Yacht Management Agreement

22 Dez Yacht Management Agreement

Most of the many yacht management agreements I`ve seen are not at all useful. They are usually written in the legal impenetrable – and are therefore never mentioned until relationships are angry. Inexperienced or lazy lawyers often use only the standard ship management agreement, known as “SHIPMAN 2009” (available for free online) and make some changes. Just as superyachts differ from tankers, SHIPMAN is a completely inappropriate starting point. Typical management contracts provide that your boat is maintained according to the “highest industrial standard” or similar formulation. Unfortunately, that doesn`t mean much. Here`s our most important tip: get involved! 5 Please check all pages – Page 5 of 6 c. After a charterer delays accepting the delivery of a yacht, CYC will attempt to obtain a replacement charter. If no replacement charter can be obtained, the fees cancelled by the charterer are distributed as follows between CYC and the owner of the yacht: i) All booking deposits are withheld by CYC. (ii) All other charter costs beyond the down payment are allocated according to the percentage covered in paragraph 6 ter. Owners` recommendations are treated as above, cyc thirty percent (30%) The Committee on Employment and Employment Basic Commission instead of the 40% (40%) Commission.

9. YACHT MAINTENANCE: a. The yacht remains included in the charter-loan according to the definition of charter loan in this agreement. b. CYC is not responsible for maintenance, repair, overhaul, painting or surveying costs unless the parties enter into a separate contract. In the event of an equipment failure, the owner accepts and authorizes the execution of repairs by CYC in order to avoid damage or loss of the yacht and to provide services deemed necessary before the departure of the charter for the rental of yachts. All these repairs and expenses are payable on the owner`s account and are billed accordingly. E. Maintenance or repair billing is made because of the full accounting fees and revenue that are sent to the owner each month if activities are present on the account. The owner agrees to pay the balance of his account within 30 days and all delayed payments are subject to a late fee of $5.00 or 1.5% of the bill amount, depending on the largest amount.

All outstanding invoices are subject to a monthly interest charge of 1.5%. In the event that the owners` income remains on the owners` account, all unpaid invoices, plus accrued interest, if any, will be deducted from the owner`s share in the charter revenue received and indicated in the monthly statement of the owner`s account. 10. DAMAGE OR EQUIPMENT LOSS OF CHARTERER a. In the event that the charterer is not prepared to make liable for damage or lost equipment caused by a charter, without normal wear, CYC agrees to either repair the damage or repair the lost equipment at no cost to the owner. 11th ACCOUNT MANAGEMENT FEES: a. An annual accounting fee of $350 is charged against the yacht to cover billing, account management and other related registration and accounting expenses, and is deducted from the owner`s product. 2 Please check all pages – Page 2 of 6 1 Given this agreement, CYC AGREES TO: a. Advertise and promote the yacht for charter.

B. Match and accept applications from prospective charters. c. Provide several charter listing services, the yacht being made available to the appropriate charter brokers to procure the charter. d. Check each application, review charter references, qualify and approve forward-looking charters.

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