Shipping Glossary

B / BILL OF SALE

Document confirming the transfer of ownership of goods to another party in exchange for money or loans.

This bill of sale transfers ownership without moving the ship/boat by transferring possession of the vessel to the buyer. Among the details in the agreement should be the date of transfer, the name, length, and tonnage of the vessel. In addition, any charges/encumbrances associated with the vessel (if any) should also be clearly stated in the Bill of Sale. Consideration for the vessel, the percentage of interest being transferred, and any charges/encumbrances associated with the vessel should all be clearly stated in the Bill.

Both the Transferor and the Transferee should carefully read the document. A copy should be signed and returned by both parties, and both parties should receive copies once signed.

In order to prevent future disputes, both parties may wish to witness their signatures. It is the responsibility of both parties to agree on any future amendments to the agreement, and both parties should sign the original agreement and any subsequent amendments.

In the jurisdiction where the vessel is registered, the Bill of Sale should be filed with the relevant shipping registry.