Noble Shipping Law
1 Contributions by Noble Shipping Law Experts
PRACTICE NOTES
This Practice Note examines a typical transaction for the sale and purchase of a second-hand commercial vessel in Ireland, and in particular considers:
the principal standard forms used in the market
how delivery is conducted
the passing of title and risk
delivery free of encumbrances
the identification of the parties
key considerations for financiers, and
sale and purchase of fishing vessels specifically
Memorandum of agreement
As in the UK, many second-hand ship sales are arranged through sale and purchase brokers (commonly referred to as ‘S&P’ brokers) acting for their principals. In Ireland, most shipping sales concern vessels for private use or commercial fishing. For larger vessels, negotiations typically proceed via a series of written exchanges, with the agreed terms then formally captured in a contract between the shipowner (as seller) and the buyer, generally called a
Ireland - Banking & Financial Services
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