BIMCO and Norsk Skipsmeglerforbund (Norwegian Shipbrokers’ Association) have adopted SALEFORM 2025, a revised version of the international Memorandum of Agreement for the sale and purchase of ships.

SALEFORM 2012 has been widely used in ship sale and purchase transactions. However, the Norwegian Shipbrokers’ Association identified the need to update the form to better reflect current industry practices and strengthened regulatory and compliance requirements.

Following this review, BIMCO and the association formed a joint subcommittee, and the BIMCO Documentary Committee has now approved the revised document as SALEFORM 2025.

The updated form addresses regulatory, operational and financial developments affecting ship transactions. While retaining the core structure and mechanisms of the previous edition, SALEFORM 2025 introduces revisions to deposit and payment arrangements to reflect present-day banking practices.

These changes include multiple payment execution options, more clearly defined escrow provisions and safeguards for delays related to “know your customer” (KYC) and anti-money laundering (AML) procedures.

SALEFORM 2025 also clarifies the allocation of responsibilities between the parties regarding inspections, delivery procedures, bunkers, and spares upon delivery. It further refines provisions on documentation exchange and vessel readiness, introducing enhanced Notice of Readiness requirements and more clearly defined termination windows to reduce disputes and facilitate smoother closings.

In addition, the revised form incorporates updated compliance and regulatory provisions, including clauses covering anti-bribery and corruption, sanctions and confidentiality. It also integrates the BIMCO FuelEU Maritime and EU ETS Clauses for Memoranda of Agreement, aligning the contract with current compliance standards and evolving environmental regulations.

All BIMCO contracts and clauses, including SALEFORM 2025, are available through SmartCon, BIMCO’s online contract editor.