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CHAPTER 2 SALE AND PURCHASE BROKERS

Ship Sale and Purchase

2

SALE AND PURCHASE BROKERS

2.1 BROKERS AS AGENTS

2.1.1 Legal status of sale and purchase brokers

Sale and purchase brokers (“S&P” brokers as they are widely known) are independent contractors who act as agents for principals in connection with the sale and purchase of ships. The S&P broker’s job is to first match seller and buyer, and then help them develop, document and complete the sale and purchase transaction.

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