Norwegian Saleform

The Norwegian Saleform is the dominant memorandum of agreement for secondhand ship sales, issued by the Norwegian Shipbrokers’ Association and adopted by BIMCO. The current edition is Saleform 2012 (NSF 2012). It requires a deposit of 10 percent lodged within 3 banking days of signing and the deposit account being confirmed open, with the balance paid within 3 banking days of the Notice of Readiness at delivery. Clause 9 warrants the ship free of encumbrances and maritime liens. Closing exchanges the bill of sale and the protocol of delivery and acceptance against payment. Disputes default to London arbitration, English law.