

3

Entirely New Clauses

Notices (Clause 17)

Entire Agreement (Clause 18)

– Effect on recap

– Effect on statutory implied terms

– The Union Power (2012)

4

Significant Changes to Provisions of Saleform 1993

5

Clause 2: Deposit

Timing

Action “without delay”

The Griffon (2013)

6

Clause 3: Payment

Deposit part of purchase price

The Aktor (2008)

7

Clause 6: Diver’s Inspection / Drydocking

Tendering NOR

Defects not required to be remedied before next drydocking

8

Clause 7: Spares, Bunkers and Other Items

More certainty

Bunkers

9

Clause 8: Documentation

Extended List

Sub-clause 8(c), (d) and (e)

10

Clause 14: Sellers’ Default

Removal of 3 banking days

Grace for Sellers

11

Clause 16: Law and Arbitration

LMAA

Small claims procedure

12

Overview and Summary

25991130 13

1,400 1st 290 35 Lawyers and fee

earners worldwide

Law Firm of the Year

Legal Business Awards

2011

Partners worldwide Offices across Europe,

Americas, Middle East,

Africa and Asia. Clyde & Co LLP accepts no responsibility for loss occasioned to any person acting or refraining from acting as a result of material contained in this summary. No part of this summary may be used, reproduced, stored

in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, reading or otherwise without the prior permission of Clyde & Co LLP. © Clyde & Co LLP 2012

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