Document background
The Vessel Purchase Agreement is a crucial document used in maritime transactions under German law when transferring ownership of a vessel between parties. It serves as the primary contract governing the sale and purchase of ships, whether new builds or existing vessels. This agreement must comply with German maritime regulations, particularly the German Commercial Code (HGB) and Ship Register Ordinance (SchRegO), while also adhering to relevant EU regulations and international maritime conventions. The document is essential for documenting the terms of sale, vessel specifications, purchase price, payment conditions, delivery requirements, and transfer of ownership. It includes provisions for vessel inspection, warranties, and closing procedures, while addressing specific German legal requirements for vessel registration and documentation. The agreement is typically used by shipping companies, maritime businesses, and private vessel owners engaging in vessel transactions within German jurisdiction.
