Resolve the auction procedure before closing
The buyer’s legal team needed to understand how the local auction framework applied to the purchase. Differences from the procedures they knew had created delays and misunderstandings during negotiation.
SVC explained the auction process and worked through the questions with the buyer’s representatives. Resolving those issues gave the parties a basis to complete the transaction rather than leaving the procedure uncertain.
Signed MOA and delivery in Vietnam
After the auction questions were resolved, both parties signed the Memorandum of Agreement. SVC completed the sale and the general cargo vessel was delivered in Vietnam on 20 June 2023.
SVC worked through the local auction requirements, brought the commercial closing to signed MOA and completed the physical delivery.
Buying a vessel through a Vietnam auction
Send the auction notice, submission timetable, vessel particulars and the buyer’s principal questions. SVC examines the auction requirements, inspects the appointed scope and negotiates the transaction under the client’s mandate.
For MOA work, our team reads and counters the clauses with the client and prepares the agreed closing and delivery checklist. See ship sale and purchase, vessel delivery and transaction records.