MYBA
Creating a stronger industry
Richard Lambert speaks about the revised MYBA Sales & Purchase MoA and the launch of the E-MOA
C
ontrary to popular belief, MYBA The Worldwide Yachting Association was not founded by charter brokers. It was actually founded in 1984 by six visionary sales brokers
and, since then, sales brokers have always played a fundamental role in the evolution of the Association. Richard Lambert, Chair of the MYBA Sales Committee, spoke to us about a recent development that is set to change the way business is done as far as the sale and purchase of superyachts is concerned.
“In the last months of 2021, an extensive revision of the MYBA Sales & Purchase Memorandum of Agreement (MYBA S&P MoA) was completed and the new version is already available exclusively online. The updated MYBA S&P MoA is the result of many months of careful consideration, discussions and deliberations. The previous revision was made in 2008 and since then the superyacht industry has seen significant changes. Therefore, it was imperative that the MYBA S&P MoA was developed and revised in accordance with new business practices and legislations.”
subscription, once approved by MYBA, is a corporate subscription and opened on a one per country basis regardless of the number of offices in that country. As with the MYBA Charter Agreement, each contract document bears a unique serial number which allows for swift and easy validation of its authenticity.
“MYBA recognises that
purchasing or selling a superyacht is far from straightforward and that it requires the combined effort of experts in their respective fields”
Richard referred to some of the many changes that have been made to the MYBA S&P MoA and they include: • an increased focus on KYC as due diligence is an integral part of today’s environment (the potential consequences of not “knowing your client” are criminal liability that can lead to imprisonment, substantial fines and a damaged reputation)
• a “tidying up” of the responsibilities of all stakeholders • a greater clarity on the matter of inventory • a revision of the sea trial clauses
Upon completion of the revision of the MYBA S&P MoA, it was then launched as an E-MOA exclusively on the MYBA E-Contract platform and is available for purchase and use electronically by established, genuine and reputable yacht brokers. An E-MOA
We can safely say that this marks the beginning of a new era as, apart from the important changes to the Agreement itself, it also means the end of paper contracts which are no longer endorsed by MYBA. Electronic contracts foster a more collaborative process in which the parties involved may develop the contract together and, according to a study by the European Commission, they are set to save EU businesses more than €11 billion per year. Simply by removing the need to print documents and manage them manually. And that is without factoring in the benefits for the environment.
The MYBA S&P MoA is a valuable tool for all involved in sales and purchase transactions in the yachting industry including the legal
teams. MYBA
recognises that purchasing or selling a superyacht is far from straightforward and that it requires the combined effort of experts in their respective fields. That is why the launch of the MYBA E-MOA is of particular interest to superyacht lawyers. During a sale, superyacht lawyers working with the broker on the sale will be granted access to the contract website for the period of that deal. In order to set up this access, a request will need to be lodged with the broker who will in turn contact MYBA.
It is MYBA’s strong belief that working together in this complex area will help all parties involved to create robust contracts and contribute to a sustainable future.
For more details Tel: +33 (0)493 318 549 or visit
wwww.myba-association.com
ONBOARD | SPRING 2022 | 19
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