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...]