MYBA has made recent revisions to its charter agreement to ensure it remains relevant and used by the luxury yacht charter industry. One of the most significant alterations from the previous version, dated 2009, is greater clarity upon the rare occurrence of a dispute arising, either during the course of, or at the end of a charter, leading to Arbitration.
The process of appointing Arbitrators has been simplified and Arbitration itself shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms, applicable at the time when the Arbitration takes place. LMAA individual structures for handling claims of both small (up to 50,000 Euros or currency equivalent) and intermediate nature (up to 400,000 Euros or currency equivalent) will suffice for the vast majority of instances.
In-line with the recent change in VAT regulation on charters taking place in certain countries, one further revision is an option either to include VAT as chargeable or not, based upon charter location.
Summarising the changes, Camper & Nicholsons USA, senior charter broker & chairwoman of the MYBA charter committee, Barbara Dawson, comments: “Changes to the latest charter agreement have been made necessary in line with updated regulation, and to protect the interests of all parties involved in luxury yacht charter.”
The latest Charter Agreement can be accessed via the E-Contract website.