Document background
The Boat Sale Deposit Agreement is a crucial document used in UAE maritime transactions to protect both buyers' and sellers' interests during vessel sales. This agreement is typically executed when a buyer wishes to secure their interest in purchasing a vessel by placing a deposit, while negotiations or due diligence continue toward the final sale. The document must comply with UAE Federal Maritime Law and commercial regulations, making it essential for both commercial and private vessel sales. It includes specific provisions regarding deposit amount, refund conditions, completion requirements, and vessel specifications. The agreement serves as a preliminary binding document before the final sale agreement, particularly important in the UAE's active maritime market where both local and international parties frequently engage in vessel transactions.
