The terms and conditions of the majority of yacht charters undertaken in the Mediterranean and even further field are governed by the Mediterranean Yacht Broker Association (MYBA) Charter Agreement.
The MYBA Charter Agreement was developed by MYBA for the benefit of its members and clients in an effort to set out a user-friendly document that would standardise the framework governing the charter of yachts.
The agreement has been modified over time to reflect changes in regulations and to improve its usability. The agreement currently ‘in force’ is the 2009 MYBA Charter Agreement so this latest update is significant.
The new 2014 MYBA Charter Agreement which will replace the 2009 version largely follows the same format as previous agreements but incorporates a number of changes.
A specimen copy of the new 2014 MYBA Charter Agreement can be downloaded here. All changes highlighted in red.
→ MYBA Charter Agreement Specimen
Significant changes include:
- The 2014 MYBA Charter Agreement is dated 2014 down the right hand side of each and every page to show that it is the latest version.
- The 2014 Charter Agreement is designed to be signed electronically with the intention of removing the need for original agreements to be circulated between the parties. This is particularly helpful in cases where a charter may be arranged at short notice when it can provide logistically difficult to circulate original documents around all parties.
- Greater consideration is given to the accounting of VAT on charters with a specific provision for VAT to be included when necessary.
- The second page of the agreement is designed to allow greater scope for the inclusion of any special provisions. For the time being where VAT is to be accounted for on the contract a special condition will added as standard concerning VAT.
The inclusion of VAT is symptomatic of the need for most owners to properly account for VAT due in the EU states from where they will commence their charter activity.
We at Oceanskies are able to provide turnkey yacht charter packages liaising with fiscal agents in the countries where the yacht is chartering.
We are happy to discuss any aspect of the legal and fiscal considerations of chartering with new and existing clients and we also have produced a number of online guides to the charter regulations in the most popular EU state which can be found on the guides section of our website here:
Please do not hesitate to contact us for further information.