A series of revisions that were announced for the 2014 MYBA Charter Agreement came into force yesterday and are aimed at providing greater clarity for charter clients in a number of key areas.
The MYBA Charter Agreement is widely acknowledged as the most authoritative and commonly used document of its type, used as a guideline to protect the interests of the Owner, client and crew alike. The last modifications were made in 2009 and by staying on top of varying factors that may affect the industry; it ensures the continued and widespread use of the MYBA agreement by luxury charter yachts.
The recent changes, which were finalised by the MYBA Committee, have brought many of the most important areas of the contract up-to-date in terms of accessibility and current VAT regulations. It was during the recent Italian Superyacht Forum that a number of European fiscal experts claimed that MYBA had failed to bring the agreement in-line with the changing EU tax landscape. In response to this, one of the most significant changes to the contract is the different treatment of VAT in each EU jurisdiction where the option to either include VAT as chargeable or not, based upon charter location is defined.
There has also been a marked improvement of clarity on instances of arbitration where the process of appointing arbitrators has been simplified and arbitration itself shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms. Additionally there is now further protection offered for Owners on berthing requests as well as defined minimum hours of rest for crew in accordance with the Maritime Labour Convention (MLC) 2006.
Entering into the convenience and accessibility of the digital world, the 2014 version of the MYBA Charter Agreement will now be available in the form of numbered e-contracts via the MYBA website. Camper & Nicholsons' Senior Charter Broker & Chairwoman of the MYBA Charter Committee, Barbara Dawson, commented: “Changes to the oldest Charter Agreement have been made necessary in line with updated regulation, and to protect the interests of all parties involved in luxury yacht charter. 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 – accept no substitutes!”
For more information regarding the changes made to the MYBA charter contract and how they may affect your cruising vacation, contact your charter broker.
Changes to the oldest Charter Agreement have been made necessary in line with updated regulation, and to protect the interests of all parties involved in luxury yacht charter. - Barbara Dawson