If you`re planning a luxury yacht vacation in 2018, you may be interested in learning about the latest MYBA charter agreement. The MYBA (Mediterranean Yacht Brokers Association) is a professional trade association that represents the yachting industry and sets the standards for yacht charters in the Mediterranean. Their charter agreements outline the terms and conditions between the charterer and the yacht owner, ensuring a smooth and enjoyable experience for all parties involved.
The latest MYBA charter agreement was released in 2018 and includes several updates and improvements. Here are some of the key changes:
1. Changes to payment terms – The new agreement clarifies the payment terms, including the deposit, final payment, and any additional expenses. It also outlines the procedure for refunds or deductions if the charter is cancelled.
2. Changes to cancellation policy – The new agreement includes a revised cancellation policy that provides more flexibility for both the charterer and the yacht owner. For example, if the charterer cancels due to a medical emergency or other unforeseen circumstances, the owner may be entitled to keep a portion of the charter fee as compensation.
3. Amendments to force majeure clause – The force majeure clause has been amended to include a wider range of events that may be deemed as force majeure, such as natural disasters, acts of terrorism, and government restrictions. This clause protects both the charterer and the yacht owner in the event of unforeseeable circumstances that prevent a charter from taking place.
4. New provisions for yacht maintenance – The new agreement includes provisions for yacht maintenance and repairs, such as the responsibility for repairs and the procedures for obtaining necessary repairs during the charter.
5. Changes to insurance requirements – The new agreement outlines the insurance requirements for both the yacht owner and the charterer, including liability insurance, hull insurance, and personal accident insurance.
Overall, the 2018 MYBA charter agreement provides clear guidelines and protections for both the charterer and the yacht owner. By carefully reviewing and understanding the terms of the agreement, you can ensure a safe and enjoyable luxury yacht vacation in the Mediterranean.