- the average price tag of a newly built ‘mid-sized’ superyacht is circa €50-80 million; and
- the industry has grown steadily at a rate of, on average, 7% per year for the last ten years and shows no signs of slowing down anytime soon.
- Firstly and simply, has the contract been written in clear English? Do you understand the duties of all of the parties and the relevant time frames?
- Secondly, what documents are you agreeing to give and by when? What documents are you receiving? Are the documents you are receiving sufficient to either register the vessel in the buyers name or evidence the authority of the seller to sell the vessel.
- Who is the stakeholder in the transaction? Is there a stakeholder? Are they impartial or do they represent one of the parties to the transaction? If the latter, have they agreed to act impartially notwithstanding their obligations to one of the parties?
- Has account been taken of any charter contracts that may have already been entered into prior to an agreement in principle being reached? If so, is it clear that the buyer will perform those charters? Alternatively, is it clear that the seller will pay the charter fees to the buyer upon receipt or has provision been made for the relevant charter contract to be novated?
- As a buyer, what rights of sea trial and condition survey do you have? When do these rights expire and do you have sufficient time to complete all the surveys you want to carry out?
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