The MYBA Charter Agreement, an industry standard for luxury yacht charters, was recently revised to include language that clarifies events preceding an arbitration.
“The process of appointing arbitrators has been simplified and arbitration itself shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms,” according to a news release about the changes. “In line with the recent change in VAT regulation on charters taking place in certain countries, one further revision is an option either to include VAT as chargeable or not, based upon charter location.”
The charter agreement can be accessed for subscribers via the Web site for the Mediterranean Yacht Brokers Association (MYBA) at www.myba-econtract.com, which launched in 2013.
“Changes to the oldest charter agreement [last revised in 2009] have been made necessary in line with updated regulation, and to protect the interests of all parties involved in luxury yacht charter,” said Barbara Dawson, a senior charter broker with Camper & Nicholsons USA and chairwoman of the MYBA charter committee. “The E-Contract system is a safe, secure and trusted way to access the oldest agreement dated 2014 down the right-hand side of each page.”