Frequently Asked Questions

    What is the cost of a crewed charter?
    What kind of activities are there to do?
    What type of food and drinks are served?
    What's our itinerary going to be like?
    What should we bring?
    Do you offer special theme charters?
    How does the charter process work?
    Yacht Charter Terms
    Sample Preference Sheet/Advanced Provisioning Allowance        (APA) Form
    Sample SCT Caribbean Contract
    Sample MYBA Mediterranean Contract

Q: What is The Cost of A Crewed Charter

The cost of crewed yacht charters varies depending on the size of vessel, power or sail, number of people on board, etc. The duration of the charter is usually a week, but can be any length.

The price per person starts around $500 per day, based on 8 day 7 night charter up to $10,000 per person per day for a mega-yacht. Motor yacht charters cost more than sail. Groups on larger yachts can often be less expensive per person than a couple on a small yacht. Yachts are available for parties of 2 or more. Large groups may prefer to charter more than 1 yacht and travel as a flotilla. This is very common, especially for corporate groups.

The summer season may be less expensive than winter in the Caribbean . Summer season is May 1st to December 14th. Winter season is December 15th to April 30th. The Mediterranean is the most expensive yacht charter destination, lasting from May to September.

Xmas and New Years usually have an additional 10% fee. Dockage and shore excursions are extra.

Gratuities of 10-15% are the norm when the service merits it. Your crew work hard to ensure your vacation is a great one. They are your chef, bartender, tour guide, waiter etc.

In addition, yacht charters in Europe (excluding Turkey ) incur a value added tax (vat) which can run as high as 20% is some countries, e.g. France .

Q: What kind of activities are there to do?

All yachts have waters toys and activities will vary depending on equipment. These might include snorkeling, Scuba Diving, knee-boarding, water-skiing, windsurfing, kayaks, fishing and, of course, sailing. Most water sports are included but some are extra, and can be arranged by your crew. These would be diving and parasailing.

On shore activities can be recommended by your crew and will vary depending on the island. In St. Maarten possibilites include gourmet dining and a trip to the casino, in Croatia one could sample wine at a local vineyard or visit an ancient castle. Or you could plan your yacht trip around a special event such as the Grand Prix in Monaco .

Q: What type of food and drinks are served?

The menus are designed around your food preferences. The chefs are excellent and can usually prepare any dish requested. Drinks such as wine, beer and alcohol are included as part of the "ships bar". The amount and variety will vary depending on the cost of the charter with larger, more expensive yachts providing finer wines and premium liquors.

Most of our yachts will do everything to accommodate your personal dietary requirements. Many can do vegetarian menus that will delight everyone, not just the vegetarians! Kosher is available on some boats, though often in 'modified' form due to the constraints of a yacht's galley. The most important thing is to get in touch with the yacht as soon as possible and communicate your special needs early. With enough warning, most things are possible even in the islands!

Q: What's our itinerary going to be like?

The itinerary is based on your preferences of activities. The crew know the territory very well and will tailor the cruise to fit your requests. It isn't possible to see everything in one visit, however, and you may need to adjust your itinerary to accommodate your schedule and activities you have chosen or return again in the future for another charter.

We will work with you on creating a personalized itinerary in conjunction with your yacht charter captain, remember the yacht is yours for the week and the crew will take you where and when you want to go. From island beach bars to deserted beaches, the captain will adjust the itinerary to your mood and interests.

Q. What Should You Bring?

First, only bring soft sided luggage since space is limited and storage is easier. Also hard luggage can damage woodwork and paint.

For clothing bring casual wear, mostly shorts and t-shirts, and swimsuits. A few of the more formal restaurants require long pants and collared shirts and occasionally a jacket, but "smart casual" is the norm.

You can bring your own mask and snorkel if you're inclined, but all yachts carry an assortment of sizes. If you are expecting to scuba dive, check with us to make sure of the available equipment on board the yacht.

Most yachts carry sunscreen of the type they prefer used, so generally it is on board. If you bring your own, please don't use oily lotions as it stains the yachts' upholstery.

In Caribbean towns, the local islanders generally prefer you to be covered up. T-shirt and shorts are fine, shoes are often optional, but bikini tops are not appropriate in their eyes for city wear. Now, on the beach, that's another story!

Make sure your passport is up-to-date (we will advise if you need any visas). Passports are necessary to travel between the US and British Virgin Islands - they are two separate countries. In absolute worst case situations, a photo ID and Birth Certificate might get you through immigration both in the BVI and US immigration, but a current passport will ensure smooth sailing.

Q. Do you offer Special Cruises?

Yes, there are cruises to meet almost every need. Some of these include:

SCUBA Diving

Many programs are available for diving from beginner up to Advanced Diver. The variety of diving and the beauty is unmatched in the Caribbean and includes reef, night, cave and wreck dives

Learn To Sail

Most yachts are happy to share their knowledge of sailing with you and there will be opportunities to steer the boat and adjust the sails if your want. There are, however, captains that are qualified sailing instructors for those charter guests that are interested in learning more.

Honeymoon and Wedding trips

We have done weddings aboard our yachts on occasion, most of which were pre-planned! More common though is the honeymoon cruise. Our private yachts provide one of the most romantic ways to begin your new life together - without any worries after all you've gone through with the preparation.

Physically Challenged

While all of our yachts are willing to make accommodations for specific needs, some yachts have unique abilities in this area. Please contact us for more information.

Q: How does the charter process work?

Once you have discussed with us the various types of yacht, locations and terms under which the yachts operate, we will be ready to firm-up your booking. This occurs in stages and is quick and relatively painless (except for the transfer of funds of course!).

•  We will prepare and send you a MYBA/SCT Charter Agreement detailing the yacht, your chosen dates, location, cruising area and cost. (To accelerate the transaction a copy may be sent by fax, to which all parties agree is binding.)

•  Upon signing this Agreement the first payment, normally 50%, is due to the account shown on the Agreement.

•  The Agreements are then sent by us to the Owners for their countersignature and a completed copy is returned to you for your retention.

•  We will send you a detailed questionnaire requesting information on your travel arrangements, guest list, likes and dislikes, special requirements, etc. This information will be discussed with you in some detail to ensure we gather as much information as possible. This is then sent to the Captain so that he can pre-book any berths, order the right provisions and arrange the chef and crew to prepare that special birthday treat or other such celebration.

•  If there is no interim payment the balance is normally due one month prior to the charter commencing. At the same time we will ask you to send us the funds to cover the advance provisioning allowance (APA) plus any taxes (VAT), delivery/redelivery fees and security deposit, if required.* On smaller yachts, this is typically up to 30% of the charter fee. On larger yachts, the % is often lower.

•  The APA is immediately sent to the Captain, in cash, in order that the yacht can purchase provisions in advance ready for your arrival. All costs incurred by the yacht which are accountable to the charterer will be deducted during the cruise and full accounts produced at the end. The Captain will, at the end of the charter, return any unused funds. Occasionally the APA is not sufficient and the Captain will keep you advised if further funds are required.

•  You are now ready for your cruise. If at any time, even during the actual holiday, you have any concerns, please remember you can always call us.

*An advanced provisioning allowance is not required for smaller yacht charter in the Caribbean where the charter cost is typically all-inclusive. See Terms below for additional information.

Q: Yacht Charter Terms

It is important, in order to budget correctly for a charter, to understand the terms under which the yachts operate. Please do not be confused by these terms. We will gladly explain in more detail. An outline of the terms is as follows:-

A. MYBA - WMT - Western Mediterranean Terms

The Charter Fee includes the charter of the yacht with all its equipment in working order, tools, stores, cleaning material and basic consumable stores for engine-room, deck and cabins, etc., the crew's wages, food and the insurance of the yacht for marine risk and third party claims and the crew for employer's liability insurance. (If the yacht is not on MYBA terms then crew food may be charged extra)

The Charterer will be charged extra, at cost to the yacht, for all other expenses. These include fuel for the yacht, fuel for the ski-boats or other tenders, food for the charterers, wines, beers, spirits and soft drinks for the Charterers, other consumable stores, berthing dues and other harbor charges away from the yacht's own berth, including pilotage fees and charges for water and/or electricity taken from the shore, laundry, telephone, fax or telex via Satcom, Radio Telephone or telex costs, hire costs of special equipment placed on board at the request of the Charterer,

B. SEMT - Standard Eastern Mediterranean Terms

The Charter Fee includes the charter of the yacht with all its equipment in working order, tools, stores, spares, etc., the crew's wages and the insurance of the yacht for marine risk and third party claims and the crew for employer's liability insurance.

The Charter Fee also includes fuel for up to five hours cruising per day (averaged throughout the charter), food for the crew, berthing dues and other harbor charges (except Corinthian Canal dues), including water and/or electricity taken from the shore. The arrangements about fuel charges sometimes vary.

The Charterer will be charged extra, at cost to the yacht, for all other expenses, These include fuel for the ski-boats or other tenders, food, wine, beer, spirits and soft drinks for the Charterers, other consumable stores, berthing and harbor expenses outside the yacht's normal cruising area, laundry, telephone, fax or telex via Satcom, Radio Telephone costs, hire costs of special equipment placed on board at the request of the Charterer.

C. EMT - Eastern Mediterranean Terms,- half board. (Found mostly in Turkey )

As with SEMT, the Charter Fee includes the charter of the yacht with all its equipment in working order, tools, stores, spares, etc., the crew's wages and the insurance of the yacht for marine risk and third party claims and the crew for employer's liability insurance.

The Charter Fee also includes fuel for up to three* to five hours cruising per day (*depending on yacht and averaged throughout the charter), half board for the guests (breakfast and lunch), food for the crew, berthing dues and other harbor charges (except Corinthian Canal dues), including water and/or electricity taken from the shore. The arrangements about fuel charges sometimes vary.

The Charterer will be charged extra, at cost to the yacht, for all other expenses, These include fuel for the ski-boats or other tenders, evening meal, if taken on board, wine, beer, spirits and soft drinks for the Charterers, other consumable stores, berthing and harbor expenses outside the yacht's normal cruising area, laundry, telephone, fax or telex via Satcom, Radio Telephone costs, hire costs of special equipment placed on board at the request of the Charterer.

Some yachts offer more inclusive terms.

D.GRK - Greek Terms

The rate quoted includes the hire of the yacht, the crew's salaries, the insurance of the yacht, the crew's food, sufficient fuel and lubricants for 4 (four) hours cruising per twenty four hours, harbor dues and pilotage within Greek waters, water & ship's laundry. Extra to the charterer's account are guest's food and drink, bar, Corinth Canal dues where applicable and port taxes & harbor dues outside Greek waters.

E.Gulet Terms (Gulet Charter in Turkey )

The rate quoted includes the hire of the yacht, the crew's salaries, the insurance of the yacht, the crew's food, sufficient fuel and lubricants for 4 (four) hours cruising per twenty four hours, harbor dues and pilotage within Turkish waters, water & ship's laundry. Extra to the charterer's account are guests food and bottled water (a set amount which may be paid in advance), bar, port taxes & harbor dues outside Turkish Waters.

F. SCT - Standard Caribbean Terms; Caribbean Terms Inclusive (CTI)

The Charter Fee includes all expenses listed under MYBA-WMT and SEMT plus all food. Some yachts also include wine and bar, excluding vintage wines and champagne.

In the Caribbean this is normally referred to as 'All inclusive (Full board, vessel fully equipped with fuel and staff), but excluding bar, communications and cruising taxes, if any'. [ Extras include : communications (your use of the yacht's satellite or mobile phone), marina-type berthing, rendezvous diving, shore excursions, cruising tax.]

IMPORTANT NOTES

A. Occasional variations between the terms offered by different yachts under the same main title do exist. For instance, one yacht may generally work on MYBA-WMT but also includes a small fuel allowance. However, the majority of yachts now operate under the well established and widely accepted MYBA Charter Agreement, sponsored by the Mediterranean Yacht Brokers Association and adopted by the American Yacht Charter Association. This agreement is also accepted by the Charter Yacht Brokers Association (CYBA), of which we are members.

B. Legislation now exists in the European Union requiring all yachts operating in the national waters of the Union (in this narrow context we are interested in France, Italy, Spain and Greece) to collect Value Added Tax (VAT/TVA/IVA, etc.) on all charters at rates which vary between 4% (Greece) to 16% and 20.6% of the Charter Fee. Under EU Law this is payable by the Charterer. However, there are various interpretations from country to country and some yachts which have been placed under a Semi-Commercial Registry may not be required to collect the tax. This is currently under review, so do please check with us for up-to-date information.

C. Due to U.S. Coastguard requirements some U.S. flag yachts operate under the demise charter agreement.

Q: Sample Preference Sheet/Advanced Provisioning Allowance       (APA) Form

Because each yacht charter is unique and customized to you and your group, you will be sent a form to complete on your dining preferences, preferred activities, likes and dislikes. For a sample form, please click here.

Q: Sample SCT Caribbean Contract

Sample SCT Caribbean Contract - Used for sailing yacht charters and catamaran yacht charters in the Caribbean .

YACHT CHARTER PARTY AGREEMENT

OWNER.S INITIALS _____ CHARTERER.S INITIALS _____

1

CHARTER AGREEMENT made this day of by and between Yacht Owner / Corporation (hereinafter referred to as the OWNER)

AND

CHARTERER: (hereinafter referred to as the Charterer) for charter of vessel described below.

YACHT: LOA: TYPE: OFFICIAL NUMBER:

CHARTER TIME AND DATES:

Time: (Charter Dates) Port of Boarding:

Time: (Charter Dates) Port of Release:

Cruising Area:

Number of Charter Guests: Number of Days: :

(Rates are based on # of charter guests stated)

Charter Fee $ Additional Fees or (APA) $ Total Charter Fee $

1 st Deposit: $ upon signing of contract. 2 nd Deposit $ Due

Final Payment: $ (Due Date 60 days prior to charter)

*Note all blanks will expand as needed.

TERMS AND CONDITIONS:

Included/Excluded: (Unless otherwise noted under Additional Conditions): the charter fee includes the services of a Captain and Crew, meals, standard ship.s bar, fuel, and all expenses related to running of the vessel and use of on-board sports equipment. Charter does not include, diving, scuba equipment, premium beverages and fine wines, excessive alcoholic consumption, off yacht excursions, dockage, cruising taxes and permits, telephone, airport transfers and crew gratuities, or similar expense incurred by the CHARTERER.

ADDITIONAL CONDITIONS:

1. PAYMENTS: It is understood that charter fees will be deposited in an Escrow Account and will be disbursed to the OWNER in the following manner: 35% of the charter fee plus delivery fees and other additional expenses as applicable not more than ten (10) days prior to the start date of the charter period. The balance of the charter fee will be dispersed no earlier than the start date of charter. It is further understood that the OWNER considers charter fees non-refundable. Should the CHARTERER cancel before the charter term begins, deposits will be refunded under the following conditions: Fees will be refunded pro rata, less a service-fee equal to the BROKER'S full commission if the yacht is rebooked for the same period or portion thereof. If rebooking is not possible, no refund will be made. If the OWNER cancels, the OWNER shall reimburse the CHARTERER, through the broker, for all fees paid as of that date, including BROKER.S commission.

2. DEFAULTS IN PAYMENT: Should any installment of charter fees not be paid on the date designated, the CHARTERER will be advised and will have 14 days to pay balances due. If the default continues thereafter, the OWNER shall be so be advised by the BROKER, and the OWNER shall have the right to cancel this Agreement without prejudice to his rights in respect of any arrears of charter money, or of any breach by the CHARTERER of the conditions contained herein.

3. BROKERAGE: The owner and CHARTERER recognize as the sole BROKER in connection with this Agreement. The OWNER agrees to pay said BROKER customary and usual brokerage fees in connection with said charter and for any extensions and subsequent charters of the yacht by the CHARTERER arranged by BROKER for a period of 2 years from the end of the initial charter. The parties, understand and agree that the function of the BROKER is solely that of arranging the charter and that the BROKER is not responsible for the CHARTERER'S, OWNER'S or crew.s actions at any time, nor will the BROKER be liable for the satisfaction of the CHARTER or any actions or events outside BROKER.S direct control.

4. DELIVERY : The OWNER agrees to deliver the yacht at the Port of Boarding in full commission and in proper working order, having all licenses required for any jurisdiction within the area of charter, outfitted as a yacht of her size, type and accommodations, with full equipment, inclusive of that required by law, and fully furnished, including galley and utensils, blankets, linens, and towels; in staunch, clean and good condition throughout and ready for service; and, further agrees to allow demurrage pro rata to the CHARTERER for any delay in delivery, unless caused by Force Majeure. Should it be impossible for the OWNER to make delivery within twenty-four hours after the start of the charter period (for any reason other than force Majeure), the CHARTERER may cancel this Agreement. Any charter fees paid in advance shall be returned in full to the CHARTERER at the CHARTERS option without further liability to the OWNER, shall be refunded pro rata by agreement, and the BROKER shall retain its full commission.

5. FORCE MAJEURE: Force Majeure is defined as any cause attributed to acts of GOD, accidents, natural disaster, weather or other occurrences beyond the reasonable control of the OWNER, and not caused by the OWNERS negligence. No warranty is made as to the suitability of weather with respect to this charter. If a Named Storm threatens or is forecast to threaten the expected location of the charter yacht, as determined by the Captain in his/her sole discretion, the Captain shall have the option of terminating or canceling the charter any time that he/she deems necessary. No refund is provided for cancellation due to weather.

6. AUTHORITY: The OWNER warrants that the Captain meets all requirements necessary to legally command the yacht in the area chartered. While it is agreed the CHARTERER may determine the general movements and destination of the yacht within the boundaries of this Agreement, it is understood that the Captain is in full command, and that the CHARTERER agrees to abide by his judgment as to clearance, sailing, weather conditions, anchorages and other pertinent matters.

7. LIENS: The CHARTERER , his agents, and/or employees, have no right or power to permit or suffer the creation of any Maritime Liens against the yacht. The CHARTERER agrees to indemnify the OWNER for any charges or losses incurred as a result of a breach of this paragraph, including reasonable attorney's fees.

8. NON-ASSIGNMENT: The CHARTERER agrees not to assign this Agreement or sub-charter the yacht without the OWNER'S consent in writing.

9. RESTRICTED USE : The CHARTERER agrees that the yacht shall be employed exclusively as a pleasure vessel for the sole and proper use of himself, his family, guests and servants, during the term of this charter, and shall not transport merchandise, or carry passengers for pay, or engage in any trade, nor in any way violate the Laws of any Government within the jurisdiction of which the yacht may be at any time, and shall comply with the law in all other respects.

10. NAVIGATION LIMITS: The CHARTERER agrees to restrict the cruising of the yacht to the area specified on the

1 st page of this agreement.

11. INSURANCE: The OWNER agrees to keep the yacht fully insured against fire, marine and collision risks and with protection and indemnity coverage for the full term of the charter period. The CHARTERER shall not be liable for any such loss or damage covered by such insurance. Failure by the OWNER to provide such insurance will burden him with the same responsibility as if the yacht were so insured. The CHARTERER may purchase additional Charter liability insurance at his /her expense. The OWNER shall not be held responsible for loss or damage to personal property or for any injury suffered by the CHARTERER, or any member of his party, during the term of this charter, regardless of whether any such loss or injury occurs on board the yacht or elsewhere, unless such loss, damage or injury is the direct and proximate result of OWNERS sole negligence. More specifically, but without limiting the foregoing, the OWNER and his insurance underwriters accept no responsibility or liability for accidents, injuries or death related to the yacht.s dinghy, swimming and/or the use of snorkels, masks or allied equipment (such as scuba equipment), water skiing, windsurfing, personal watercraft, spinnaker flying, halyard flying, or other sports equipment, whether or not supplied by the OWNER or CHARTERER.

12: ACCIDENTS: The OWNER agrees that should the yacht, after delivery, sustain breakdown of machinery, or be disabled, or damaged by fire, grounding, collision or other cause so as to prevent its use by the CHARTERER for a period of twenty-four (24) consecutive hours or more, or should the yacht be lost or said damage(s) be so extensive that the yacht cannot be, or is not repaired within twenty-four (24) hours, none of the above being brought about by any act or default of the CHARTERER, the CHARTERER shall have the right to terminate the charter. The OWNER shall make a pro rata return of all charter fees to the CHARTERER from the time of such loss or damage.

13. DRUGS AND OTHER ILLEGAL ACTIVITIES: The use, transportation, or possession of illegal drugs or narcotics ( INCLUDING MARIJUANA ) or of any other contraband, or the participation in any other unlawful activity is strictly prohibited. The participation in any of these activities by CHARTERER, or by any guest of the party constitutes a breach of the charter and shall be cause for immediate termination of this Agreement without refund of any payments made by CHARTERER. CHARTERER will be held responsible for any loss or damage to the yacht due to any such violations and will be put ashore at the next port of call.

14. REDELIVERY: The CHARTERER agrees to redeliver the yacht, her equipment and furnishings, free and clear of any indebtedness incurred for/by the CHARTERER, at the expiration of the charter. The CHARTERER also agrees to be responsible for and to replace or make good any injury to the yacht, her equipment and furnishings caused by himself or by any of his party, less ordinary wear and tear, except to the extent such claims are covered by insurance as provided above. This means that the CHARTERER shall be responsible for any costs up to the amount of any deductible. Should the CHARTERER hinder the yacht.s redelivery to the place and time stipulated, for whatever cause, he shall pay the OWNER demurrage pro rata for additional charter time, plus any other losses the OWNER sustains related to the delayed redelivery. If the delay in redelivery is due to Force Majeure, the CHARTERER is not held responsible for any additional charter fees.

15. DISPUTE REOLUTIONS: Should the OWNER and CHARTERER be unable to reconcile any differences that may arise with respect to the charter or this Agreement, such dispute shall be submitted first to mediation before a mediator mutually agreed upon by the CHARTERER and the OWNER, with the cost thereof divided equally between the parties. The mediation will be in accordance with such rules as the parties may designate and agree upon . In the event the dispute cannot be resolved by mediation, then either party may resort to an action as provided in paragraph 16.

16. VENUE: The venue of any action arising from this Agreement shall lie exclusively in the Courts of the City and

State of Owner.s residence, unless another place is mutually agreed upon, and both parties shall submit to the

jurisdiction of such court.

17. EXECUTION OF AGREEMENT: The OWNER and CHARTERER, whose signatures need not be affixed to the same copy of the YACHT CHARTER PARTY AGREEMENT, may transmit the Agreement by facsimile or other electronic means. The separately signed Agreement, and/or copies thereof, shall constitute a binding Agreement between the OWNER and the CHARTERER.

18. TRIP CANCELLATION INSURANCE: The CHARTERER acknowledges that trip cancellation insurance has been offered and that he/she has the choice of either accepting or declining such coverage.

This Agreement must be signed and returned within three (3) weeks of receipt by the OWNER or the owner's representative via electronic means to the delivery address provided. Otherwise the CHARTERER has the right to cancel without penalty.

I have read and understood the terms of this Agreement, plus all additional conditions and/or addenda listed above, before signing. Therefore, to the true and faithful performance of the foregoing YACHT CHARTER PARTY AGREEMENT, said parties hereto bind themselves, their heirs, executors, administrators and assigns, each to the other.

IN WITNESS WHEREOF, the parties have hereunto set their hands on the date written below and have initialed eachpage of the Agreement.

OWNER: Or Authorized Agent WITNESS TO OWNER:

============================= =============================

Signature / Date Signature / Date

Print name: Print name:

CHARTERER: WITNESS TO CHARTERER:

============================= =============================

Signature / Date Signature / Date

Print name: Print name:

Q: Sample MYBA Mediterranean Contract

Sample MYBA Contract - Used in the Mediterranean and for motor yachts in the Caribbean .

MYBA CONTRACT

CLAUSE 1 AGREEMENT TO LET AND HIRE

The OWNER agrees to let the Yacht to the CHARTERER and not to enter into any other Agreement for the Charter of the Yacht for the same period.

The CHARTERER agrees to hire the Yacht and shall pay the Charter Fee, the Security deposit, the Advance Provisioning Allowance and any other agreed charges, in cleared funds, on or before the dates and to the Account specified in this Agreement.

CLAUSE 2 DELIVERY

The OWNER shall at the beginning of the Charter deliver the Yacht to the Port of Delivery and the CHARTERER shall take delivery in full commission and working order, seaworthy, clean, in good condition throughout and ready for service, with full equipment, including up-to-date safety and life-saving equipment (including life-jackets for children if any are carried in the Charterer's party), as required by the Yacht's registration authority and fitted out as appropriate for a Yacht of her size and type and enabling the CHARTERER to use the Yacht as set out in Clause 13. The OWNER does not warrant her comfort in bad weather conditions for all cruises or passages within the Charter Area.

CLAUSE 3 RE-DELIVERY

The CHARTERER shall re-deliver the Yacht to the OWNER at the Port of Re-Delivery free of any debts incurred for the CHARTERER's account during the Charter Period and in as good a condition as when delivery was taken, except for fair wear and tear arising from ordinary use. The CHARTERER may, if he wishes, re-deliver the Yacht to the port of Re-Delivery and disembark prior to the end of the Charter period but such early Re-Delivery shall not entitle the CHARTERER to any refund of the Charter Fee.

CLAUSE 4 CRUISING AREA

The CHARTERER shall restrict the cruising of the Yacht to within the Cruising Area and to within regions in the Cruising Area in which the Yacht is legally permitted to cruise. The CHARTERER shall also restrict time under way to an average of six (6) hours per day, unless the Captain, in his sole discretion, agrees to exceed this time.

CLAUSE 5 MAXIMUM NUMBER OF PERSONS

RESPONSIBILITY FOR CHILDREN

HEALTH OF THE CHARTERER'S PARTY

a) The CHARTERER shall not at any time during the Yacht Charter Period permit more than the Maximum Number of Guests Sleeping or Cruising on Board plus, at the sole discretion of the Captain, a reasonable number of visitors whilst the Yacht is securely moored in port.

b) If children are taken on board, the CHARTERER shall be fully responsible for their conduct and entertainment and no member of the crew shall be held responsible for their conduct or entertainment.

c) The nature of a yacht charter may render it unsuitable for anybody with physical disability or undergoing medical treatment. By signature of this Agreement the CHARTERER warrants the medical fitness of all members of the CHARTERER's party for the voyage contemplated by this Agreement. The CHARTERER and his party undertake to have all necessary visas and vaccinations for the countries to be visited.

CLAUSE 6 CREW

The OWNER shall provide a suitably qualified Captain acceptable to the insurers of the Yacht and a suitably experienced Crew, properly uniformed, fed and insured. The OWNER shall ensure that no member of the Crew shall carry or use any illegal drugs on board the Yacht or keep any firearms on board (other than those declared on the manifest) and shall ensure that the Captain and Crew comply with the laws and regulations of any country into whose waters the Yacht shall enter during the course of this Agreement.

CLAUSE 7 CAPTAIN'S AUTHORITY

The OWNER shall ensure that the Captain shows the CHARTERER the same attention as if the CHARTERER were the OWNER. The Captain shall comply with all reasonable orders given to him by the CHARTERER regarding the management, operation and movement of the Yacht, wind, weather and other circumstances permitting. The Captain shall not, however, be bound to comply with any order which, in the reasonable opinion of the Captain, might result in the Yacht moving to any port or place that is not safe and proper for her to be in, or might result in the CHARTERER failing to re-deliver the Yacht upon the expiration of the Charter Period, or would, in the reasonable opinion of the Captain, cause a breach of clause 13 and/or any other clause of this Agreement. Further, without prejudice to any other remedy of the OWNER, if, in the reasonable opinion of the Captain the CHARTERER or any of his Guests fail to observe any of the provisions of clause 13 and if such failure continues after the Captain has given due and specific warning to the CHARTERER in writing in respect of the same, the Captain shall inform the OWNER and the Broker(s) and the OWNER may terminate the Charter forthwith or instruct the Captain to return the Yacht to the Port of Re-Delivery and upon such return the Charter Period shall be terminated. The CHARTERER and his guests shall disembark, the CHARTERER having settled all outstanding expenses with the Captain beforehand and the CHARTERER shall not be entitled to be refunded any of the Charter Fee.

With particular regard to the use of watersports equipment, as defined in Clause 16, the Captain shall have the authority to exclude the CHARTERER or any or all of his guests from use of any particular watersports equipment if, in his reasonable opinion, they are not competent, are unsafe, are behaving in an irresponsible manner, or are failing to show due concern for other persons when operating this equipment.

CLAUSE 8 OPERATING COSTS

The CHARTERER shall be responsible for the operating costs, as specifically defined under "CONDITIONS" on Page One of this Agreement, for the entire Charter Period for himself and his Guests. Having paid the Advance Provisioning Allowance (A.P.A.) via the Broker's account as required by this agreement, the CHARTERER shall be advised by the Captain, at intervals, as to the disbursement of the A.P.A. and shall, if the balance remaining becomes insufficient, in the light of current expenditure, pay to the Captain, in cash, a sufficient sum to maintain an adequate credit balance.

Prior to disembarkation at the end of the Charter Period, the Captain shall present to the CHARTERER a detailed account of expenditure with as many supporting receipts as possible, and the CHARTERER shall pay the Captain in cash, the balance of the expenses, or the Captain shall repay to the CHARTERER, in cash, any balance overpaid, as the case may be.

Payment for special requirements or equipment, shore transport or excursions or any other expenses not customarily considered part of the Yacht's operating costs may be required to be paid via the broker 's account in advance or to the Captain on boarding in addition to the A.P.A.

Unless specific alternative arrangements have been made in writing, in advance, all payments for operating costs etc. shall be payable in cash in the same currency as the Charter Fee. Payment by cheque, credit card or other negotiable instrument is not normally acceptable due to the itinerant nature of the Yacht's seasonable schedule and the CHARTERER should therefore ensure that he is carrying sufficient cash to cover all reasonably foreseeable expenses or to arrange to deposit additional funds with the Broker.

CLAUSE 9 DELAY IN DELIVERY

a) If, by reason of force majeure (as defined in Clause 18 (a)), the OWNER fails to deliver the Yacht to the CHARTERER at the Port of Delivery at the commencement of the Charter Period and delivery is made within forty-eight (48) hours of the scheduled commencement date, or within one tenth (1/10th) of the Charter period, whichever period is the shorter, the OWNER shall pay to the CHARTERER a refund of the Charter Fee at a pro rata daily rate or if it be mutually agreed the OWNER shall allow a pro rata extension of the Charter Period.

FAILURE TO DELIVER

b) If by reason of force majeure the OWNER fails to deliver the Yacht within forty-eight (48) hours or a period equivalent to one-tenth (1/10th) of the Charter Period, whichever period is the shorter, from the due time of delivery, the CHARTERER shall be entitled to treat this Agreement as terminated. The CHARTERER's exclusive remedy will be to receive repayment without interest of the full amount of payments made by him to the OWNER or Stakeholder. Alternatively, if the parties mutually agree, the Charter Period shall be extended by a time equivalent to the delay.

c) If the OWNER fails to deliver the Yacht at the Port of Delivery at the commencement of the Charter Period, other than by reason of force Majeure, the CHARTERER shall be entitled to treat this Agreement as repudiated by the OWNER. The CHARTERER will be entitled to repayment without interest of the full amount of all payments made by him to the OWNER or Stakeholder, and shall in addition be paid by the OWNER liquidated damages as set out in Clause 9 (e) (iv) below.

CANCELLATION BY OWNER

d) If prior to the commencement of the Charter Period as set out on page 1 of this Agreement, the OWNER tenders notice of cancellation via the Broker and if the cancellation is by reason of force Majeure, the remedy in (b) above will apply. If the cancellation is for any other reason, then the remedy in (c) above will apply.

e) Should the CHARTERER become intitled to liquidated damages for cancellation or failure to deliver the vessel other than by reason of force majeure liquidated damages will be calculated and paid forthwith on the following scale :

i. Three months or more before commencement of the Charter Period, an amount equivalent to fifteen per cent (15%) of the Charter Fee.

ii. More than one month but less than three months before commencement of the Charter Period, an amount equivalent to twenty five per cent (25%) of the Charter Fee.

iii. More than fourteen (14) days, but less than one month before commencement of the Charter Period, an amount equivalent to thirty-five per cent (35%) of the Charter fee.

iv. Less than fourteen (14) days before commencement of the Charter Period, an amount equivalent to fifty per cent (50%) of the Charter Fee.

f) The broker's commission is deemed earned on the signing of this Contract and the OWNER shall pay the whole of the Commission forthwith if the charter is delayed, the vessel is not delivered or the Charter is cancelled in accordance with provisions Clause 9 (a) to (d) above.

CLAUSE 10 DELAY IN RE-DELIVERY

a) If the Re-Delivery of the Yacht is delayed by reasons of force majeure, re-delivery shall be effected as soon as possible thereafter and in the meantime the conditions of this Agreement shall remain in force but without penalty or additional charge against the CHARTERER.

b) If the CHARTERER fails to re-deliver the Yacht to the OWNER at the port of Re-Delivery due to intentional delay or change of itinerary against the Captain's advice, then the CHARTERER shall pay forthwith to the OWNER by direct telegraphic transfer via the Broker/Stakeholder's Account demurrage at the daily rate plus forty percent (40%) of the daily rate, and if delay in re-delivery exceeds twenty-four (24) hours, the CHARTERER shall be liable to indemnify the OWNER for any loss or damage which the OWNER shall suffer by reason of deprivation of use of the Yacht or cancellation of, or delay in delivery under any subsequent Charter of the Yacht.

CLAUSE 11 CANCELLATION BY CHARTERER

a) Should the CHARTERER give notice of cancellation of this Agreement on or at any time before commencement of the Charter Period, the CHARTERER shall remain liable for all payments due prior to and unpaid at the date of cancellation.

Should notice of cancellation be given by the CHARTERER or should the CHARTERER fail after having been given notice to pay any amount payable under this Agreement, the OWNER shall be entitled to treat this Agreement as having been repudiated by the CHARTERER and to retain the full amount of all payments made by the CHARTERER.

RE-LET

b) Without prejudice to the OWNER'S remedies in (a) above, if the OWNER is able to re-let the Yacht to another CHARTERER for all or part of the Charter Period then the OWNER or the Broker/Stakeholder on his behalf shall refund to the CHARTERER such net balance as is due to the CHARTERER after re-letting which is to be calculated upon the following basis:

The original Charter Fee, net of commissions, shall be deducted from the net hire for the Charter Period due to the OWNER from the re-letting. To this figure is to be added all reasonable additional expenses, including commissions, incurred by the OWNER on re-letting. The figure as calculated will be deducted from the monies actually received from the CHARTERER and any remaining credit balance due to the CHARTERER will be repaid. The intention is that the OWNER shall not receive less in net proceeds from any re-letting than would have been received if the original Agreement had been fulfilled. The OWNER shall use his best endeavours to re-let the Yacht and shall not unreasonably withhold his agreement to re-let, although charters, which may reasonably be considered detrimental to the yacht, its reputation, its crew or its schedule, may be refused.

FINANCIAL FAILURE OF THE OWNER

c) If, after signature of this Agreement, the OWNER suffers financial failure, the CHARTERER

reserves the right to cancel the Charter, whereupon the OWNER shall immediately release the

CHARTERER from his obligations under this Agreement and all monies shall be refunded without deduction. The OWNER shall remain liable to pay to the Broker the commission which would have been earned had it not been for the OWNER'S financial failure.

In this context, 'financial failure' shall include but not be limited to bankruptcy, liquidation,

receivership, voluntary arrangements with Creditors, or similar arrangements or interventions (be they judicial or non-judicial) made as a result of the OWNER'S becoming insolvent.

CLAUSE 12 BREAKDOWN OR DISABLEMENT

a) If, after delivery, the Yacht at any time is disabled by breakdown of machinery, grounding, collision or other cause so as to prevent reasonable use of the Yacht by the CHARTERER for a period of not less than twelve (12) consecutive hours or one-tenth (1/10th) of the Charter Period, whichever is the shorter, and not more than forty-eight (48) consecutive hours or one-tenth (1/10th) of the Charter Period, whichever is the shorter (and the disablement has not be brought about by any act or default of the CHARTERER), the OWNER shall make a pro rata return of the Charter Fee from the date and time when the Yacht was disabled or became unfit for use. The CHARTERER shall remain liable for normal expenses during this period. If it be mutually so agreed, the OWNER shall allow a pro rata extension of the Charter Period. If the CHARTERER considers the circumstances justify the invoking of this clause, he shall give immediate notice in writing to the Captain that he wishes to do so.

b) If, however, the Yacht is lost, or is so extensively disabled as aforesaid that the Yacht cannot be repaired within a period of forty-eight (48) hours or one-tenth (1/10th) of the Charter Period, whichever is the shorter the CHARTERER may terminate this Agreement by notice in writing to the OWNER or the Broker(s) or, if no means of communication is possible, to the Captain on the OWNER'S behalf, and as soon as practicable after such termination the Charter Fee shall be repaid by the OWNER pro rata without interest for that part of the Charter Period remaining after the date and time that the loss or disablement occurred. In these circumstances the CHARTERER may affect Re-Delivery by giving up possession of the Yacht where she lies. The CHARTERER shall be intitled to recover from the OWNER the reasonable cost of returning himself and his passengers to the port of Re-Delivery by scheduled services, together with any accommodation expenses reasonably necessary for this purpose.

CLAUSE 13 USE OF THE YACHT

The CHARTERER shall use the Yacht exclusively as a pleasure vessel for the use of himself and his Guests. The CHARTERER shall ensure that no pets or animals are brought on board the Yacht without the consent in writing of the OWNER. The CHARTERER shall ensure that the behaviour of himself and his Guests shall not cause a nuisance to any person or bring the Yacht into disrepute.

The CHARTERER shall comply and shall ensure that his Guests comply, with the laws and regulations of any country into whose waters the Yacht shall enter during the course of this Agreement.

The charterer shall ensure that any bonded stores or other merchandise which may already be aboard the Yacht, or may be brought aboard the Yacht during the Charter, are cleared through Customs before being taken ashore.

The Captain shall promptly draw the CHARTERER's attention to any infringement of these terms by himself or his Guests, and if such behaviour continues after this warning, the Captain shall inform the OWNER or his Broker, and the OWNER may, by notice in writing given to the CHARTERER, terminate this agreement in accordance with clause 7 of this Agreement.

If the CHARTERER or any of his Guests shall commit any offence contrary to the laws and regulations of any country which results in any member of the crew of the Yacht being detained, fined or imprisoned, or the Yacht being detained, arrested, seized or fined, the CHARTERER shall indemnify the OWNER against all loss, damage and expense incurred by the OWNER as a result, and the OWNER may, by notice to the CHARTERER terminate this Agreement forthwith.

It is also specifically understood that the possession or use of any illegal drugs or any weapons (including particularly firearms) shall be sufficient reason for the OWNER to terminate the Charter forthwith without refund or recourse against the OWNER.

CLAUSE 14 NON-ASSIGNMENT

The CHARTERER shall not assign this Agreement, sub-let the Yacht or part with control of the Yacht without the consent in writing of the OWNER, which consent may be on such terms as the OWNER thinks fit.

CLAUSE 15 SALE OF THE YACHT

a) The OWNER agrees not to sell the Yacht during the Charter Period as set out on Page One of this Agreement.

b) Should the OWNER agree to sell the Yacht after the signing of this Charter Agreement, but before delivery to the CHARTERER, the OWNER shall immediately give notice of such sale in writing to the CHARTERER via the Broker. This information shall be kept in strict confidence by all parties to the Agreement.

Should the vessel be sold one of the following provisions will apply:

i) The OWNER shall arrange for the buyer to take over the Charter Agreement and perform the Charter on the same terms and conditions, either by assignment of the original Charter or by way of a new Charter Agreement between the CHARTERER and the buyer and written cancellation without penalty of the original Agreement.

Where the Charter is taken over by the Buyer on the same terms and conditions there shall be no penalty against the OWNER and no additional commission due to the Broker.

ii) If the Buyer is unwilling or unable to fulfil the Charter agreement, the OWNER hereby appoints the Broker to procure the Charter of a replacement yacht of similar or superior standard and condition for the Charter period. If a suitable replacement vessel is found a new Charter Agreement shall be prepared and this original Agreement cancelled. The OWNER shall pay the Broker's commission on the original Charter and the broker may retain any commission due on the replacement yacht.

iii) Should the OWNER be unable to obtain a similar or superior Yacht for the use of the CHARTERER on the same terms as this original Agreement or should the CHARTERER reject the proposed replacement (the CHARTERER shall not unreasonably reject a substitute yacht of same or superior standard) then this Charter Agreement shall be considered as having been cancelled by the OWNER in accordance with Clause 9. All payments made by the Charterer shall be promptly repaid in full to him without deduction, and in addition liquidated damages calculated in accordance with Clause 9 (e), i, ii, iii or iv as appropriated shall be paid. The Broker shall be paid by the OWNER the full commission due on this original Agreement.

CLAUSE 16 INSURANCE AND CHARTERER'S LIABILITY

a) The OWNER shall insure the Yacht with first-class insurers against all customary risks for a Yacht of her size and type on Institute Yacht Clauses 1.11.85 or other recognised terms extended to provide Permission to Charter and to cover Third Party liability, Water Skiers liabilities together with liabilities arising from the use by the CHARTERER and other competent person(s) authorised by him of jetskis, surfjets, waveriders and other similar powered craft as well as windsurfers, dinghies, catamarans or other water-sports equipment carried by the Yacht. The insurance shall also cover War and Strikes and include insurance of Crew against injuries and/or Third Party liabilities incurred during the course of their employment. The CHARTERER shall be entitled to the benefit of the OWNER's insurances.

b) All such insurance shall be on such terms and subject to such deductibles as are customary for a vessel of the Yacht's size and type. Copies of all relevant insurance documentation shall be available for inspection by the CHARTERER prior to the Charter on reasonable notice to the OWNER, and shall be carried on board the Yacht.

c) Under normal circumstances the CHARTERER shall only be liable for such costs or losses as may be incurred repairing damage caused by the CHARTERER or his guests (intentionally or otherwise) to the Yacht or any third party up to the level of the Excess (Deductible) on the OWNER's insurance policy for each separate accident or occurrence.

d) The CHARTERER may be liable for a sum greater than the Excess (Deductible) on any one accident or occurrence if the CHARTERER or any of his guests acted in such a manner (intentionally or otherwise) as to void, or limit, the cover under the OWNER'S insurance.

e) CHARTERER's liability insurance is not included in this Agreement but is available.

f) The CHARTERER shall carry independent insurance for Personal Effects whilst on board or ashore and for any Medical or Accident expenses incurred other than as covered under the Yacht's insurance.

g) Cancellation and Curtailment insurance is not included in this Agreement but is available.

CLAUSE 17 SECURITY DEPOSIT

Unless otherwise provided on page One of this Agreement, the Security Deposit shall be held by the Stakeholder in his Stakeholder's Account on the OWNER'S behalf and may be used in, or towards, discharging any liability that the CHARTERER may incur under any of the provisions of this Agreement, but to the extent that it is not so used, the Security Deposit shall, within twenty-four (24) hours of the end of the Charter Period, or the settlement of all outstanding questions, whichever is the later, be refunded to the CHARTERER without interest.

CLAUSE 18 DEFINITIONS

a) FORCE MAJEURES

In this Agreement 'force majeure' means any cause directly attributable to acts, events, non-happenings, omissions, accidents or Acts of God beyond the reasonable control of the OWNER or the CHARTERER (including, but not limited to strikes, lock-outs or other labour disputes, civil commotion, riots, blockade, invasions, war, fire, explosion, sabotage, storm, collision, grounding, fog, governmental act or regulation, major mechanical or electrical breakdown beyond the crew's control and not caused by the OWNER'S negligence). Crew changes do not constitute force majeure. Force majeure does not excuse the OWNER from payment of commissions.

b) OWNERS, CHARTERERS AND BROKERS

Throughout the Agreement the terms 'OWNER', 'CHARTERER' and 'Broker' and corresponding pronouns shall be construed to apply whether the OWNER, CHARTERER or Broker is male, female, or corporate, singular or plural, as the case may be.

CLAUSE 19 SALVAGE

During the period of the Charter, the benefits, if any, from all derelicts, salvages and towages, after paying the crew's proportion, hire for the relevant period and expenses, shall be shared equally between the OWNER and the CHARTERER.

CLAUSE 20 ARBITRATION & LAW

Unless otherwise specified in the appropriate space on Page One of this Agreement, any dispute in connection with the interpretation and fulfilment of this Agreement shall be decided by arbitration in London and in accordance with the laws of England . The dispute shall be referred to a single Arbitrator to be appointed by the parties hereto. If the parties cannot agree upon the appointment of a single Arbitrator, the dispute shall be settled by three Arbitrators, each party appointing one Arbitrator, the third being appointed by the current President of the Mediterranean Yacht Brokers Association or the American Yacht Charter Association.

Appointment of Arbitrators, or substitution of Arbitrators who are not available, shall be made within two (2) weeks of written notice by the other party, failing which the President of the Association appointing the third Arbitrator shall also appoint an Arbitrator on behalf of the party who fails to appoint one.

The award rendered by the Arbitration shall be final and binding upon both parties and may if necessary be enforced by the Court or any other competent authority in the same manner as a judgement in High Court.

If notice of Arbitration proceedings is given by either party, the Stakeholders, after receiving notification of such proceedings, shall not deal with those monies held by them without the agreement of both parties or in accordance with the order of the Arbitrators or their final award. The monies should be held in a designated client account. This account should be interest bearing where national banking rules permit. The Stakeholders may, with the agreement of both parties, pay the monies into an escrow account jointly controlled by the accredited legal representatives of both parties pending the result of the Arbitration.

CLAUSE 21 BROKERS

The Brokers shall sign this agreement for the purpose of this Clause only. By their signatures to this Agreement the OWNER and the CHARTERER both confirm and agree to the following:

a) The Brokers' commission shall be deemed to be earned by the Broker(s) upon the signing of this Agreement and be payable by the OWNER on the full Charter Fee plus the Delivery Fee, if applicable, but excluding running expenses, according to Clause 22 below, whether or not he defaults for any reason including force majeure. In the event of Cancellation or Curtailment by the CHARTERER, the commission shall be deducted as an expense from the deposit.

b) If the CHARTERER should extend this Charter, the Brokers shall be entitled to and shall be paid by the OWNER, commission on the gross Charter Fee for the extension, on the same basis as provided herein.

c) If the CHARTERER should re-charter the Yacht from the OWNER, his Agent or his representative, within two (2) years from the date of completion of this Charter, whether or not on the same terms, then the Broker shall be entitled to, and shall be paid by the OWNER, commission on the gross Charter Fee paid for that further charter upon the same basis as provided herein.

However, if the CHARTERER should choose to re-charter the yacht within this two-year period via another bona fide Broker, to whom the customary or normal commission as defined by M.Y.B.A. is being paid, then the OWNER shall only be obliged to pay a reduced commission of one-third (1/3rd) the full rate to the original Broker. This only applies following the free choice of the CHARTERER and is not relevant if the change of Broker is suggested or solicited by the OWNER.

d) In any agreement should be reached directly between the CHARTERER and the OWNER for the purchase of the yacht within two (2) years from the date of completion of this charter then the Broker(s) shall be entitled to and be paid by the OWNER the customary or normal brokerage commission as defined by M.Y.B.A. However, should the CHARTERER purchase the yacht from the OWNER via a recognised Sales Broker to whom the customary or normal commission as defined by M.Y.B.A. is being paid then the OWNER shall pay, or shall ensure that the new Broker shall pay, a sum equivalent to not less than fifteen (15%) percent of the gross sales commission . It is the responsibility of the OWNER to advise any future Sales Broker of this liability. Any dispute under this Clause may be separately arbitrated.

e) The Brokers in this Agreement shall have no responsibility for any loss, damage or injury to the person or property of the OWNER or CHARTERER or any of their Guests, servants or agents, and further the Brokers shall be under no liability for any errors of judgement or description or otherwise of whatsoever nature and howsoever arising and shall be under no further obligation, duty or responsibility to the OWNER or CHARTERER save as set out herein. The OWNER and the CHARTERER shall jointly and severally indemnify and hold harmless the Brokers for any loss or damage sustained by them as a result of any liability by the Brokers to any Third Party (person, firm, company or authority) arising from promoting or introducing this Charter, assisting in the performance of this Agreement or performing their duties as Stakeholders.

f) For the purposes of this Clause, the terms OWNER and CHARTERER shall be understood to mean the named company or individual, or any company owned or controlled by them including companies owned indirectly or via Trustees, any Director of such a company, Beneficial OWNER, Nominee, Agent or Charterer's Guest.

CLAUSE 22 PAYMENT OF CHARTER FEES AND OTHER MONIES TO THE OWNERS

All funds received by the Broker(s) against this Agreement shall be transferred immediately upon receipt to the Stakeholder (if the first Broker is not the Stakeholder) and then held by the Stakeholder on a designated Account in the currency of this Agreement.

Fifty (50%) percent of the Charter Fee and Delivery and/or Re-Delivery Fees (if applicable) shall be paid to the OWNER by the Stakeholder, after deduction of the full commission by Bank Transfer on the date of commencement of the Charter Period or on the first working day thereafter. The Advance Provisioning Allowance (APA) together with any Delivery or Re-Delivery costs shall also be paid by the Stakeholder, by bank transfer, just prior to embarkation although payment may be made somewhat earlier, depending upon the schedule of the yacht and local banking arrangements.

Payment of the A.P.A. and Delivery and Re-Delivery costs shall be to the Captain or the OWNER for onward transmission to the Captain. The balance of the Charter Fee shall be paid to the OWNER on the first working day following completion of the Charter Period.

CLAUSE 23 COMPLAINTS

The CHARTERER shall give notice of any complaint in the first instance to the Captain on board and note shall be taken of the time, date and nature of the complaint.

If, however, this complaint cannot be resolved on board the Yacht, then the CHARTERER shall give notice to the OWNER or to the Broker on the OWNER's behalf as soon as practicable after the event giving rise to the complaint has taken place and anyway within twenty-four (24) hours of the event or occurrence unless it is impracticable due to failure or non-availability of communications equipment. The complaint may be made verbally in the first instance but shall be confirmed as soon as possible in writing (by fax, telex or mail) specifying the precise nature of the complaint.

CLAUSE 24 NOTICES

Any notice given or required to be given by either Party to this Agreement shall be communicated in any form of writing and shall be deemed to have been properly given if proved to have been dispatched pre-paid and properly addressed by mail or bona fide courier service or by fax or telex, in the case of the OWNER, to him or to the Broker at their addresses as per this Agreement or, in the case of the CHARTERER, to his address as per this Agreement or, where appropriate, to him on board the Yacht.