Procedure To Terminate The Contract
To terminate the sales and purchase contract, there are two main procedures and the buyer must follow these steps:
Firstly, the buyer should put a notice to inform the seller that there was an encumbrance aware and, secondly, the buyer should seek clarification on seller's intention with regard to the encumbrance by specifically referring to Sellers’ obligations under clause 9 of Sale Form 1993.
After taking the above two steps and the seller is fail to remove all the encumbrance in time, the buyer will be entitle to terminate the contract.
Read more about this topic: Sale And Purchase Of Ship
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