The release of SALEFORM 2025 represents a further step in the continued evolution of standard documentation for ship sale and purchase transactions. Developed jointly by the Norwegian Shipbrokers’ Association (NSA) and BIMCO, the 2025 edition reflects accumulated market experience, regulatory and legal developments and evolving transactional practices, while maintaining a structure familiar to users of previous editions. Scope of the RevisionEscrow and Payment StructuresSellers’ Default and Loss of BargainCompliance and Environmental RegulationConfidentialityFurther Drafting RevisionsSHIPSALE 22Conclusion Scope of the Revision Rather than a complete overhaul, the revision focuses on targeted amendments responding to how ship sale agreements are negotiated and executed in today’s market. SALEFORM 2025 brings a number of established market practices directly into the standard text, including clearer procedures for payment, delivery and termination. It also integrates provisions addressing sanctions compliance, anti‑bribery and corruption, and environmental regulation.Previously, matters such as escrow arrangements, compliance requirements and environmental regulation were often addressed through rider clauses. By incorporating these issues into the standard form, SALEFORM 2025 aims to simplify documentation and reduce the need for bespoke drafting. Judicial developments have also influenced the revision, with the intention of improving contractual certainty in key areas of performance and termination. Escrow and Payment Structures A key change introduced by SALEFORM 2025 is the replacement of the deposit holder concept with a formal escrow agent structure. The escrow arrangements are documented through a separate escrow agreement, which must be signed and exchanged alongside the memorandum of agreement (MoA). Under this framework, the deposit becomes payable only once both agreements have been executed and exchanged and the escrow agent has confirmed its readiness to