The Boat Purchase Agreement is a crucial legal document used in Indonesia for transferring ownership of marine vessels from seller to buyer. It is essential for both private and commercial vessel transactions, ensuring compliance with Indonesian maritime laws, particularly Law No. 17 of 2008 on Shipping and related regulations. This agreement should be used whenever a boat or vessel is being sold in Indonesian waters or under Indonesian jurisdiction, regardless of whether the parties are individuals or companies. The document includes comprehensive details about the vessel, payment terms, warranties, and conditions of sale, while ensuring compliance with local registration requirements and maritime safety standards. It's particularly important given Indonesia's specific requirements for vessel ownership, registration, and operation within its archipelagic waters.
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1. Parties: Identification of the seller and buyer, including full legal names, addresses, and registration details if companies
2. Background: Context of the transaction and brief description of the vessel being sold
3. Definitions: Key terms used throughout the agreement including 'Vessel', 'Purchase Price', 'Closing Date', etc.
4. Sale and Purchase: Core agreement to sell and purchase the vessel, including the purchase price and payment terms
5. Vessel Details: Comprehensive description of the boat including make, model, year, registration number, and specifications
6. Payment Terms: Detailed breakdown of payment structure, including deposit, installments if any, and final payment
7. Conditions Precedent: Conditions that must be met before the sale can complete, including surveys and documentation
8. Closing and Delivery: Process for completing the sale, transfer of ownership, and physical handover of the vessel
9. Seller's Representations and Warranties: Seller's guarantees about the vessel's condition, ownership, and legal status
10. Buyer's Representations and Warranties: Buyer's confirmations regarding authority to purchase and financial capacity
11. Risk and Insurance: Transfer of risk and insurance requirements during the sale process
12. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
13. Notices: How formal communications between parties should be made and delivered
14. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Broker Provisions: Required if a broker is involved in the transaction, detailing broker's role and commission
2. Financing Contingency: Include if the purchase is contingent on buyer obtaining financing
3. Foreign Ownership Provisions: Required if the buyer is not Indonesian, addressing specific foreign ownership requirements
4. Charter-Back Arrangements: Include if the seller will charter the vessel back after sale
5. Crew Transfer: Include if existing crew contracts are to be transferred to the buyer
6. Tax Indemnity: Detailed tax provisions if complex tax implications exist, particularly for international sales
1. Schedule 1 - Vessel Specifications: Detailed technical specifications of the vessel
2. Schedule 2 - Inventory List: Complete inventory of equipment, tools, and accessories included in the sale
3. Schedule 3 - Vessel Documents: List of all registration, safety, and maintenance documents to be transferred
4. Schedule 4 - Known Defects: Disclosure of any known issues or defects with the vessel
5. Schedule 5 - Payment Schedule: If payments are structured, detailed payment timeline and amounts
6. Appendix A - Vessel Photos: Recent photographs of the vessel documenting its condition
7. Appendix B - Survey Report: Most recent survey report or requirement for new survey
8. Appendix C - Registration Forms: Required Indonesian vessel registration transfer documents
Relevant legal definitions
Clauses
Relevant Industries
Maritime
Shipping
Tourism
Fishing
Leisure & Recreation
Transportation
Luxury Goods
Marine Services
Maritime Tourism
Yacht & Boat Sales
Relevant Teams
Legal
Compliance
Maritime Operations
Finance
Risk Management
Asset Management
Documentation
Marine Insurance
Vessel Registration
Commercial
Relevant Roles
Maritime Lawyer
Ship Broker
Marine Surveyor
Vessel Registration Officer
Maritime Insurance Agent
Fleet Manager
Marina Manager
Yacht Broker
Marine Finance Manager
Compliance Officer
Legal Counsel
Maritime Operations Manager
Port Captain
Vessel Owner
Charter Fleet Manager
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