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The conditional bill of sale refers to any assignment or transfer of personal chattels to a person by way of security for the payment of money. The conditional bill of sale creates a security in favour of the grantee of the bill whereby the grantee is given personal right of seizure giving right to a security interest of a possessory nature.
In contract law, a contract of sale, sales contract, sales order, or contract for sale [1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).
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Some documents are required which include the closing memo, minutes of the meeting of the seller's directors and shareholders, a certificate of good standing, a power of attorney, the bill of sale, a certificate of class, any consents or licenses required by the government authority, a certificate by the registrar of the ship's registry ...
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