Company policies

Article 1

Agreement

The Owner agrees to let on bare-boat charter and the Charterer agrees to charter the unattended Yacht mentioned in the Charter Party (hereinafter called ΄the Yacht΄) for the period commencing at the date and time as agreed in the Charter Party for the sum as agreed in the Charter Party and ending at the date and time as agreed in the Charter Party for the amount as agreed in the Charter Party of which 50% is due to be paid by the Charterer upon the signing of this agreement. The balance of 50% is due and payable the latest 4 weeks prior to embarkation by bank transfer.


Article 2

Validity

The signing of this Agreement by the Owner and/ or his Agent becomes valid and binds the Owner to his obligations hereinafter mentioned only on condition that the Owner will actually receive the sum of the payments in time both as indicated in Clause 1.


Article 3

The owner agrees:

a) Handover of the Yacht

To fit out the Yacht and to hand her to the Charterer, without crew, clean, ready for sea with all the gear and equipment indicated in the Yacht’s inventory list and in proper running and sea worthy condition at the port as agreed in the Charter Party

b) Insurance

To insure the Yacht and her equipment as per Greek law, against fire, marine and collision risks and third party damage and against any and all loss or damage in excess of the contractually agreed deductible and the Charterer shall therefore be relieved of any and all liability which is covered by the said Policy, provided that such loss or damage is not caused or contributed to by any act of gross negligence or wilful act on his part. Should the Owner fail or elect not to effect such insurance he shall assume the same responsibilities as if the Yacht were so insured. In no case shall the Owner be under any liability for the loss or damage to the personal property of or for any injury to the Charterer or any person on aboard with his permission.

c) Delayed Handover of the Yacht

To employ every reasonable effort to insure delivery of the Yacht on the date and at the place mentioned in the Charter Party, but if for any reason whatsoever the Yacht shall not be available, the Charterer shall have the right of choice of one of the following possibilities:


  • i) Provided that the following charter commitment of the Yacht allows it and that the Owner agrees to prolong the period of charter by the same length of time by which the delivery has been delayed.

    ii) To leave the date of termination unchanged as in the Charter Party thereof and to be refunded by the Owner with an amount proportional to the time the delivery was delayed at the rate corresponding to the total charter freight as agreed in the Charter Party.

    iii) If the delay of delivery exceeds one fourth (1/4) of the total charter time, to cancel this agreement and be refunded by the Owner with the total amount paid for this charter.

    iv) To accept a similar Yacht suggested by the Owner.
    In any of the events mentioned in this Clause, neither party shall be liable to pay to the other any other compensation for any loss or damage resulting from the curtailment.

Article 4

The Charterer agrees:

a) Return of the Yacht / Delays in Return of the Yacht

To redeliver the Yacht to the Owner at the port as agreed in the Charter Party, cleaned -up along with all her equipment, in the same good condition as she was at take-over, at the time designated in the in the Charter Party, unless the Yacht has become a total loss. If he shall for any reason fail to deliver the Yacht at the aforesaid date and time, to pay to the Owner demurrage at the rate of the charter freight per day of this agreement increased by fifty percent (50%) for every day or fractional part of a day thereafter until delivery has been effected. If he leaves the Yacht at any place other than the place designated in this in the Charter Party, to pay to the Owner all expenses involved in transferring the Yacht to the place of redelivery and pro-rata demurrage as above for the number of days delay as well as for any loss or damage not covered by the insurance policy, which may occur on or to the Yacht until she has been taken over again by the Owner. The delay starts at the end of the charter period as agreed in the Charter Party and ends when the yacht has effectively arrived in the destination port as agreed in the Charter Party.

b) Deposit

To leave on deposit and as guaranty with the Owner or his local representative on taking over the Yacht an amount as agreed in the Charter Party to meet in whole or in part any claim by the Owner in respect of any loss or damage to the Yacht and/ or her equipment not recoverable under the policy of insurance as in Clause 3(b) hereof and for any claim by the Owner in respect of the provisions of Clause 4(a) above. The aforesaid deposit shall be refunded to the Charterer, subject to the provisions above, after inspection of the Yacht, her gear and her inventory by the Owner and subject to the yacht being in the same condition as she was at the time of handover.

Alternatively, if agreed in the Charter Party, the Charterer might opt for a non-refundable fee, which reduces the self-retention of the Charterer to an amount as agreed in the Charter Party (under the same terms and conditions as the mentioned insurance policy).

c) Restrictions in the Use of the Yacht / Crew requirements

Not to use the Yacht for racing (unless agreed in writing by the Owner in the Charter Party) or for towing other craft, except in an emergency, or generally for any purpose other than that of private pleasure of the Charterer and his party which should include not less than 1 qualified Skipper and 1 experienced crew member, but not more than the number of maximum passengers according to the Yacht's documents in all at sea, or to accommodate aboard any person other than those shown on the crew/ passenger manifest, not to take the Yacht neither to allow her to be taken outside the area of the Hellenic seas nor to sublet the Yacht without the written consent of the Owner

d) Adherence to the Law

Not to allow any person on board to commit any act contrary to the custom laws of Hellas or of any country or contrary to the laws pertaining to fishing or under water diving nor to seek and/ or take possession of objects of archaeological nature or value. In case such act is committed, this agreement shall there upon be terminated, but without prejudice to any rights of the Owner and the Charterer shall carry alone any resulting responsibilities and he shall answer alone to the appropriate authorities.

e) Towing of the Yacht

To take any possible preventive measure and precaution to avoid bringing the Yacht in any condition in which the Yacht will need to be towed to any point by another vessel, but should such a necessity arise, despite of the Charterer’s efforts, to notify the Owner immediately and if such contact is not possible to negotiate and agree with the captain of the other vessel on the price to be paid before allowing the Yacht to be towed. Under no circumstances can a towing line from the towing vessel be accepted. The towing line has to come from the yacht herself (Not adhering to this rule can, according to maritime law, be understood as giving up the yacht resulting in very high salvage fees).

f) Restrictions in Leaving Ports

Not to leave a port or anchorage if the wind force is or is predicted to be over six (6) on the Beaufort scale or if the harbor authorities have imposed a prohibition of sailing or while the Yacht has unrepaired damage or any of her vital parts such as engine, sails, rig, bilge pump, anchoring gear, navigation lights, compass, safety equipment, etc. are not in good working condition or without sufficient reserves of fuel or in general, when weather conditions or the state of the Yacht or its crew or a combination thereof leaves doubts as to the safety of the Yacht and her crew.

g) Reduction of Canvas / Navigation Requirements
When necessary, to promptly reduce canvas and not to allow the Yacht to be found sailing under an amount of canvas greater than the one insuring comfortable sailing without excessive strains and stresses on the rigging and the sails, not to sail the Yacht in any area not sufficiently covered by the charts at his disposal or without having previously studied the charts of the area and other printed aids on board thoroughly and not to sail the Yacht at night without sufficient watch on deck (at least two persons).

h) Logbook

To keep the Yacht’s logbook up to date, noting each day the port of call, the state of the Yacht and its equipment, any change in the composition of the crew when at sea regularly, the times, positions, weather conditions, sail plan and hours of engine operation.

i) Itinerary

To plan and to carry out the Yacht’s itinerary in such a manner as to reach the port of call farthest away from the point at which the Yacht must be returned to the Owner (Turn- Around Point) within the first one third (1/3) of the charter period and that two days prior to the termination of the charter the Yacht’s port of call shall lie at a distance not greater than forty (40)N.M. from the point at which the Yacht is to be returned to the Owner.

j) Status Report

To study and acquire a working knowledge of any printed matter pertaining the proper handling of the Yacht and to the conditions in the cruising area, which may be made available to him by the Owner.

k) Handling of the Yacht

To study and acquire a working knowledge of any printed matter pertaining the proper handling of the Yacht and to the conditions in the cruising area, which may be made available to him by the Owner.



Article 5

Sailing Qualifications

This agreement is entered into on the basis of the Charterer’s competence in sailing, seamanship and navigation stated by him in writing and in the event of any error, omission or misinterpretation in this respect being subsequently discovered, the Owner shall be entitled to terminate this Agreement forthwith and to retain the full charter fees.


Article 6

Verification of Sailing Competence

The Owner (or his representatives) may require the Charterer and his crew to demonstrate their competence in handling and navigating the Yacht safely by actually operating the Yacht at sea with the Owner (or his representative) aboard and should the Charterer and/ or his crew fail to satisfy the Owner (or his representative) in this respect, the Owner may terminate this Agreement as stated in Clause 5 above or place aboard the Yacht a seaman at the cost of the Charterer, if one acceptable by both the Owner and the Charterer, for as many days as the Owner will consider necessary for the safety of the Yacht and her passengers and any time required for this test of the Charterer’s competence and seamanship would be part of the agreed Charter period.


Article 7

Time for Handover of the Yacht

The delivery of the Yacht to the Charterer will be made at the commencement of the charter period as designated in the Charter Party. The time required to demonstrate the Yacht to the Charterer and to familiarize him with her should be part of the agreed charter time. The free use of the Yacht will be granted to the Charterer after he has signed the take-over form.


Article 8

Inspection of the Yacht

Before signing the aforesaid form, the Charterer shall have the right to inspect the Yacht, her gear and her inventory thoroughly to ascertain that all are available in good working condition, except as may be noted thereon, but the signature of the take-over form by the Charterer shall be deemed to imply acceptance of the Yacht, which thereafter will be in the Charterer’s full, responsibility and the Charterer shall have no right to claim in any loss of item or expense occasioned by any accident or breakdown or failure of any part of the Yacht.


Article 9

Running Expenses and Repairs

After take-over, expenditures for port-dues, water, fuels, oils and any other stores required, as well as the repair of any damage or failure that may occur while the Yacht is in the Charterer’s responsibility and which are not the result of normal and natural wear and tear shall be made by the Charterer at his expense, provided consent of the technical suitability of repairs to be made has previously been obtained by the Owner (or his representative). In case of repairs of damages or failures resulting clearly from normal and natural wear and tear, the Charterer shall previously obtain the Owner’s (or his representative's) consent with regards to the


Article 10

Inspection of Damages

If any accident or damage is caused to the Yacht, the Charterer shall request from the nearest port Authority to ascertain the damage or accident and the circumstances in which it has been caused and to make a written record and statement about it and he shall notify the Owner at the same time.


Article 11

Cancellation

In the event of cancellation of the Charter by the Charterer, for any reason except as mentioned in Clause 3(c)(iii), after signing this Agreement, the following applies:

- If cancelled less than 6 weeks prior to the charter period, 100% of the Charter Freight is due
- If cancelled between 6 and 12 weeks prior to the charter period, 50% of the Charter Freight is due
- If cancelled more than 12 weeks prior to the charter period, 25% of the Charter Freight is due

The Owner can refund the said deposits if he succeeds in letting the Yacht to another Charterer for the same period and under the same conditions.


Article 12

Total Loss of the Yacht


Should the Yacht become an actual or constructive total loss before the charter period and no equivalent yacht can be offered by the Owner, this Agreement shall be deemed to be terminated as of this point in time and the Charterer shall recover from the Owner all charter monies paid in advance to the Owner. Should the Yacht become an actual or constructive total loss during the charter period, this Agreement shall be deemed to be terminated as of this point in time and the Charterer shall recover from the Owner all charter monies paid in advance to the Owner but only provided that the Charterer or his crew were not responsible for the loss. However, if it cannot be ascertained that the Charterer or his crew were not responsible for the loss, the obligations from the Charterer to the Owner under this Charter Party agreement shall remain legally binding, but the Owner shall be relieved from any obligations under this this Charter Party agreement.


Article 13

Special Provisions

The special provisions, if any, set out in the Charter Party are fully accepted and form part of this Agreement.


Article 14

Agents and Brokers

The Agents and Brokers act in good faith on behalf of both Owner and Charterer but contract as Agents and Brokers only and in no case incur any liability for any acts or omissions by either party, except for the responsibilities provided by the pertinent legislation of Hellas.


Article 15

Arbitration

In the event of any dispute arising between the parties hereto with respect to this Agreement or anything herein contained the same shall be referred to two arbitrators in Hellas one to be appointed by each party, whose decision shall be final or to an umpire to be appointed by such arbitrators, if and when they shall disagree, the decision in such event of the umpire to be final.

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