ABSTRACT
In most cases, the seller will not be willing to deliver the ship to the buyer until it receives all amounts payable due to it under the sale contract. Conversely, the buyer will be unwilling to release the purchase funds until it takes delivery of the ship. In the context of second-hand ship sales this need for simultaneous exchange can be complicated by the following factors:
• Where the seller’s nominated bank for receipt of the purchase price is in a different jurisdiction (and time zone) to the buyer’s remitting bank.
