Liens on the Vessel Usually the contract provides expressly for two liens on the vessel: (a) one in favor of the builder/seller for the unpaid portion of the contract price; and (b) the other in favor of the buyer. The two liens are usually mutually exclusive, in the sense that the owners lien covers the yacht, materials and equipment provided for the project, up to the stage for which the purchase price has been paid. On the other hand, the yards lien extends to all materials not yet paid … [Read more...]
Yacht Building Contract Conditions and Description Terms – Part Three
Contract conditions in yacht building are explained further in this chapter. I have not imagined that it will take me so long to adapt the paragraphs in so many articles. It is not the last one in the series, and many more will come after this one. I just hope you will not be bored with its nature. Legislation is rather necessary when dealing with everything involving boats, yachts, or super-yachts. Delving in this subject has to make you prepared to deal with brokers, owners, lawyers, notaries … [Read more...]