The Norwegian Saleform 2012 – An Overview

The Norwegian Saleform 1993 is currently the most widely used and internationally recognised standard agreement for the sale and purchase of second hand tonnage (at least in the Western Hemisphere). Despite its wide use, feedback from the industry indicated that the Saleform could benefit from an update. BIMCO and the Norwegian Shipbrokers Association ("NSA") therefore set about the challenge of revising the standard agreement. The result is the introduction of the Saleform 2012.

The general principles and structure of the Saleform have been retained. However, amendments have been made to better reflect industry practice and to clarify certain issues prone to ambiguity or dispute. In this article, we shall consider the main amendments incorporated into the new Saleform 2012.