London Arbitration 19/26

Ship sale and purchase - Memorandum of agreement - Amended Norwegian Saleform 2012 pro forma - Failure to pay deposit or take delivery - Application by seller for partial final award for deposit

The claimant sellers and respondent buyers entered into a memorandum of agreement (MoA) for the sale and purchase of the subject vessel, a tanker, in the sum of US$8,500,000. The MoA was on an amended Norwegian Saleform 2012 and provided for arbitration in London with English law.