The following Banking & Finance practice 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 liberty to choose an alternative standard form (perhaps
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This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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