Date: ________________________________

This Agreement (the "Agreement") is entered into on the date specified above by and between:

  1. Buyer:
    Name: ____________________________________
    Address: __________________________________
    Citizenship: _____________________________

  2. Seller:
    Name: ____________________________________
    Address: __________________________________
    Citizenship: _____________________________

  3. Yacht: The yacht being sold is identified as:
    Name: ____________________________________
    Model/Year: ______________________________
    Registration Number (if applicable): _________
    Description/Details: _______________________
    (Further description and attached inventory in Attachment(s) ______)

  4. Brokers:
    Selling Broker: ____________________________
    Listing Broker: ____________________________

1. Price and Deposit

  • Selling Price: $__________________ (Amount in words: ____________________)
  • Deposit: $__________________ (Amount in words: ____________________), to be paid upon execution of this Agreement. The deposit will be held in escrow by the Selling Broker until the completion of the sale.
  • Balance Payment: The remaining balance of the Selling Price will be paid in collected funds at the closing. If any payment method other than collected funds is agreed upon, both Buyer and Seller agree to indemnify and hold the Brokers harmless from any liability related to such payment.

2. Survey

  • Survey Right: The Buyer has the right to survey the yacht at their expense to verify its condition.

    • The Buyer may examine the yacht and its inventory in a non-destructive manner.
    • If the yacht is in the water, the Seller may specify the boatyard for the survey. The Seller bears the risk and cost of transporting the yacht for the survey.

  • Surveyor Employment: The Buyer will employ the surveyor(s), and the Buyer agrees that any claims arising from the survey cannot be asserted against the Brokers.

3. Acceptance of the Yacht

  • The Buyer must notify the Selling Broker in writing of their acceptance or rejection of the yacht and inventory by 5:00 PM local time on ___________________.
  • If the Buyer fails to notify by the specified time, the yacht and inventory will be deemed rejected, subject to the terms of Section 7.

4. Termination of Agreement

  • If the Buyer rejects the yacht, the Agreement is terminated, and the deposit will be returned to the Buyer (subject to any deductions for survey costs or fees).

5. Closing

  • The closing will occur by 5:00 PM local time on or before ____________ at the office of _______________ (address).
  • The sale is deemed completed when:
    • All necessary documents to transfer title to the yacht are provided.
    • The balance of the Selling Price is paid in collected funds to the Seller or the Selling Broker on behalf of the Seller.

6. Time of Essence

  • The parties agree that time is of the essence for all deadlines and dates in this Agreement, including those specified in Sections 3 and 5.

7. Additional Provisions

  • (If applicable, enter additional terms here. Otherwise, write "NONE").

8. Seller’s Representations

The Seller warrants and agrees:
A. The Seller has full legal authority to execute this Agreement and sell the yacht.
B. The yacht will be free of any encumbrances (e.g., mortgages, liens) at closing.
C. The yacht will be delivered as agreed by the Buyer on or before ____________________.
D. The Seller will bear any duties, taxes, and fees until closing and indemnify the Buyer and Brokers against any related claims.
E. The Seller will defend the Buyer and Brokers from any claims arising before closing that affect the yacht’s condition or title.
F. The Seller will pay the Brokers’ commission immediately upon sale completion.

9. Buyer’s Representations

The Buyer warrants and agrees:
A. The Buyer has legal authority to execute this Agreement and complete the purchase.
B. At closing, the Buyer will deliver:

  1. The balance of the Selling Price in collected funds.
  2. Any fees or charges incurred by the Brokers for the Buyer (e.g., survey costs).
  3. Any documents required to complete the purchase.
    C. The Buyer agrees to pay any applicable sales taxes or use taxes related to the sale and indemnify the Seller and Brokers.
    D. The Buyer will only have possession of the yacht after closing.

10. Interim Responsibilities

  • The Seller bears all risks of loss or damage to the yacht until closing.
  • Any damages to the yacht after survey acceptance and before closing must be repaired at the Seller's expense.
  • The Seller agrees not to use the yacht after the survey except for necessary movements or sea trials.

11. Default by Seller

  • If the Seller fails to deliver the yacht or perform any terms of the Agreement, the Seller must pay all survey costs and the Brokers' full commission.
  • If the sale cannot be completed due to non-negligent damage to the yacht, the Selling Broker may return the deposit, deducting any expenses incurred by the Buyer.

12. Default by Buyer

  • If the Buyer fails to fulfill obligations after accepting the yacht, the deposit will be retained as liquidated damages. The deposit will be split equally between the Seller and Brokers, after covering any expenses incurred by the Buyer.

13. Arbitration of Disputes

  • Any unresolved dispute will be referred to arbitration under the rules of the American Arbitration Association. Arbitration will take place in the city of the Selling Broker’s office unless otherwise agreed.
  • The arbitral authority’s award will be final and binding on both parties, and costs and reasonable attorney’s fees may be awarded to the prevailing party.

14. Broker Representation

  • The Seller acknowledges the Listing Broker represents their interests, while the Buyer acknowledges the Selling Broker represents their interests. If a sole broker is involved, that broker represents both parties.

15. Legal Fees

  • If the Brokers are involved in litigation or arbitration not found to be at fault, they are entitled to reimbursement for legal fees and costs from the party at fault.

16. Miscellaneous Provisions

A. This Agreement shall be governed by the law of the Seller’s Broker’s principal office state.
B. This Agreement constitutes the entire understanding between the Buyer and Seller and may not be modified except in writing.
C. The Agreement is binding upon the successors and assigns of both parties.
D. The Agreement survives the closing and is not affected by any documents executed at or after closing.

Signatures

Buyer: ________________________
Date: ___________________________

Seller: ________________________
Date: ___________________________