Schiffsneubauten haben meist ein hohes Auftragsvolumen und Auftraggeber wollen für geleistete Anzahlungen abgesichert sein. Anzahlungsgarantien in Form von Bank garantien stellen eine Variante der Absiche rung dar, aber hier sind die Möglichkeiten mancher Werften limitiert. Daher tritt die Übertragung des Eigentums an dem Neubau als wichtige Sicherungsvariante hinzu.%Title to a ship under construction is often used during the construction process as a secu rity for instalment payments made by the owner. Where a shipbuilding contract provides for refund guarantees issued by a bank and given by the shipyard to the owner against receipt of pre-delivery instalments title normally remains with the shipyard until delivery and is transferred to the owner upon delivery. However, shipyards frequently cannot afford to provide refund guarantees for all pre-delivery instalments. In these cases title in the ship under construction becomes an important security instrument for the owner. Sometimes security can consist of a mix of refund guarantees and transfer of title. Transfer of title in a ship under construction in Germany is subject to specific legal regulations in contrast to the legal regimes in many other jurisdictions. Whereas under English law, title in a ship under construction can be transferred by way of assignment this is not the case where transfer of title is subject to German law. According to the mandatory principle of lex rei sitae transfer of title is always subject to German law where a ship is built in a German yard. The German legal system makes an distinction between the right of obligations (Schuldrecht) ami the right in rem (Sachenrecht). Transfer of title in a ship under construction can easily fail and be void even where intended by the parties and incorporated into the language of the ship building contract if even one of the preconditions under German Sachenrecht has not pre cisely been observed and fulfilled. Failure in the transfer of title process can cause major damage to the owner when things go wrong and delivery of the ship does not take place.
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