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The main terms of an agreement, such as expenditure, timescale and risks involved in shipbuilding, are better to record in written form. In order to create an enforceable agreement, the essential elements for an agreement to form a legally binding contract must be presented, they are: offer; acceptance; consideration; privity of contract
As a basic statutory form of mortgage, a reference to a collateral deed containing detailed particulars should be included: like the time for repayment of the principal sums; the interest payable on the capital sum loaned; the method of payment; the party responsible for insuring the ship;
The sale and purchase of ship is an important aspect of the shipping industry. It may involve large amounts of money and requires brokers to possess knowledge of types of vessels and their function, knowledge of maritime law, as well experience in bargaining .
For example, a boat that cost $20,000 to purchase would cost roughly $2,000 a year to maintain. Examples of typical boat maintenance include: Painting the hull. Cleaning the deck.
Boat loans are a type of installment loan that is used specifically for the purchase of a vessel. These loans can be secured or unsecured and typically have repayment terms of two to 15 years.
The ship's articles (shipping articles, more formally the ship's articles of agreement) is the set of documents that constitute the contract between the seafarer and the captain (master) of a vessel.
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