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YACHT CHARTER TERMS

1 Charter payment
1.1 The partnership shall let on bareboat charter and the charterer shall hire the yacht for the charter period.
1.2 The advance payment shall be paid to the company on the signing of the agreement balance payment and the security deposit shall be paid to the company no later than 2 weeks prior to the commencement of the charter. All monies payable hereunder are deemed due upon acceptance of the booking.

2 Security deposit
2.1 The company may retain and apply the security deposit in reduction or extinction of:
2.1.a Any liability of the chaterer of the company, howsoever the same may arise and / or
2.1.b The cost of repairing any loss or damage to the yacht, her requirement of furnishing which occurs during the charter periode and which for any reason not recoverable under the Yacht insurance, howsoever the same may rise: and/or
2.1.c Any liability arising from damage caused to third property. Providing that such retention shall be without prejudice to the right of the company to recover any unsatisfied balance or such liability or cost from charterer.
2.2 Remaining shall be returned to the charterer within 14 days after the redelivery of the Yacht.

3 Company's obligation
3.1 The Company shall deliver the yacht to the charterer or his appointed representative in good and seaworthy condition complying with the provisions of the law of the flag of the Yacht. In the event of any loss of any time occasioned as the result of the company failure to comply with the provisions of this clause, the Charterer's damages shall be limited to the chaterer fee and the company shall have no liability for consequential losses of whatsoever nature.
3.2 The company will use their best endeavours to deliver the Yacht to the chaterer at the agreed time and place. If for any reason the Yacht shall not be delivered, a pro-rata refund will be made to the charterer for each complete 12hours delay. If such delay exceeds 25% of total charter period, the charterer shall be at liberty to treat the charter as determined and the company shall thereupon return all sums paid. In the event the company shall not be liable to pay the chaterer any other compensation for any loss or damage of whatsoever nature resulting from the curtailment or cancellation of this charter.

4 Insurance
4.1 The yacht and her equipment should be insured on the terms of the Institute Yacht Clauses or on terms similar thereto for her value with third party damage cover of no less than £500,000 subject to a policy deductible no greater than the security deposit.
4.2 Notwithstanding the provisions of clause 4.1, the charterer shall indemnify the company in respect of any loos of or damage to the yacht or her equipment or any other expenses or liability arising out of any act or omission of the charterer, his servant or agents or any member of his party which is not for any reason covered by yacht's insurance.
4.3 The company shall have no liability for death or personal injury suffered by charterer, his servant, agent or any member of his party save at the event that same is caused his wilful default.
4.4 The chaterer will not take the Yacht outside the cruising limits nor do any other act which may vitiate the yacht 's insurance or prejudice his right to claim hereunder

5 Charterer's obligations
5.1 The charterer warrants that he/she and his/her crew have experience to safely handle the yacht.
5.2 The charterer shall pay for all the expenses during the charter period and to the extent that upon return, any consumables which have not been restored to their level upon handover, the charterer shall be liable to the company for the cost thereof.5.3 In the event of any damage to or a failure of the yacht or any incident involving a third party, the charterer shall at the earliest opportunity report such occurance to the company or his local representative and comply with any instruction given by him.
5.4 The charterer will not sub-charter or part control of the Yacht without the written consent of the owner.5.5 The charterer will not use the yacht for any purpose other than private pleasure cruising for himself, the crew and his guest. He will not race the yacht without prior consent of the owner.
5.6 The charterer will limit the number of person in his party to not more than the number of berths on the yacht.
5.7 The charterer shall take care of and assume full responsibility for the safety and maintenance of the Yacht and its equipment at all time including periods when the Yacht is left unattended.
5.8 The charterer shall observe all regulations of customs, Harbour or other authorities.
5.9 The charterer shall not allow any animals on board the yacht without written consent of the company.
5.10 The charterer shall insure the yacht remains afloat at all time. If the yacht does ground (for whatever reason) the charterer is legally bound to notify the company.
5.11 At the end of the charter period, the charterer shall re-deliver the yacht to the company at ther port of delivery, cleaned, in condition as upon delivery (reasonable wear and tear expected and with her inventory complete. If the charterer shall fail to re-deliver the yacht at the time and the place agreed, he shall be liable to a sum equal to twice the pro-rata daily fee for every day or part thereof by which re-delivery is delayed. The Charterer's obligation under this agreement shall continue until eventual re-delivery.

6 General
6.1 The company or its agent shall have the right to accompany the charterer for trials prior delivery. In the event that the company is not satisfied as to the ability of the charterer to safety handle the yacht, the company shall be at liberty to terminate this agreement.
6.2 The company shall have the right to restrict the cruising limits of the charterer in the light of the experience of the charterer and the members of his party, and/or the actual or anticipated weather conditions.
6.3 The provisions herein shall exhaustively govern the right and obligations of the parties hereto.
6.4 This agreement is subject to English law. Any and all differences or disputes of whatsoever nature arising out of this charter shall be referred to a sole Arbitrator to be appointed by the President for the time being of the London Maritime Arbitrators Association. The provisions of the Arbitration Acts 1950 and 1979 and any statutory modification thereof shall apply to any Arbitration.