ADDITIONAL CONSIDERATIONS
MYBA CHARTER AGREEMENT
The MYBA Charter Agreement has been developed over the years by the Worldwide Yachting Association and provides an industry standard form for global use. Here are some key elements of this agreement:
charterer shall be entitled to repayment of any payments they have made as well as liquidated damages. • Upon charterer’s cancellation of the agreement on or before its commencement, the owner is entitled to retain some or all of the chartering fee. • Should the charterer fail to make payments under the agreement, the owner has the right to treat the agreement as repudiated by the charterer, and retain all amounts paid. The owner shall, nevertheless, be under a duty to mitigate the charterer’s loss by using their best endeavours to re-let the yacht. • Interestingly enough, throughout the agreement, the force majeure definition can only be raised by the owner. • London arbitration in accordance with the laws of England and Wales is the standard wording of the agreement, unless otherwise specified.
• On delivery under the charter, the yacht shall be insured, seaworthy, clean, in good condition throughout and ready for service, however the owner does not warrant her use and comfort in bad weather conditions for all cruises or passages within the defined cruising area. • If the owner fails to deliver the yacht due to a force majeure event within forty-eight hours or a period equivalent to one-tenth of the defined charter period (whichever period is shorter), the charterer shall be entitled to treat the agreement as terminated, whereas if the failure to deliver is not related to force majeure, the charterer shall be entitled to treat this agreement as repudiated by the owner. • If the owner cancels the charter due to a force majeure event prior to the commencement of the charter period, the charterer shall be entitled to treat the agreement as terminated and shall be entitled to repayment of any payments they have made; in all other cases, the
OUR DEEP INDUSTRY EXPERIENCE ENABLES US TO IMPART OUR KNOWLEDGE ON COMMERCIAL AND LEGAL ISSUES THAT MAY ARISE WHEN OWNING OR CHARTERING A SUPERYACHT
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