Difference Between Nsf1993 And Nsf2012 for Finance- myassignmenthelp

Question: Discuss about theDifference Between Nsf1993 And Nsf2012 for Sale and Finance. Answer: The Norwegian Sales Form (NSF) is the most commonly used form of standard ship sale and purchase contract. This form was first adopted by the Baltic and International Maritime Council (BIMCO) in 1956 (Soyer Tettenborn, 2016, p. 112). Since then, the form has undergone periodic revisions with the latest being the 2012 version. Unlike its 1993 predecessor, the NSF 2012 seeks to uphold commercial practice and address issues which might have led to disputes in the 1993 version. Firstly, the NSF 2012 reviews the 10% fixed deposit on the purchase price present in the 1993 version (Goldrein et al., 2013). In this respect, the NFS 2012 allows the contracting parties to settle on the deposit. However, if the parties fail to agree, the 10% set in the NSF 1993 is applied. Secondly, the NSF 2012 introduces new directives on divers inspection. According to Soyer and Tetenborn (2016), NSF 2012 requires the buyers to state their preference to complete a divers scrutiny nine days before delivery. Moreover, a Classification Society surveyors presence is mandatory for the inspection. These test directives were missing in the NSF 1993. Thirdly, the NSF 2012 has reduced the delivery cancellation dates in the NSF 1993 from seven running days to three banking days. Moreover, the NSF 2012 compels the sellers to accurately list all the items which are not covered by the purchase price(Goldrein et al., 2013). These items include those under hire or belonging to a third party. As Soyer and Tettenborn (2016) point out, the NSF 2012 also introduces two new clauses which were not present in earlier versions. These are the clause on notices and Entire Agreement." Reference List Goldrein, I., Hannaford, M. Turner, P., 2013. Ship Sale and Purchase. 6th ed. Oxford: Taylor Francis. Soyer, B. Tettenborn, A., 2016. Ship Building, Sale, and Finance. New York: CRC Press.