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Buying a Boat

ABYA Members are industry professionals and will provide advice and assistance with:

• The type of boat that is best for you
• Negotiation following the survey findings
• Title documentation
• VAT evidence
• RCD requirements
• Finance - obtaining a loan
• Finance - paying off an outstanding loan on completion of the sale
• Acting as stakeholder for the deposit using a designated Client Account
• Closure or transfer of British Registration (Part 1)
• Completion of the sale and payment of the balance to the vendor

Help with purchasing

If you are buying, perhaps privately, and want a broker to deal with the paperwork for you to ensure you have all the right title documentation, many of them will offer this as a consultancy service for a negotiated fee.

ABYA advises that you should always use a professional to ensure you have all the correct documentation for legal ownership of your new boat.

Note: the use of the term broker here should be taken to mean any boat sales personnel, whether at a brokerage or a dealership, unless specifically stated.

Decide what you want your boat for before you start looking. Cruising/racing? Do you have a young family? Crossing the Solent or crossing the Atlantic? Charter?

Review your budget and don't forget mooring and marina fees, fuel, slipping and winter storage fees, life jackets. If you are thinking of chartering, the cost of setting up a company and having the boat Coded to the MCA requirements .

Gather information

Talk to several brokers and gather information before viewing – there’s a huge amount of information on the internet. Take your time. Talk to friends, people at the sailing club, etc about the types of boats you are considering. Read reviews from the magazines – a number of magazines have libraries of reviews.

Arrange viewings with those you will be sailing/buying with. If you are unable to make the viewing, please telephone the broker as soon as you can to advise. Remember – the broker earns his fee from selling a boat – please do not just arrange a viewing because you fancy a look at a boat but have no intention of buying.

The Contract

When you find a boat you like, talk it through with the broker, who will provide a Sale & Purchase Agreement that both parties sign. Any amendments must be agreed by both parties. This is a binding contract so be sure before you sign. (NB A broker, as opposed to a dealer, is not a party to the contract – he is acting as the seller's agent.)

The Deposit

You will need to place a deposit – usually 10% - which the broker must put in his Client Account (not his usual business trading account). This is your money held by the broker as stakeholder under the terms of the contract.

Arrange a survey: the broker cannot recommend a surveyor but may have a list of local surveyors. Yacht Designers and Surveyors Association (YDSA) is the sister association to ABYA and all YDSA surveyors are assessed rigorously before being elected into membership. See the YDSA website for a  list of surveyors .

Read the survey  report through carefully and discuss any queries with the surveyor. Advise the broker of any important defects. If they are substantial you may consider withdrawing under the terms of the contract, revising the price to complete the sale, or requiring the vendor to provide a repair or piece of equipment. The contract will have a time frame for actions to be taken – be clear what these are. You will be responsible for lifting fees and the surveyor's fees.

If you require finance ensure you contact a finance house in good time, as the money needs to be available when you reach completion. Funds such as Pension Funds tend to have a long release term – ensure you know what this is before you contract to buy a boat as it may be months.

If you want a trial sail, advise the broker when you sign the Sale and Purchase agreement so they can set this up, and allow for changes due to weather, for instance. You will be responsible for any slipping or skipper's fees.

Final checks

Decision made, check the inventory and that the title documentation is lodged with the broker to save any problems later, including the VAT documentation as appropriate.

Set up the electronic transfer to the Broker's Client Account in good time. Once the funds have cleared, completion can take place. The broker will give you the documentation, including the Bill of Sale transferring title from the vendor to you, and the keys to the boat.

Don't forget to insure the boat before you take possession. You will almost certainly need a survey for this, so don't be tempted to skip the pre-purchase survey, which can be used for this purpose too.

If you haven't sailed or driven a powerboat before, do get some training before heading off. It is essential you know the 'Rules of the Road' and have adequate safety equipment. The RYA has a wide range of courses to assist you.

How safe is my deposit money being held by a broker?

Brokers who are members of the Association of Brokers and Yacht Agents (ABYA) are governed by the ABYA Code of Practice . The Code requires brokers to have a Client Account where deposits are held, separate to their day to day trading accounts. The broker will have a letter from his bank stating the status of the account. This should ensure the funds cannot be taken into account by insolvency practitioners in the case of the company folding, and also that your deposit is not being used to pay the broker's phone bill! The broker has to operate the account and he holds the money on behalf of the parties as stakeholder. The Broker will provide a completion statement showing the deposit, balance, final payment and any VAT element.

BUYER'S TIP – never hand over more money than you need to until the contract is at completion. This is true of new-build and second-hand. New-build boats are normally paid for in identified instalments.

ABYA advises you should always use a professional to ensure your sale is managed properly and the correct documentation passed to the new owner.

Note: this page principally covers the sale of a boat through a broker acting as an intermediary.

Listing your boat

You can choose to list with one broker (sole agency) or several. Alternatively, you can ask the sole agent to sub-contract with other brokers, meaning that he retains control of the sales process and the brokers negotiate the split of fees between themselves.

The seller pays the brokerage commission, which will be a fixed percentage of the final sale price (plus VAT). This fee includes:

• Advertising your boat in magazines, on their website, through web portals, through their client list and at boat shows;
• Following up on all leads;
• Showing clients over the boat;
• Providing a contract to both parties which sets out the progress of the sale;
• Ensuring all the relevant paperwork is available – RCD compliance, VAT evidence, Bills of Sale, Builder's Certificate, Service History, etc.

The broker will also advise the seller of all offers and negotiate with the purchaser as well as liaising with the surveyor and assist in re-negotiating the fee if this is appropriate.

The % rate will be advised at the beginning of the contract, and the broker will provide you with a Listing Agreement setting out the contractual terms. This % is against the sale price ultimately paid.

Be guided by the broker over market price – he is the expert. You need to be realistic.

Sea trials and inspections

Discuss with the broker the arrangements for viewing, inspection and sea trials. You may find that some brokers require accompanied viewing or a skippered sea trial. The IPV Code will apply so ensure this is covered.

Ex-VAT boats

Vessels for sale in the UK should be VAT paid. Visiting yachts may not be offered for sale (HMRC Notice 8 refers). Due to the closure by HMRC of the type of Customs Warehouse held by ABYA (May 2019) to allow the sale of non-VAT paid boats, several brokers are setting up individual warehouses.

BREXIT – as information becomes available, we will update this website. We know UK yachts will become visiting yachts in Europe after Brexit. This is available for a period of 18 months and re-admission for a new 18 month term can be achieved by exiting the EU, logging a visit outside the EU for a couple of days and then returning. However, bear in mind some EU countries comply with the clause that states the boat may not be used commercially/offered for sale as a visiting yacht.

Preparation

You should ensure the boat is clean and tidy and all personal effects removed, fridge empty, etc. Prepare a careful inventory of all the things that are staying with the boat and ensure they are available for inspection by prospective purchasers and surveyors. It is preferable to remove all personal items if you are not using the boat during the sale period. Do not remove items you have listed on the inventory and ensure items you have listed that are not on the boat are available prior to completion, not stored hundreds of miles away in a barn somewhere!

Title documents

Ensure you have all the relevant boat documents gathered together and show them to the broker who may take copies of the significant ones to keep in his file. These must be passed to the new owner in due course and should include the paper trail of Bills of Sale showing the ownership history, evidence of the VAT status (see below), evidence of RCD compliance (see below) when first placed on the market in the EU, registration (if any), Builder's Certificate, Owner's Manual, Service History (engines, sails, etc.), outstanding finance details, any large repair bills, etc. This documentation is required for all sales, not just those done through a broker.

Negotiation

The broker will market your boat using a variety of options, such as websites, web portals, client lists, magazines, second-hand boat shows. He will let you know when he has any viewings, and when he receives an offer. He will negotiate an agreed sale price. This will either be conditional – that is, subject to survey and possibly in-water or sea trial and any other agreed conditions; or unconditional – "as is, where is".

The broker will provide a Sale & Purchase Agreement which both parties sign. Any amendments must be agreed by both parties. This is a binding contract so be sure before you sign. Note: The broker is not a party to the contract – he is acting as the seller's agent.

The prospective purchaser will advise the broker of anything that is of concern or any questions that have arisen in the survey. They may require negotiation of a revision of the price, a repair or replacement of some equipment, or, if there is significant defect found, the buyer may wish to withdraw and his deposit refunded.

When negotiations are complete, the broker will send the seller a Bill of Sale to complete and return, together with all the documentation (as above) and keys. He will advise when completion has taken place (when the funds have cleared) and once he has finalised all issues, such as payment of any outstanding finance, he will issue a completion statement and send you the balance of the monies, less his agreed fee. The Bill of Sale makes the legal transfer of ownership of the boat and should be correctly filled in.

This page contains general information only. You should seek advice and satisfy yourself as to the status of any vessel you consider buying.

WHAT IS RCD?

The RCD is a European Directive that applies to virtually all recreational craft between 2.5m and 24m brought into or offered for sale in the EU market. It came into force on 16th June 1998. Boats covered by the Directive are required to comply with specific ISO standards, although equivalent standards may be applied. It is helpful to retain the compliance document with the boat's papers for future owners and in case of any query.

After Brexit, the RCD will become UK Regulation, as it is enshrined in UK law. There may subsequently be some changes to the requirements.

Unlike the MoT for cars, compliance is not an on-going requirement. Evidence of compliance will be found on the plaque provided by the boat builder which will, amongst other things, give a HIN/CIN/WIN (Hull/Craft/Watercraft Identification Number). This is a 14-digit number containing the manufacturer's code, year of build and model year. There should be a paper document as well - often found in the back of the owner's manual - whose details should agree with the plaque. The builder's invoice and/or certificate may also give the HIN. You should see a CE mark.

There are a few exemptions from the RCD such as boats built solely for racing, gondolas and commercial vessels (not recreational vessels used for charter, but vessels such as fishing boats and workboats). Be aware that a boat built for racing or commercial use that subsequently is moved to non-racing or non-commercial use needs to be checked for RCD compliance. This could, for instance, involve requirements for a new engine if the existing engine does not comply with RCD requirements, so it is important to look at this at an early stage.

Boats being brought into use or placed for sale onto the EU market for the first time must comply with the Directive at that time. Privately imported boats may need to be assessed for compliance with the Directive on arrival. Some US boats are built to the RCD and have the required documentation, but you need to find out before you buy. It is worth noting the possibility that the newly-imported boat  may not economically be able to be brought to compliance , particularly if the engine does not meet the requirements. YDSA surveyors can give professional guidance, or use the RYA links below for additional information.

Boats that can show they were in an EU protectorate or other territory before 16th June are treated the same as boats within the EU States.

Boats built in the EU

Boats built in the EU since 1998 should have documentation that they complied with the RCD when first offered for sale, and the same is true of most boats imported through authorised dealer networks.

Boats built or in the EU prior to June 1998 were not expected to comply retrospectively. Boats coming back into the EU, perhaps following sale, retain their status provided the owner can provide evidence the boat was built or in the EU prior to June 1998 - the Builders Certificate is ideal. A Bill of Sale, marina receipt or other dated evidence for non-EU built but located in the EU before June 1998 should suffice.

A vessel that has been supplied as a shell, or a "sailaway", or indeed built from scratch by a home builder, can be exempted from the certification and documentation requirements of the Recreational Craft Directive provided the builder retains ownership of the vessel for at least five years from the date that the vessel was first "put into commission". Be aware that there are uncertainties around the meaning of "put into commission": your surveyor should be able to provide some guidance in respect of your own case.

Hulls provided for fit-out should have an Annex 3 Declaration, which is the builder's certification that the hull has been built in accordance with the RCD.

Advice on the RCD is available from various sources:

• ABYA Brokers
• YDSA Surveyors
• Royal Yachting Association (consumer)
• British Marine (trade)

This page contains general information only and there will be substantial changes after Brexit. Any queries should be made to HMRC's National Advice Line on 0845 010 9000 .

Boats being used in the EU should have VAT-paid status unless they are just visiting (see UK CUSTOMS below). The original VAT invoice, from when the boat was either first bought within the EU, the latest invoice if the early sales were between VAT registered companies, or when it was imported from outside the EU, is usually sufficient evidence. A boat that is VAT-paid but is sold outside the EU loses its VAT-paid status and therefore VAT must be paid if the boat is brought back into the EU. Boats kept outside the EU for over 3 years may have to pay again, but this can generally be extended if it is the same owner and the boat has not been substantially changed (see Customs Notice 8 ).

The above applies to all boats built or brought into the EU since 1 January 1985, or on the joining dates of States that have become EU Members since then. Boats already in EU Member States and territories on 1 January 1985 pre-date the requirement.

The evidence of VAT-paid status will generally be an invoice, showing the VAT element and a VAT number, or similar document, such as a completion statement. Boats sold between companies should show the VAT element on the invoice. Some EU states (notably Holland) ask for the original invoice, but otherwise a certified copy kept on board should be adequate. Keep the original and a couple of certified copies safely elsewhere. It is vital to pass this information on when the boat is sold, as it may be requested by Customs officers in either the UK or elsewhere in the EU.

In the case of home-builds and fit-outs, copies of all the major invoices should be kept and passed to subsequent owners to show VAT-paid status. Customs Notice 8 sets out further details.

Please note that HMRC do not have copies of individual VAT invoices from boat builders, dealers or other boat sales transactions.

Any queries should be referred to HMRCs National Advice Line on 0845 010 9000 . If they seem unsure, ask for the matter to be referred to the HMRC Yacht Unit of Expertise . Request any advice in writing, keep it with the boat's documentation, and pass it on to any subsequent owners.

Visiting yachts intending to stay for any length of time should advise UK Customs when they arrive so the appropriate form (1331) can be completed showing the date of arrival. Temporary Importation is available for a maximum of 18 months. Without this form the vessel could become liable for VAT. Customs Notice 8 contains further details.

The Sailaway Scheme was changed on 1 January 2012. Owners may no longer arrange their own export under the scheme. However brokers and dealers may do this for them - more details here .

If you are thinking of buying a boat to use for charter tell your broker and your surveyor so they he can help you buy the right boat. A number of brokers also operate charter management companies. Brokers and Agents who work in superyachts often provide charter and crew management services. Boats used commercially in UK waters or under the British flag have to comply to the MCA Code of Practice , so you will need to employ a surveyor to advise you if the boat you wish to buy will be able to comply. Commercial use applies to any boat for which the client is paying to be onboard. It is not just commercial boats such as workboats. A yacht taking out parties for fun must be coded. Only boats being used for the owner and the owner’s friends and family do not need to be coded.

The Maritime and Coastguard Agency (MCA) which provides the codes for compliance with commercial use is currently updating these (2020) so be aware there are changes coming.

To find out more about the MCA Codes of Practice and how to get your boat Coded, see the YDSA Certifying Authority .

Intended Pleasure Vessel (IPV) Code

The Intended Pleasure Vessel (IPV) Code applies when the boat is being used commercially such as delivery to a boat show or a sea trial for a potential new owner. The code provides the means whereby the private boat owner can comply with the law without having to go through the whole coding process for perhaps one or two trips. Talk to your broker or surveyor to ensure you are not acting illegally.

Home » News & publications » Latest news » The better way to sell a yacht – the 2021 MYBA E-MoA

The better way to sell a yacht – the 2021 MYBA E-MoA

Posted: 11/04/2022

For the first time in over 15 years - and with the benefit of experience from various contacts across the maritime industry – MYBA, the worldwide yachting association, has made material amendments to some of the key terms in its internationally recognised sale and purchase contract.

These changes seek to address and clarify many of the issues which frequently crop up during the negotiation of a yacht or superyacht sale. They also seek to reflect common practices in the industry that have developed over the years including, most recently, those relating to the Covid-19 pandemic.

With MYBA’s sale contract being the most frequently used agreement for second-hand yachts and superyachts sales worldwide, these changes are likely to have a significant impact on the way the majority of yacht sales are now conducted in the industry.

In practice, once the parties have agreed to adopt MYBA’s terms, they are rarely amended significantly.  A good knowledge of those standard terms and the recent amendments is therefore essential for market participants across the industry including shipyards, brokers, stakeholders, owners and lawyers. 

Some of those key changes are set out below.

Inventory: Instead of being agreed after the contract has been signed (which left the buyer with uncertainty as to what items were to be included on delivery), the inventory must now be agreed and attached to the contract before it is signed by the parties.

Force Majeure: Most likely as a result of the issues arising out of the pandemic, the Force Majeure provision has been amended to allow the parties to terminate the contract if delays caused by the force majeure event exceed 30 days. This provides an end date for the non-faulting party and means that these delays cannot continue for an indefinite period.

Most importantly, the change also requires the party intending to rely on the Force Majeure provision to notify the other party of that claim within two days of a triggering event. This is a process that yards will be accustomed to from similar provisions in build contracts.

VAT/tax: The seller is now expressly required to warrant that no undischarged tax/VAT liability has been incurred in relation to the yacht up to the date of its delivery. Depending on the market’s reaction to the change, there may be a concern that, as the seller has to provide an express warranty (and assuming liability) for the prior VAT position, this may lead to greater pressure on a buyer to accept incomplete or poor evidence of the past VAT position. In turn, after the seller has completed the sale and moved on, this may leave the buyer with difficulties in proving the position to any tax authorities and/or a subsequent buyer.

The broker’s commission: This clause has been extended to catch any direct arrangements between the parties’ sister entities, instead of merely between the parties themselves, and to ensure that parties cannot avoid the commission fee obligation by transacting a sale through sister companies.

Post condition survey damage: There are now express provisions that provide the seller with an opportunity to fix any post condition survey damage, however caused. Such damage can now be rectified by the seller to the standard of the buyer’s approval within 30 days. This is in contrast to the previous terms where no such opportunity was provided for, giving rise to a greater likelihood that the buyer might immediately or unfairly repudiate the contract.

No sea trial/condition survey until deposit paid: It is now clear that no sea trial or condition survey can take place until the buyer has received the deposit.  It should also be noted that the new requirement is that the deposit must be “received by” the stakeholder as opposed to “paid to” the stakeholder.

KYC due diligence: KYC and due diligence requirements are now set out in greater detail and depth, with the parties having to meet the requirements set out in both Schedule A (setting out various due diligence documents) in addition to Addendum 1, which relates to the yacht’s certificates etc . The changes also now expressly require information to be provided on the ultimate beneficial owners.

The stakeholder obligations: There are now more detailed obligations and time limits imposed on the stakeholder.  The stakeholder must now confirm that the KYC information discussed above is in order within the relatively short time period of eight days. Failure to do this will result in the contract being automatically cancelled.

In turn, however, under the amended terms, the stakeholder has greater legal protection when acting in accordance with the contract, including indemnities and an express waiver of liability from the seller and buyer for loss caused by its actions, unless that loss was a direct result of the stakeholder’s negligence.

The amendments help address some of the issues regularly arising in a yacht sale or purchase. For example, they clarify the use of the Force Majeure provision and give the buyer the right to rectify damage caused to the yacht post condition survey. The changes also go some way to addressing the perceived imbalance that the MYBA agreement is generally considered to be “seller friendly”.

Except for larger superyacht transactions where the Norwegian Sale Form (NSF) can sometimes be adopted, the MYBA MoA has historically been the “go to” text for yacht and superyacht sales. This is primarily because the MYBA MoA provides for early signature before the sea trial and condition survey. 

The additional obligations placed on the stakeholder and the tight initial eight-day time limit (following signature) to satisfy KYC/due diligence may erode that advantage slightly. However, on balance, it seems likely that the 2021 amendments to the MYBA MoA will further build on this pre-eminence as the yacht and superyacht sale/purchase contract of choice – particularly now it is available in the MYBA-E electronic format.

If you have any questions in relation to these amendments, please do not hesitate to get in touch with Grant Eldred or Remie Grice.

Grant Eldred

Email Grant +44 (0)20 7390 2210

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CLG 5395 AGREEMENT FOR THE SALE AND … FOR THE SALE AND PURCHASE OF A SECOND-HAND BOAT An Agreement...

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 1 of 14

AGREEMENT FOR THE SALE AND PURCHASE OF A

SECOND-HAND BOAT

An Agreement prepared by the Royal Yachting Association for the sale of a second-hand

boat between persons not normally engaged in the business of buying and selling boats.

This document is intended to create a legally binding contract; any Party

contemplating signature is advised to take appropriate independent advice before

THIS AGREEMENT is dated the day of 20 (insert the date on

which the last Party signs the Agreement) and is made between:

The ‘Seller(s)’ : (Name)

of : (Address)

The ‘Buyer(s)’ : (Name)

In respect of the boat described below:

Name of Boat:

Flag and Port of Registry (if any):

Register Status: (Part I/Part III/Other/Unregistered)

Official No: HIN/CIN Number:

Principal Dimensions:

Hull Length Overall: Beam: Draught:

Gross Registered Tonnage:

Engines (make, power and date of build):

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 2 of 14

Description and Construction Materials:

Date of Build:

Date of Purchase by Seller:

Financed YES/NO By:

Amount of Finance Outstanding at Date of Agreement:

VAT Paid in EU? YES/NO

Place of Delivery of the Boat:

Agreement for Sale

1.1 The Seller agrees to sell and the Buyer agrees to buy the boat free from all

mortgages, debts, claims and charges of any kind (subject to the conditions and

terms of this Agreement), together with all her gear and equipment as set out in

the inventory attached hereto and signed by the Parties, but not including

provisions or the Seller’s personal effects, for the Purchase Price.

The Parties are strongly advised to prepare, sign and attach to all copies of

this Agreement a full inventory of equipment included in this sale.

1.2 The ‘Purchase Price’ : £ ………………………………………………………..sterling

(in words…………………………………………………………………………………..)

The Deposit (if applicable): £…………………………………………….…….sterling

(in words………………………………………………………………………………....).

Although this Agreement is legally binding without a Deposit, either Party

may prefer a Deposit to be paid (typically anything from 1% to 10%); the

Seller to cover himself against sea trial or haul-out charges or remedial work

after survey or other wasted costs; the Buyer as a ‘comfort factor’ that he

has secured the boat. Where the Parties agree that no Deposit is required,

all references to the Deposit (in italics throughout) should be deleted.

1.3 Within [3] working days of signing this Agreement the Deposit (if applicable) is to

be paid to the Seller.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 3 of 14

Value Added Tax and Duties

2.1 The Price is inclusive of all VAT or Customs Duty which may be payable by the

Seller on the boat.

If the Price is not inclusive of VAT or any tax or duty, or original documentary

evidence is not available, the Buyer should seek independent advice and

other appropriate terms should be agreed and recorded regarding

responsibility for their payment.

2.2 The Seller warrants that the boat has been properly imported into the EU and that

all appropriate taxes and dues have been paid and all relevant regulations have

been complied with.

2.1 If the boat has not been properly imported into the EU then the Buyer should be

aware that importation into the EU will require payment of VAT and compliance

with the Recreational Craft Directive.

Payment of Balance and Completion of Sale

3.1 Upon acceptance of the boat by the Buyer in accordance with Clause 7, the

Deposit shall be treated as part payment of the Purchase Price.

3.2 Within seven days of acceptance of the boat by the Buyer in accordance with

Clause 7, the Buyer shall pay the balance of the Purchase Price including any

Value Added Tax due thereon and the Seller shall:

3.2.1 In the case of a Part I registered boat:

3.2.1.1 Provide the Buyer with the current Certificate of Registry made out in the Seller’s

name, together with all other documents relating to the boat as set out in the

attached schedule and shall execute a Bill of Sale in the prescribed form in favour

of the Buyer, showing the boat to be free of all liabilities and completed so as to

ensure transfer on the Register;

3.2.2 In the case of a Part III registered or unregistered boat:

3.2.2.1 Provide the Buyer with a Bill of Sale in favour of the Buyer showing the boat is free

of all liabilities, together with all other documents relating to the boat as set out in

the attached schedule.

3.3 By delivery of the documents specified in either case the Seller shall be deemed

to have covenanted AND HEREBY COVENANTS that he is the [sole] legal and

beneficial owner and has the right to transfer property in the boat and that the

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 4 of 14

same is free from all encumbrances, mortgages, charges, liabilities for duties,

taxes, debts, liens of any kind except those that are the responsibility of the Buyer

under Clauses 5 and 7.2, or otherwise specifically stated in this Agreement.

3.4 Where payment is made by cheque, draft, letter of credit or other instrument, the

terms of this Agreement shall be deemed not to have been fulfilled until such

payment is cleared into the payee’s account, or paid to the Seller in cash or by

Banker’s Draft.

3.5 On completion, the Seller shall ensure that the boat is available for collection by

the Buyer, and that free access by the Buyer is permitted at no additional cost to

4.1 The Seller is not selling the boat in the course of a business, trade or profession.

The Buyer is free to inspect, survey and sea trial the boat and all gear and

equipment included within the sale and to satisfy himself as to her condition, quality

and specification. Therefore all express or implied warranties or conditions,

statutory or otherwise, are hereby excluded unless specifically included in this

Agreement, and the boat, her gear and equipment shall be taken with all defects

and faults of description without any allowance or abatement whatsoever.

Sea Trial and Survey

5.1 Sea Trial

5.1.1 The Buyer shall, at a venue to be agreed and at his own cost, be entitled to require

the Seller to perform a sea trial of the boat, her gear and machinery and all items

included within the sale. The duration of such sea trial shall be proportionate to

the cost and complexity of the boat and its systems but, unless specifically agreed

at the time of contract, shall not be shorter than [one] hour nor longer than [eight]

hours. The Seller shall be obliged to insure the boat for the duration of the sea

trial and shall provide any necessary crew. The Buyer shall be entitled to be

accompanied by up to two surveyors or advisers, any co-purchasers and not more

than one member of his immediate family, subject to space constraints. The sea

trial shall take place in reasonable weather conditions and not more than [five]

miles offshore. Unless agreed otherwise the Buyer and his party shall be

responsible for supply of their own life jackets and other personal safety

equipment. The Buyer shall be responsible for the cost of any fuel and oils

consumed during the sea trial.

5.1.2 If, for any reason whatsoever the boat has not performed to the Buyer’s

satisfaction on the sea trial and he does not wish therefore to proceed with the

purchase, he shall give written notice of his rejection of the boat to the Seller within

twenty four hours of the sea trial or prior to the placing ashore of the boat for the

survey referred to in Clause 5.2 below whichever shall be the sooner. In the event

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 5 of 14

of the Buyer giving notice of rejection, all fuel and oil expenses incurred by the

Seller on the sea trial shall be payable by the Buyer from the Deposit and the

balance of the Deposit shall be returned to the Buyer forthwith. If notice of rejection

is not given the sea trial shall be deemed to have been to the Buyer’s satisfaction.

The Parties should discuss and agree the scope, range and form of the sea

trial in advance with each other and with any surveyor to avoid surprises or

time wasting during the trial itself.

5.2.1 The Buyer may, at a venue to be agreed and at his own cost, be entitled to require

the Seller to arrange to slip or crane the boat ashore and open up the boat and

her machinery for the purposes of survey which shall be completed within twenty

one days of the signing of this Agreement. If any survey requires more than

superficial non-destructive dismantling and limited removal of anti-fouling the

consent of the Seller must be obtained before such work commences, such

consent may not be unreasonably withheld.

5.2.2 Within fourteen days of the completion of the survey the Buyer may, by written

notice to the Seller:

5.2.2.1 Reject the boat outright if the Buyer rejects the Boat, this Agreement shall be

automatically terminated and the Seller shall refund the Deposit to the Buyer in

accordance with Clause 8.

5.2.2.2 Reject the Boat but offer to proceed with the purchase and accept the Boat on

the condition that the Seller agrees either:

5.2.2.2.1 to rectify specific listed defects or deficiencies in the Boat and/or the Inventory

before Completion. All required items of work to be completed without undue delay

and carried out to meet the expressly specified requirements of the survey; or

5.2.2.2.2 to a reduction in the Purchase Price to enable the Buyer to rectify such defects or

deficiencies after Completion.

5.2.3 If the Buyer serves notice requiring the Seller to rectify specific listed defects or

deficiencies, or to make a reduction in the Purchase Price, and the Seller has not

agreed to make good such defects, or the Parties have not agreed a reduction in

the Purchase Price within twenty one days, then this Agreement shall be deemed

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 6 of 14

to have been rescinded on the twenty second day after the service of notice, and

the Seller shall refund the Deposit to the Buyer in accordance with Clause 8.

5.3 In the case of deficiencies in the boat’s inventory remaining within seven days of

acceptance in accordance with Clause 7, the deficiencies shall be made good or

a reduction in the Purchase Price shall be agreed, failing which this Agreement

shall be rescinded at the option of the Buyer only.

Non-use by Seller

6.1 The Seller agrees not to use the boat after completion of the survey undertaken

on behalf of the Buyer except to move the boat to a suitable storage location and

to conduct any sea trials requested by the Buyer. If the boat is not accepted under

the terms of this Agreement and the contract is rescinded, the Seller may

thereafter use the boat.

Acceptance of Boat or Rescission of Agreement

7.1 The boat shall be deemed to have been accepted by the Buyer after the

occurrence of any of the following events:

7.1.1 The expiry of twenty two days from the date of this Agreement or such period as

may be agreed in writing between the Parties, providing that no survey or

arrangement for a sea trial has been commenced;

7.1.2 The expiry of fifteen days from the completion of the survey (or receipt of the

written report by the Buyer) and/or sea trial or such extended period as may be

agreed between the Parties, provided that the Buyer has not served notice under

Clauses 5.2.2.1or 5.2.2.2;

7.1.3 The expiry of seven days, or such period as may be agreed between the Parties,

from notification in writing by the Seller to the Buyer of completion of the remedial

works specified in a notice given by the Buyer in Clause 5.2.2.2.1.

7.2 In the event of the rescission of this Agreement by the Buyer following survey,

and/or sea-trial, he shall at his own expense reinstate the boat to the condition and

position in which he found her, and shall pay all boatyard and surveyor’s charges

for this work, and the Seller shall return the Deposit as specified under Clause 8.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 7 of 14

Return of Deposit

8.1 Within seven days of the completion of any reinstatement work required under

Clause 7.2, the Seller shall return the Deposit to the Buyer without deduction and

without interest, save that he shall be entitled to retain such part of the Deposit

necessary to defray any reasonable boatyard or surveyor’s charges not paid by

the Buyer. Neither Party shall thereafter have any claim against the other under

this Agreement.

9.1 Until completion and delivery of the boat to the Buyer the boat shall be at the sole

risk of the Seller who shall make good any damage (other than damage caused

by the Buyer or his surveyor) sustained before actual delivery to the Buyer.

9.2 If the boat becomes an actual or constructive loss before completion this

Agreement shall terminate and the Deposit shall be immediately returned to the

Buyer without interest but without deduction or charge and the Buyer shall have

no claim against the Seller for damages. The Buyer shall, however, remain liable

for the cost of any yard work or surveyor’s fees commissioned by him or at his

9.3 Upon delivery of the boat to the Buyer risk in the boat shall pass to the Buyer.

Completion/Title

10.1 Title in the boat shall pass to the Buyer upon completion in accordance with Clause

Default by Buyer

11.1 Should the Buyer fail to pay the Purchase Price in accordance with Clause 3, the

Seller may give notice in writing to the Buyer requiring him to complete the

purchase within [fourteen] days of such notice. If the Buyer fails to comply with

the notice the Seller shall be entitled to re-sell the boat, and the Seller may claim

from the Buyer the amount of any loss on re-sale, together with all his associated

reasonable costs and expenses. Any Deposit paid shall be forfeit provided that

due allowance and refund to the Buyer shall be made if the Seller’s loss, costs and

expenses on the re-sale be less than the Deposit.

Default by the Seller

12.1 If the Seller shall default in the execution of his part of the contract the Buyer shall,

without prejudice to any other rights he may have, be entitled to the return of the

Deposit in full, without deduction, together with his reasonable costs, expenses

and compensation for any associated loss which he may have sustained as a

result of the Seller’s default. Unless such default by the Seller shall have arisen

from events over which the Seller had no control, the Seller shall pay interest upon

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 8 of 14

the amount of the Deposit for the period during which he has held it at the rate of

4% per annum above Finance House base rate.

Non-Production of Documents

13.1 The Seller has warranted that he is able to provide the documentation listed in the

schedule to this Agreement. If the Seller is subsequently unable to provide the

documentation as listed the Buyer shall be entitled to withdraw from this

Agreement and the Seller shall forthwith return the Deposit paid, if any, to the

13.2 If the Buyer shall have incurred the cost of a sea trial and/or survey and is

subsequently unable to continue with the purchase due to the Seller’s inability to

provide relevant documentation, the Buyer shall be at liberty to recover the cost of

the sea trial and/or survey and associated costs from the Seller.

Dispute Resolution

14.1 Disputes may, when they cannot be resolved by negotiation, with the written

agreement of the Parties, be submitted to mediation.

14.2 Nothing in this clause shall affect the rights of the Parties to submit any dispute to

the Courts of England & Wales, (or of Scotland if the Seller’s address shall be in

that country).

14.3 If any provision of this Agreement is held by any court or other competent authority

to be void or unenforceable in whole or in part, this Agreement shall continue to

be valid as to the other provisions thereof and the remainder of the affected

15.1 Any notice to the Buyer or Seller under this Agreement shall be in writing and shall

be sufficiently served if delivered to him personally or posted by recorded delivery

to the address set out in this Agreement. Any notice posted shall be deemed to

have been received [two] business days after the time of posting, and any notice

delivered personally shall be deemed to have been received from the time of

15.2 Notices may also be served by e-mail or fax, in which case they shall be deemed

received upon despatch if despatch was on a business day in the United Kingdom

and within 0900-1700 hours UTC and there was no delivery failure notice. If

despatched before 0900 hours UTC on a business day, the notice shall be deemed

received at 0900 hours UTC that day. If despatched after 1700 hours UTC on a

business day or on any non-business day, the notice shall be deemed received at

0900 hours UTC on the next business day.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 9 of 14

16.1 This Agreement shall be governed by the law of England and Wales (or of Scotland

if the Seller’s address shall be in that country) and the Parties agree to submit to

the jurisdiction of the courts of those countries.

Marginal Notes

17.1 The construction of this Agreement is not to be affected by any marginal notes.

Entire Agreement

18.1 This agreement together with any schedule and/or inventory signed by both Seller

and Buyer forms the entire agreement between the Parties unless otherwise

specifically agreed in writing between them.

Third Party Rights

19.1 For the purpose of the Contracts (Rights of Third Parties) Act 1999, this agreement

does not and is not intended to give any rights to enforce any of its provisions, to

any person who is not a Party to it.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 10 of 14

SIGNED BY THE SELLER(S):

Name:…………………………………………………………………………………………………………

Date:…………………………………………………………………………………………………………..

In the presence of:

………………………………………………………………………………………………………..…………

(Witness signature)

…………………………………………………………………………………………………………………

(Witness full name and address)

……………………………………………………………………………………………………………..…..

………………………………………………………………………………………………………………....

(Witness Occupation)

If the boat is jointly owned, then all owners to sign as joint Sellers.

SIGNED BY THE BUYER(S):

If the boat is being jointly purchased, then all Buyers to sign as joint Buyers.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 11 of 14

INVENTORY: (See Clause 1)

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 12 of 14

PROTOCOL OF DELIVERY AND ACCEPTANCE

Vessel Name:

Official / HIN / CIN Number:

____________________________________________________________ (the “Vessel”)

____________________________________________________________ (the “Seller”)

Purchaser :

________________________________________________________ (the “Purchaser”)

Sale and Purchase Agreement dated ________________________________________

(the “Sale and Purchase Agreement”)

________________________________________________________________________

The Seller hereby duly acknowledges receipt of the purchase price of [GBP] / [EUR] / [USD]*

_______________________________________________________ and delivers the

Vessel to the Purchaser free from all liens, charges, claims, mortgages and encumbrances

of any kind at:

Time : (local time)

in accordance with the Sale and Purchase Agreement.

The Purchaser duly accepts delivery, title and risk of the Vessel, her agreed inventory and

equipment and agreed documents on the date and at the time and location referred to above

and in accordance with the Sale and Purchase Agreement.

For and on behalf of For and on behalf of

The Seller The Purchaser

____________________ __________________

Name: Name:

Title: Title:

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 13 of 14

SCHEDULE OF DOCUMENTS (See Clauses 3.2.1/3.2.2)

The following documents should normally be available; however it should be

recognised that they will not always be available and in such circumstances the

Parties may agree to amend the Schedule of Documents BEFORE the contract is

signed in order that the Buyer knows what documents he is contractually entitled to

receive at Completion. Any deletions or additions should be initialled by the Parties.

1. All Certificates of Registry in the Seller’s possession relating to the boat current or

2. A properly executed Bill of Sale in a form to be approved by the Buyer in favour of

3. Bills of Sale tracing ownership from the very first owner of the vessel to the current

4. Builder’s certificate;

5. Builder’s invoices;

6. Original/copy VAT invoice;

7. Evidence of date of arrival in the European Community;

8. Confirmation of compliance with the Recreational Craft Directive, if applicable, in the

form of an owner’s manual (including or together with a written declaration of

conformity) or details of Recreational Craft Directive exemption;

9. Any other documents in the Seller’s possession relating to his acquisition of the

vessel, which may include:

a. Equipment manuals; b. Service records; c. Receipts for repair work; d. Racing Certificates; e. Mooring charges; f. Harbour dues.

10. Where the Seller is a company, certified true copies of the corporate authorities

approving this Agreement and appointing the signatories to execute this Agreement,

the Bill of Sale and, if applicable, the Protocol of Delivery and Acceptance;

11. Any delivery order or authority necessary to enable the Buyer to take immediate

possession of the boat.

www.rya.org.uk © Royal Yachting Association Updated: 27 September 2017 Page 14 of 14

LEGAL COPYRIGHT NOTICE

The RYA Legal Team produce information leaflets, standard templates, agreements and

documents for use by members, affiliated clubs and class associations. This material is

protected by copyright which is owned by the RYA.

RYA members may use the material for non-commercial private purposes.

Affiliated clubs and class associations may use the material for non-commercial purposes such as attracting and retaining members, regulating the affairs of the

club and organising events for members and non-members.

The material produced by the Legal Team is not otherwise to be incorporated or

distributed in any work or in any publication in any form without the permission of the

RYA Legal Team.

MODIFICATION:

The standard documentation produced by the Legal Team is intended to be reasonably

comprehensive but cannot cover all eventualities. It is therefore anticipated that, in

many instances, RYA members, affiliated clubs and class associations will need to

amend the documentation to meet specific requirements. Where members, affiliated

clubs and class associations do amend RYA standard documentation they should make

this clear on the documentation.

For more information kindly contact the RYA Legal Team Tel: 023 8060 4223 or email:

[email protected]

RYA Responsibility Statement:

The RYA Legal Team provides generic legal advice for RYA members, affiliated clubs, class

associations and Recognised Training Centres. The information contained in this Guidance

represents the RYA’s interpretation of the law as at the date of this edition. The RYA takes

all reasonable care to ensure that the information contained in this Guidance is accurate

and that any opinions, interpretations and guidance expressed have been carefully

considered in the context in which they are expressed. However, before taking any action

based on the contents of this Guidance, readers are advised to confirm the up to date

position and to take appropriate professional advice specific to their individual

circumstances.

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Moscow Boat Show Completed

Event Information:

• 03-05-2020 10:00 AM 07:00 PM Thursday
• 03-06-2020 10:00 AM 07:00 PM Friday
• 03-07-2020 10:00 AM 07:00 PM Saturday
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Sailing sports and outing on water have been gaining wide popularity in Russia. Speed boats and yachts, boats and aqua bikes, participation in competitions in water sports cause genuine interest, totaling a large number of admirers at Russian and foreign audience. Due to it grows the demand for relevant services: yacht schools, transportation of yachts and boats, navigation equipment, regattas and many other things. For more than 10 years the exhibition of boats and yachts has been recognized as the key event of the yachting industry among numerous specialists of the branch and yachting fans.

The show is the leading event for representatives of yachting business, professionals of the branch and numerous fans of water sports and active outings. The scope of the project includes motor and sail yachts, launches, electric boats, offshore vessels, design trimarans, helicopters, diving clothes and accessories, inland navigation, dredging, fishing vessels, workboats, naval ships, construction vessels, brokerage and mega yachts. Besides the visitors will have an opportunity to get also consultation of highly qualified specialists.

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First refuelling for Russia’s Akademik Lomonosov floating NPP

!{Model.Description}

The FNPP includes two KLT-40S reactor units. In such reactors, nuclear fuel is not replaced in the same way as in standard NPPs – partial replacement of fuel once every 12-18 months. Instead, once every few years the entire reactor core is replaced with and a full load of fresh fuel.

The KLT-40S reactor cores have a number of advantages compared with standard NPPs. For the first time, a cassette core was used, which made it possible to increase the fuel cycle to 3-3.5 years before refuelling, and also reduce by one and a half times the fuel component in the cost of the electricity produced. The operating experience of the FNPP provided the basis for the design of the new series of nuclear icebreaker reactors (series 22220). Currently, three such icebreakers have been launched.

The Akademik Lomonosov was connected to the power grid in December 2019, and put into commercial operation in May 2020.

Electricity generation from the FNPP at the end of 2023 amounted to 194 GWh. The population of Pevek is just over 4,000 people. However, the plant can potentially provide electricity to a city with a population of up to 100,000. The FNPP solved two problems. Firstly, it replaced the retiring capacities of the Bilibino Nuclear Power Plant, which has been operating since 1974, as well as the Chaunskaya Thermal Power Plant, which is more than 70 years old. It also supplies power to the main mining enterprises located in western Chukotka. In September, a 490 km 110 kilovolt power transmission line was put into operation connecting Pevek and Bilibino.

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