Legal support of motor yacht construction agreement: 1 million EUR
20 December, 2021
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Interlegal yachting lawyers represented interests of their regular client, by legal support of entering into motor yacht construction agreement at the cost of 1 million EUR. Project support included a complex work, namely due diligence of the shipyard manager, acting as the Seller on its behalf, analysis of draft agreement based on English law and adjustment of its provisions in accordance to wishes and interests of client as the Customer.
Special attention was drawn to payment procedure and schedule, liability of the Parties, manufacturer’s guarantees and procedure of cancelling the agreement at the Buyer’s initiative. Case specification was the fact that legal support of entering into agreement included full arrangement of yacht specifications, with regards to all the client’s wishes upon yacht technical facilities. The new yacht will be delivered in 2022.
Before entering agreement on yacht construction/sale & purchase, you should pay attention not only to essential terms of the agreement itself, but also to technical specifications of the purchased yacht, in order to avoid delay in yacht construction and acceptance.
Interlegal junior lawyer Olha Ivanitsa and associate attorney Valeria Fetysenko led the project.
