Cargo vessel sale & purchase at 5.85 million USD
20 July, 2023
12
Interlegal has one more successful case upon cargo vessel sale & purchase at the cost of 5,850,000 US dollars.
However, this time Interlegal experts acted on behalf of neither the Seller nor the Buyer, but represented the Bareboat Charterer’s interests. The vessel was bareboat chartered by our regular Client with an option of redemption. But the parties decided to sell the vessel in favor of third person without waiting for expiration of the Charter Party and other agreements thereunder.
The Client’s main goal was to conclude the deal as safe as possible, without prejudice to its interests and potential goals.
Project work included due diligence of the deal, namely:
– Detailed analysis of provided documents and necessary amendments to the Memorandum of Understanding;
– Drafting the agreement on cancelling Charter Party between the Bareboat Charterer and the Shipowner (Seller);
– Drafting the framework agreement with all three parties engaged: the Seller, the Buyer and the Bareboat Charterer;
– Detailed analysis of payment scheme and terms for engaging escrow agent;
– Issuing all the documents on behalf of the Bareboat Charterer for successful closing the deal;
– Legal assistance in notarization and apostilling the documents with Bulgarian office engaged;
– Regular consulting the Client upon arising issues at all the project stages.
Due to professional skills and experience, as well as prompt and regular communication both with the Client and with all the parties to the deal, Interlegal experts facilitated sale of the vessel and full achievement of the Client’s goal.
Interlegal junior lawyer Diana Mykhailova and partner Alexey Remeslo led the case.
