Glossary
MOA (Memorandum of Agreement)
Definition: MOA — Memorandum of Agreement — the international standard name for the vessel sale contract in maritime transactions. Signed between buyer and seller; clauses rest on international standard templates (NSF / Saleform, SAJ, BIMCO).
Structure
- Price + payment milestones (typically 10% deposit + balance at closing)
- Condition warranty — vessel state, certificates
- Inspection clause — survey right + cancellation right
- Delivery date + force majeure
- Encumbrances — warranty of no mortgages / liens
- Risk transfer — when risk passes from seller to buyer
- Arbitration — dispute resolution seat (typically London LMAA)
Standard templates
- NSF / Saleform 2012 — most common (also in yacht segment)
- SAJ Form — Japan-centred
- BIMCO Saleform — modern alternative