LEGAL
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Bishop adds, “At the lower end of the market, simple errors by prospective new entrants to the market have been costly when non-specialist lawyers are retained who may be unaware of unique rules relating to marine law such as yacht finance and maritime liens which may pass with the vessel on a transfer.”
BRING OUT THE BIG GUNS
Whether or not the legal and finance experts form a permanent part of the yacht’s management team or not, depends of course on the client. Kelly is called in when disputes come up in the build or operation of the yacht. But during contract or build projects he’s more involved on a day to day basis, resolving disputes over cost or delays, or what spec is required. He says, “If the owner and builder teams work well together, then there is no need for heavy lawyer involvement. If they can’t agree then they tend to need more mediation, which is usually where I am involved more.”
Mousney believes he is viewed as part of the yacht’s management team, especially during a shipbuilding process.
Says Charlier, “We see all sorts of different decisions being taken, and depending on that decision you can get the right outcome or not the right outcome. It’s important for the owner to have the right advisers around him whether that be a yacht
surveyor or a marine lawyer, a broker. We don’t always know who’ll we be up against on the other side of the transaction and that can be one of the fun parts of it, because you don’t necessarily have someone with the same knowledge or expertise on the other side.”
Some see the lawyers as an evil and extra cost and try to use them as little as possible. “I don’t mind that,” says Tooker, “as long as they have an organisation to deal with things and don’t at the very last minute dump a whole load of problems on your desk with no time and no proper background to resolve them. It’s not the way to get the best advice from a professional adviser.” Van Steenderen agrees, “There are still too many owners out there who come to us too late.”
Says Fairweather, “We see mistakes – and often costly ones – when non-specialists become involved in this niche area. Conversely, those family offices or captains who appreciate the requirement for specialist advice at an early stage, will see the benefits in overall legal spend.”
The message from all sides is well clear: Get the right expert on the job at the right time to save on anxiety attacks, time and money. Do it before the horse has bolted, or indeed, before … that ship has sailed.
ONBOARD | SUMMER 2021 | 99
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