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
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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
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