ABSTRACT
A yacht-builder undertakes the construction of a yacht for a customer using the builder's standard form building contract, or alternatively under a bespoke contract negotiated by the two parties or their advisers. In the case of larger yachts and superyachts, the most commonly used form is the one approved by Mediterranean Yacht Brokers Association (MYBA)—The Worldwide Yachting Association, the so-called MYBA Memorandum of Agreement (MYBA MOA). This chapter provides a clause-by-clause commentary of the most crucial provisions of the MYBA MOA. It is not meant to be an exhaustive analysis of the many legal issues surrounding sale and purchase of second-hand tonnage. The chapter presents the three main sections of the MYBA form: seller's rights and obligations; buyer's rights and obligations; and final provisions. , taxes, costs and fees on the vessel between seller and buyer are allocated in the very same way by Clauses 23 and 32 respectively.
