The guide to Superyacht law - Fourth edition

What is a Central Agency Agreement? • A fixed-term and exclusive relationship with a broker/ brokerage house to take care of the marketing of the superyacht, when it comes to sale and chartering If contracts are signed, the broker is entitled to commission. Look out for: • Minimummarketing activity • Commission after termination • Applicable law (brokerage agreements governed by the laws of Florida can be tough on a seller) LITIGATION Disputes can arise for any number of reasons, but the most common causes of superyacht litigation are new build contracts and sale and purchase contracts. Often it will be the case that a superyacht does not comply in all respects with its contractual specification and/or a buyer will be unhappy with some aspect of a superyacht he or she has bought. How do I know what my rights are? • The first place to look is the contract itself and how it allocates the risk in the transaction as between the buyer and the builder and/or seller. If there are particular aspects of the superyacht or of the transactional process that are particularly important to a party, then it is important to ensure those aspects are dealt with up front in the contract, rather than trying to retrospectively import terms into a contract Where can I sue/be sued? • This depends largely on what the relevant contract says. If it is considered important for disputes to be dealt with within a particular jurisdiction, then provision should be made for this at the contract stage. Where a contract is silent on jurisdiction, then factors such as the governing law, the place of delivery of the superyacht, and the place where the person to be sued carries on business may become significant. It is best not to leave these matters to chance, and to make express provision in the contract wherever possible

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