CYBA Webinar Oct 9th 2020- Contract

Board Director Jennifer Augspurger participated on the panel speaking at the CYBA Inclusive Charter Agreement V.2020.02: Click here to download.

• • Changes made:
    • Page 1 Broker now joins this agreement for Clause 10
    • Page 1 The Owner and Charterer have read, understood, and agreed to the terms
    • Clause 7: Broker is liable for funds on his account and stakeholder on theirs
    • Clause 10. C. ii. Cancelation is 35% of the charter fee. We changed 65% refund to 35% cancellation to make it less ambiguous in the case when the client only made one payment
    • Clause 10. C. If FM happens within 2 weeks of the commencement then the owner should communicate within 24 hours
    • Clause 12, Captain’s authority shortening
    • Added various “the” to the Owner, Broker, Stakeholder, and Charterer

CYBA: We, as an association, understand the importance of one standard agreement. This view has been also shared by many other players like Central Agents, Crews, and Owners. It is also a fact that the current COVID pandemic has accelerated this need. We all understand that in order to resolve situations like the one we are going through, standard terms and conditions are a must. The goal is to go through challenges as an industry and stay together.  

We have made a huge effort to try and listen to as many voices as we can. CYBA and other contributors to this Agreement have endeavored to really give attention to all points of view and as a result, many concessions have been made. However, it is also important to consider that it is impossible to address everyone’s point of view in one single document. We believe we have covered the most common scenarios in a fair and practical way, nevertheless, if a yacht owner or client has unique terms that are not covered in the Contract, then these can always be addressed in the Special Conditions.  

We look forward to the adoption of this Agreement by all players in the industry. We hope this contract will set the basis to grow our industry by providing more and clear terms to common scenarios we occasionally face.