ABSTRACT
As with previous versions of Saleform, Saleform 2012 includes a definitions section. The list of defi ned terms in Saleform 2012 is longer than in Saleform 1993 and its predecessor forms.
5.8.1 Defi nition of “Banking Days”
In Saleform 2012 the expression “Banking Days” is used:
• in clause 2 – which requires the buyer to pay the deposit within three Banking Days after the agreement has been signed and exchanged and the deposit holder has confirmed in writing that the joint deposit account has been opened;
• in clause 3 – which requires the buyer to pay the purchase price within three Banking Days after a valid notice of readiness (“NOR”) has been given in accordance with clause 5;
• in clause 5(c) – which provides that upon the buyer receiving notifi cation from the seller that the ship will not be ready for delivery, the buyer has the option to cancel the agreement within three Banking Days from receipt of such notice. If the buyer has not declared its option within three Banking Days, the date proposed by the seller shall be the new cancelling date; and
• in clause 6(a)(ii) – which provides that where repairs are required by class to be carried out before the next class drydocking, each party has two Banking Days from the date of the condition/recommendation to obtain an estimate for the works.
