Legal Question in Business Law in Nigeria

Which Laws to Buy Offshore Business Assets?

I am in talks with some Chinese shipping companies who intend to sell their business assets (oil tankers, etc). I plan to buy these ships once we agree on terms.

However, how do I get a legally binding agreement with them that can be enfornced internationally?What are the international laws that will ensure a smooth deal? What part does a lawyer play in the whole negotiation?

Particularly payment terms. How do I have a sort of escrow that can keep funds pending the fulfillment of all necessary modalities?

Expecting your response.

Winston


Asked on 11/11/08, 9:44 am

2 Answers from Attorneys
Adewale Adesanya Adewale Adesanya & Co. (Solicitors & Attorneys)

Re: Which Laws to Buy Offshore Business Assets?

Lawyers of course play a central role here. Most of the services you'll need can be arranged by lawyers (no aversion). Asides the terms and conditions of any Asset Sale/Purchase Agreement, you'll need all sorts of services... Escrow, Valuation, Guarantee/Warranty Provision etc.. Escrow services can be arranged by your lawyer with International Escrow Sevice Providers of good repute (though you will pay for the peace of mind)

The Internationality (or otherwise) with regard to enforeability is simply determined by two central provisions within the Asset S/P Agreement; namely the Arbitration clauses and the Jurisdiction clauses. Ideally you'd want ICC / INCOTERM terms to apply.

Good Luck

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Answered on 11/11/08, 7:56 pm
Okey Onyekanma Inns Law Firm

Re: Which Laws to Buy Offshore Business Assets?

There are laws governing the maritime and this is global.A Lawyer would come in on the negotiation to the final discussion.

This is to protect your interest from the onset.

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Answered on 11/13/08, 11:46 am


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