observations on saleform 2012 - ijuboa3 entirely new clauses notices (clause 17) entire agreement...
TRANSCRIPT
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Observations on Saleform 2012 Owen McHugh
Clyde & Co LLP
20 November 2013
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1
Why did NSA / BIMCO decide to revise Saleform?
Changes in market practice
Changes in law
Competition?
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2
Style Changes
Definitions
Default Positions
No box format?
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Entirely New Clauses
Notices (Clause 17)
Entire Agreement (Clause 18)
– Effect on recap
– Effect on statutory implied terms
– The Union Power (2012)
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Significant Changes to Provisions of Saleform 1993
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Clause 2: Deposit
Timing
Action “without delay”
The Griffon (2013)
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Clause 3: Payment
Deposit part of purchase price
The Aktor (2008)
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Clause 6: Diver’s Inspection / Drydocking
Tendering NOR
Defects not required to be remedied before next drydocking
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Clause 7: Spares, Bunkers and Other Items
More certainty
Bunkers
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Clause 8: Documentation
Extended List
Sub-clause 8(c), (d) and (e)
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Clause 14: Sellers’ Default
Removal of 3 banking days
Grace for Sellers
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Clause 16: Law and Arbitration
LMAA
Small claims procedure
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Overview and Summary
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