Terms and Conditions for Marine Salvage Buyer

1. Definitions:

• “Buyer” refers to the party purchasing marine salvage.
• “Seller” refers to the party selling marine salvage.
• “Marine Salvage” includes all materials, equipment, and items retrieved from marine environments.

2. Scope of Agreement:

• These terms and conditions govern the sale of marine salvage from Seller to Buyer.

3. Inspection and Acceptance:

• The Buyer shall have the right to inspect the salvage upon delivery.
• Acceptance of the salvage shall occur after the Buyer has had the opportunity to inspect and has not made any written objections within a specified period.

4. Pricing and Payment:

• Prices shall be agreed upon prior to delivery and include all relevant taxes and fees.
• Payment terms will be specified in the invoice, typically due within 30 days of the invoice date.

5. Delivery:

• Delivery terms shall be agreed upon and stated explicitly, typically adhering to Incoterms (International Commercial Terms).
• The Seller is responsible for delivering the salvage to a mutually agreed-upon location.

6. Title and Risk of Loss:

• Title and risk of loss transfer to the Buyer upon delivery and acceptance of the salvage.

7. Compliance with Laws:

• Both parties agree to comply with all applicable laws and regulations related to the handling, storage, and transportation of marine salvage.

8. Warranty:

• The Seller warrants that the salvage is as described in the accompanying documentation.
• No further warranties are expressed or implied unless specifically stated in writing.

9. Limitation of Liability:

• The Seller’s liability is limited to the amount paid by the Buyer for the salvage.
• Neither party shall be liable for indirect or consequential damages.

10. Dispute Resolution:

• Any disputes arising from this agreement shall first be attempted to be resolved through mediation.
• If mediation fails, disputes shall be resolved through binding arbitration in accordance with the rules of an agreed-upon arbitration body.

11. Force Majeure:

• Neither party will be responsible for delays or failures in performance resulting from acts beyond their control. Such acts include but are not limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, government regulations superimposed after the fact, fire, communication line failures, power failures, earthquakes, or other disasters.

12. Amendment and Modification:

• Any amendments or modifications to these terms must be in writing and signed by authorized representatives of both parties.

13. Termination:

• The agreement may be terminated by either party upon written notice if the other party materially breaches the terms and fails to correct the breach within a specified timeframe.

14. General Provisions:

• This agreement constitutes the entire agreement between the parties.
• This agreement is governed by the laws of the jurisdiction in which the Seller operates.
• Any notices required or permitted to be given hereunder shall be given in writing and shall be validly given if sent by recognized courier or registered mail.