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APPENDIX 5 The Admiralty Marshal's Conditions of Sale and Bill of Sale

Law of Ship Mortgages

Page 583 APPENDIX 5 The Admiralty Marshal’s Conditions of Sale and Bill of Sale The Admiralty Marshal’s Conditions of Sale and Bill of Sale THE ADMIRALTY MARSHAL’S CONDITIONS OF SALE SUBJECT MATTER OF SALE 1. In these conditions the expression “the Vessel” means the Vessel agreed to be sold with everything on board belonging to her but excluding any equipment on hire (see clause 13). 2. The Buyer shall take and pay for the unused bunker fuel and lubricants remaining on board her (if any) in accordance with clauses 5, 6 and 7. BASIS OF SALE 3. The Buyer undertakes that in making his offer he has not relied upon any information that he may have been given by or on behalf of the Admiralty Marshal and that he has relied solely upon his own enquiries and/or inspection. 4. The Vessel is sold as lying at the date of the sale with all its faults and errors of description whatever. The Buyer shall not be entitled to reject the Vessel nor to any damages or diminution in price, by reason of any fault of or in the Vessel or any error of description whatever. 5. Payment shall be made by the Buyer in sterling, United States dollars or euros to the Admiralty Marshal in accordance with his directions as to venue and as follows: (a) immediately upon the acceptance of the offer, 10% of the price (b) within one week of the acceptance of the offer: (i) the balance of 90% of the price and (ii) a sum in respect of bunker fuel and lubricants (if any) calculated in accordance with clause 6 6. The sum (if any) payable in respect of unused bunker fuel and lubricating oil shall be calculated by reference to: Page 584 (a) the quantities (if any) remaining on board unused at noon on the day one week after the acceptance of the offer or on the day of the final payment whichever shall be the earlier and (b) the current market prices ruling in the port where the Vessel is lying

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