Sale of ship -Deposit not paid -Whether payable

摘要

On 28 April 2010 the claimant sellers agreed to sell the vessel Griffon to the defendant buyers at a price of USD 22 million. On 1 May 2010 the Memorandum of Agreement (MOA) based upon the Norwegian Sale-form 1993 (NSF 1993) was signed. A deposit of 10%, some USD 2,156,000, was payable within three banking days of signature, i.e. by 5 May 2010.