Singapore Arbitration 4/18

Sale and purchase of vessel – Saleform 2012 – Tendering notice of readiness without letter of non-encumbrance – Term or condition

The first claimant as buyer entered into a Memorandum of Agreement forthe sale and purchase of a vessel (the “Agreement”) with the first respondent as seller. The first respondent was guaranteed by the second respondent. The Agreement stipulated a cancelling date of 30 July and provided that the respondents would not tender a notice of readiness before 1 July.