Tailored to Asia's S&P Needs
Launched in 6 January 2011 by the Singapore Maritime Foundation (SMF), the Singapore Ship Sale Form (SSF) was developed to provide an easy-to-use, standardised sale and purchase (S&P) solution for the Asian maritime community. Since then, the SSF has been widely recognised by maritime players as an industry standard with comprehensive, updated clauses that reflect the latest S&P practices. Here are some of the reasons why the SSF has proven to be such a reliable tool for ship owners across Asia.
A Balanced and Comprehensive Outlook
The SSF was developed in close partnership with maritime players across diverse specialisations – ranging from maritime lawyers and ship bankers, to ship brokers and ship owners. Over 140 maritime professionals from all over Asia were consulted during the development of the SSF, leading to a balanced and comprehensive outlook that is fair in addressing the needs of both buyers and sellers of vessels in Asia.
Updated with Current S&P Practices
The SSF is structured to be in line with all of the latest S&P practices, and also incorporates provisions that help uphold stringent maritime safety and security standards. Some of the practically relevant clauses that have been introduced by the SSF include guarantor provisions for both buyers and sellers, as well as an improved Notice of Actual Readiness (NOAR) clause that helps to minimise delays.
Navigating Regulatory Changes
In light of regulatory changes in the banking sector, the SSF helps parties to navigate new laws and requirements. In particular, an updated deposit clause clarifies the obligations of both buyers and sellers in adherence to current anti-money laundering laws and Know Your Client (KYC) requirements, while also reducing ambiguities in relation to the Purchase Price and the deposit payment process.
A Platform for Asian Arbitration
As the centre of gravity of global shipping rapidly shifts towards Asia, the amount of maritime dispute resolution cases requiring arbitration in the region will naturally increase. The SSF is specifically tailored to address this rising need with the inclusion of a pro-Asian arbitration clause, which offers the internationally recognised Singapore Chamber of Maritime Arbitration (SCMA) as a cost-efficient and geographically proximate arbitration venue for the Asian maritime community.
Concise and Easy to Use
One of the key features of the SSF is its distinctive, user-friendly format, which opens with a concise, one-page table that summarises the key details of the S&P agreement. By clearly listing all the essential points of the agreement on one page, the risk of omissions and mistakes is significantly minimised, which in turn helps to reduce the likelihood of unnecessary disputes between parties.