9.1 Introduction

We are aware of temptation by some in the shipping industry to view the process of ship sale and purchase as a relatively straightforward proposition. This is particularly true where they are using a standard from sale agreement such as the most commonly used form, the Norwegian Shipbrokers’ Association Memorandum of Agreement for sale and purchase of ships (1993 or 2012 revision), known in the industry as the NSF and available form BIMCO as part of the suite of standard documents published by them.