This Conditional Acceptance of Vessel (the “Agreement”) is made and entered into on this _______________ (date), by and between:
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:
WHEREAS, the Buyer wishes to conditionally accept the vessel, subject to certain conditions, pending the successful completion of inspections, repairs, or other stipulations as set forth in this Agreement.
NOW, THEREFORE, the Parties agree to the following terms and conditions for the conditional acceptance of the vessel:
The Buyer hereby conditionally accepts the vessel, subject to the satisfaction of the following conditions:
A. Vessel Survey and InspectionThe Buyer will have the right to inspect and survey the vessel at the Buyer’s expense. The inspection must be completed within [insert number of days] from the date of this Agreement. The Buyer may, at their discretion, use a qualified marine surveyor to conduct the inspection.
B. Survey ReportA written survey report from an independent marine surveyor, detailing the vessel's condition, including hull integrity, engine condition, electrical systems, safety equipment, and other critical aspects of the vessel, must be provided to the Buyer within [insert number of days] after the inspection. The Buyer reserves the right to refuse acceptance of the vessel if the survey report reveals any significant defects or concerns.
C. Sea TrialThe Buyer will conduct a sea trial of the vessel at their own expense, which must be completed within [insert number of days] from the date of this Agreement. The sea trial should confirm that the vessel operates as represented by the Seller.
D. Necessary Repairs and CorrectionsIf the survey or sea trial reveals any defects, the Seller agrees to repair or correct these defects at their own cost, unless otherwise agreed upon. These repairs must be completed to the satisfaction of the Buyer, and the Buyer must be provided with documentation of the repairs.
E. Documentation of Ownership and Clear TitleThe Seller must provide the Buyer with all necessary documents to transfer clear and marketable title to the vessel, including but not limited to the Certificate of Title, Bill of Sale, proof of registration, and any necessary lien release documents. The vessel must be free from any encumbrances, liens, or other legal claims.
F. Equipment and Inventory VerificationThe Buyer shall verify that all equipment and accessories listed in the Original Agreement are present and in good working order. Any missing or non-functional items must be replaced or repaired by the Seller.
The Buyer will have an inspection period of [insert number of days] from the date of this Agreement to inspect the vessel. If the Buyer does not complete the inspection and submit the surveyor’s report within this period, the Buyer’s conditional acceptance will become null and void, and this Agreement will be deemed terminated.
A. AcceptanceIf the conditions outlined above are satisfied to the Buyer’s satisfaction, the Buyer will issue a formal written notice of acceptance to the Seller. Upon receipt of such notice, the Original Agreement will remain in full force and effect, and the closing of the sale will proceed as per the terms specified in the Original Agreement.
B. RejectionIf the conditions are not met or if the survey or sea trial reveals any issues that cannot be corrected to the satisfaction of the Buyer, the Buyer reserves the right to reject the vessel. In this case, the Buyer may terminate the Original Agreement, and any deposits or payments made by the Buyer will be refunded in full, subject to the terms of the Original Agreement.
If the Buyer accepts the vessel after completing the conditions set forth in this Agreement, the closing of the sale shall take place on or before [insert closing date] unless otherwise agreed upon by the Parties. All funds due under the Original Agreement shall be paid in full at the closing.
This Agreement shall be governed by and construed in accordance with the laws of [insert jurisdiction], without regard to its conflicts of laws principles.
This Agreement may only be amended, modified, or supplemented by a written document executed by both Parties. Any waiver of any provision of this Agreement must be in writing and signed by the Party waiving the provision.
This Agreement, together with the Original Agreement and any other documents referenced herein, constitutes the entire agreement between the Parties with respect to the conditional acceptance of the vessel. Any prior agreements, representations, or understandings are superseded by this Agreement.
The Parties hereby acknowledge and agree to the terms of this Conditional Acceptance of Vessel.
Name: ___________________________Signature: ________________________Date: ____________________________
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: ________________
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