This Acceptance of Vessel (the “Agreement”) is made and entered into on this _______________ (date), by and between:

  1. [Buyer’s Full Legal Name], of _______________________________________________________ (address), a citizen of ___________________________________________ (“Buyer”), and
  2. [Seller’s Full Legal Name], of _______________________________________________________ (address), a citizen of ___________________________________________ (“Seller”), collectively referred to as the “Parties.”

WHEREAS, the Buyer and Seller previously entered into a Yacht Purchase and Sale Agreement (the “Original Agreement”) for the sale of the vessel described as follows:

  • Vessel Name: ___________________________
  • Make/Model: ___________________________
  • Year of Manufacture: ___________________
  • Hull Identification Number (HIN): ______________________
  • Registration Number: ______________________

WHEREAS, the Buyer has inspected the vessel and is satisfied with its condition, including all equipment, documentation, and legal transfer requirements as stipulated in the Original Agreement.

WHEREAS, the Buyer is now ready to formally accept the vessel and complete the sale transaction under the terms set forth in the Original Agreement.

NOW, THEREFORE, the Parties agree as follows:

1. ACKNOWLEDGEMENT OF VESSEL CONDITION

The Buyer hereby acknowledges and confirms the following:

  • A. Vessel Inspection
    The Buyer has completed a thorough inspection of the vessel, including a survey, sea trial, and any other tests deemed necessary by the Buyer or their representative. The vessel is found to be in satisfactory condition, as per the standards outlined in the Original Agreement, and the Buyer is fully satisfied with the vessel’s condition.

  • B. Documentation
    The Seller has provided all necessary documents to the Buyer for the transfer of clear and marketable title to the vessel. These documents include, but are not limited to, the following:

    • Certificate of Title
    • Bill of Sale
    • Proof of Registration
    • Lien Release (if applicable)
    • Maintenance Records (if applicable)

    The Buyer confirms that all documentation is in order and free of any encumbrances or legal disputes.

  • C. Equipment and Inventory
    The Buyer has verified that all equipment and accessories listed in the Original Agreement, or otherwise agreed upon, are present, functional, and in good condition. This includes, but is not limited to:

    • Engines and mechanical systems
    • Electrical systems
    • Safety equipment (life jackets, fire extinguishers, etc.)
    • Navigation systems
    • Hull and deck fittings

    The Buyer confirms that all listed equipment is intact and operational, as stipulated in the Original Agreement.

2. FINAL ACCEPTANCE

By signing this document, the Buyer formally accepts the vessel in its current condition and acknowledges that all the terms and conditions set forth in the Original Agreement have been met. The Buyer confirms that:

  • A. Full Satisfaction
    The Buyer is fully satisfied with the condition of the vessel, the completion of necessary repairs (if any), and the delivery of all required documentation. There are no outstanding issues or claims regarding the vessel, and the Buyer is content with the purchase.

  • B. No Further Claims
    The Buyer agrees that, once the vessel is accepted, there will be no further claims, demands, or actions against the Seller concerning the vessel’s condition, equipment, or documentation, except for those specifically covered under any warranties or guarantees provided in the Original Agreement.

3. TRANSFER OF OWNERSHIP AND PAYMENT

The Parties acknowledge and agree that, upon acceptance of the vessel, the transfer of ownership is effective as of the date of this Acceptance. The Buyer has paid or will pay the full purchase price, as per the terms outlined in the Original Agreement, and the Seller acknowledges receipt of all payment due.

  • A. Closing Date
    The closing of the sale, where final payment is made, will take place on or before [insert date]. The Buyer and Seller agree that all financial transactions will be settled before this date.

4. REPRESENTATIONS AND WARRANTIES

The Seller represents and warrants that, to the best of their knowledge, the vessel:

  • Has no hidden defects or issues that would affect its use or value, other than those disclosed to the Buyer in the Original Agreement.
  • Is free from any legal claims, liens, or encumbrances, and the Seller has full authority to transfer ownership of the vessel.
  • Complies with all relevant maritime safety standards and regulations.

5. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of [insert jurisdiction], without regard to its conflicts of laws principles.

6. ENTIRE AGREEMENT

This Acceptance of Vessel, together with the Original Agreement and any other documents referenced herein, constitutes the entire agreement between the Parties with respect to the acceptance and completion of the sale of the vessel. Any prior agreements, representations, or understandings are superseded by this document.

7. EXECUTION OF AGREEMENT

The Parties hereby acknowledge and agree to the terms of this Acceptance of Vessel.

BUYER

Name: ___________________________
Signature: ________________________
Date: ____________________________

SELLER

Name: ___________________________
Signature: ________________________
Date: ____________________________

NOTARY ACKNOWLEDGEMENT (Optional, depending on jurisdiction)

State of ________________
County of _______________

On this _______________ day of ____________, 20, before me, a Notary Public, personally appeared ___________________________ (Name of Buyer) and ___________________________ (Name of Seller), known to me or satisfactorily proven to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained.

Notary Public: ________________________
My Commission Expires: ________________