The following Banking & Finance guidance note Produced in partnership with Ince and Co provides comprehensive and up to date legal information covering:
This Practice Note details those aspects of the sale and purchase of superyachts that notably differ from similar transactions involving commercial ships. For more information on the position in relation to commercial vessels generally, see Practice Note: Sale and purchase of second-hand vessels.
Yacht builders will generally propose using their standard building contract for superyacht construction or alternatively the parties will negotiate a bespoke contract. For more on shipbuilding contracts for other types of vessel, see Practice Note: Shipbuilding contracts.
This Practice Note deals with the sale of a completed or second-hand superyacht, very frequently sold through a yacht broker. The standard sale form (See The MYBA form below ) is the most widely used form of contract for second-hand superyachts bought and sold in Europe. The standard form is based on the principle ‘caveat emptor’ putting the onus on the buyer to conduct due diligence. Following acquisition, the buyer’s choice of flag under which the superyacht is registered and the choice of owning company structure must take into account the owner’s convenience, proposed use of the superyacht and also potential exposure to tax.
As mentioned above, The Worldwide Yachting Association's (MYBA) Form is the most common standard form Memorandum of Agreement (MOA) used for the sale and purchase of superyachts in Europe. Although parties are at
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