Let’s explore the question of should you hold your client’s deposit? When should a good faith deposit (“deposit”) be made? Simultaneously with the offer on a yacht or when the Seller signs the Buyer’s Offer. Lastly, who is the best person to hold this deposit.
Maybe you’ve heard of or visited a website that uses a new .boats or .yachts domain name. Consider master.yachts for example, who transitioned to their new TLD name in 2017. Other companies have started to follow suit, including Sea Ray and Bass Pro Shop, who have purchased a combined 66 new .boats and .yachts domain names. What’s the story behind these names? Why are these new URLs something your business should consider?
An “As-Is” clause does not mean that a buyer assumes all risk, but you probably already know that. However, there are many situations that can leave a broker, well… broker! Sometimes it takes the form of a lawsuit, sometimes of bad publicity or a negative reputation, and sometimes a bit of both. After all, a broker’s responsibility is not really over just because the paperwork is done. In many states, proof of fraud, negligent misrepresentation, or unfair acts override the as-is clause putting the liability back on the broker despite a contract that suggests otherwise.
Get ready for great networking, valuable education and stimulating conversation - YBAA's 2018 University events are coming this summer.
The popular one-day luncheon events offer the latest technical, legal, ethical and transactional expertise from leading authorities, all designed to strengthen your role as a yacht sales professional.
Upcoming events are scheduled as follows.
JULY 17 - PROVIDENCE
JULY 19 - ANNAPOLIS, MD
(YBAA,CPYB,ABYC,Sail America, Beneteau and MICD)
The yachting industry is abuzz amidst the January report that a South Florida jury issued a $70.6 Million verdict against Island Girl Ltd., a Marshall Islands company that owns the Motor Yacht Endless Summer. Although the circumstances surrounding the case are now widely known throughout the industry, in summary, a crew member onboard Endless Summer was raped by another crew member. The victim sued Island Girl Ltd. for negligence in failing to provide a safe working environment among several other things.
The Connecticut Spring Boat Show will be held Friday, May 4 - Sunday, May 6 at Brewer Essex Island Marina, 11 Ferry Street, Essex, CT. The show is a production of WindCheck Magazine and is sponsored by Brewer Essex Island Marina, Essex Boat Works, Yacht Brokers Association of America, and YachtWorld. This year, 100% of attendee gate proceeds will go to SailsUp4Cancer.
Be prepared because during your client’s yacht ownership an incident, fire or accident will most inevitably happen. Being your client’s confidant means that when this happens, you will get a panicked call from your client looking for immediate guidance, which, is usually never Monday through Friday during business hours. As lawyers, we don’t necessarily like to think about it, but a part of our duty is to look at a situation and recognize what the worst-case scenario may look like, as we have counseled many clients through disasters and emergencies through the decades and, ultimately, predict how to mitigate or rectify the situation.
Wire fraud is ramped and simple to commit. Wire transfer instructions are emailed to the buyer from the seller or seller’s representative. The buyer complies with the instructions to the “T”. Within hours, the seller contacts the buyer asking if the money has been sent yet. The buyer checks with their bank and is assured that the funds have been transferred out. However, when the money has still not shown up, everyone begins to retrace steps. As it turns out, the wiring instructions were bogus. The email came from an address that looked very much like that of the sellers or sellers’ representative, but it was not actually theirs and was that of a hacker.
The Marine Retailers Association of the Americas’ Marine Industry Certified Dealership Program and the Yacht Brokers Association of America’s Certified Professional Yacht Broker Program today announced a collaborative effort to further the development of their respective members. CPYB certification is the boating industry’s brand of excellence for yacht sales professionals throughout North America. The CPYB designation is the most prestigious accreditation a yacht sales professional can earn within the recreational marine industry and CPYB professionals must attain a minimum number of educational credits in order to maintain their Certification.
Often a Broker, or any reasonable person, examines the legal aspects of particular situation only to be left with the feeling that they have just looked down a rabbit hole into a Lewis Carroll inspired wonderland. The reason is that frequently the law and reality have nothing to do with one another. In the reality of a broker’s world, a deal is not rejected and a contract survives even though the buyer may want a few fixes after survey. The buyer will frequently “conditionally accept” the vessel as long as this or that is fixed. The law sees this in a way which is different than the reality of brokerage. From the point of view of the law, the buyer made an offer which was accepted by the seller, at which point, there was a "meeting of the minds". The meeting of the minds included a term allowing the buyer to later reject the vessel, ending the contract, with no penalty. That is what the buyer does with the conditional acceptance when it is used in place of an addendum.