Charter Process & Overview of the MYBA Charter Contract
Chartering a yacht can be a complex business. Allowing the experts at AC YACHTS MONACO to perfect every detail takes all the worry away. (Please click on the topic/question of interest below to view more information).
Your dedicated broker will provide a bespoke yacht match-making service to find the best suitable yacht and crew for your luxury holidays according to specific criteria such as number of cabins required, cruising destination, preferred dates and budget.
Once the availability for your chosen yacht has been verified and your enquiry approved by the Owner, you will receive a standard MYBA Charter Agreement for signature. All charters are subject to a fully executed contract and a 50% of the charter fee deposit is required upon signing the charter agreement and no later than 7 days after signature of this agreement.
MYBA is an acronym for the Worldwide Yachting Association. It is a trade association founded in 1984 by a group of prominent yacht brokers with the aim of promoting standards of professionalism and ethics in the yachting industry throughout the Mediterranean, and worldwide. MYBA only endorses membership to brokerages with a proven track record of professional excellence in the yachting industry, thereby offering valuable benefits and safeguards to clients choosing to purchase, sell, build or charter a yacht through a MYBA broker.
Charters over seven days are calculated pro-rata against the weekly rate divided by seven and multiplied by the number of charter days. Charters under seven days are calculated pro-rata against the weekly rate divided by six and multiplied by the number of charter days.
High season rates apply to the most popular charter periods, i.e.: July/August and Christmas/New Year, and are also normally applicable to all major events such as the MIPIM, the Monaco Grand Prix and the Cannes Film Festival. Low season rates apply to all other periods.
Most charter rates are based on MYBA Terms, which imply that the yacht will be delivered to the charterer in full commission and working order. The crew’s wages, food and clothing are for the owner’s account.
If your chosen cruising itinerary necessitates embarking or disembarking from a point other than the yacht’s home port, positioning charges (delivery/redelivery fees) may be required. These charges, if applicable, will be confirmed in advance and confirmed in the Charter Agreement, together with any taxes that may apply.
The Advance Provisioning Allowance (APA), under MYBA Terms, is usually equivalent to 30% of the total charter fee. It is intended to cover the operating expenses of a charter such as fuel and lubricating oils for the yacht, her tenders and motorised water toys; local taxes; pilotage; port, harbour and marina dues; customs clearance; water and electricity; personal laundry; all provisions, wines, beers, spirits, soft drinks and consumables for the charterer’s party; telecommunication costs.
Whilst an up-to-date summary of accounts can be requested at any time during your charter, a full set of accounts will normally be submitted by your captain at the end of the cruise. If, during the charter, the expenditure exceeds the sum already paid, additional cash funds will be required at once. Of course, any remaining credit at the end of your charter will be reimbursed to you in full. All outstanding bills should be settled in cash before final disembarkation.
The EU Commission has challenged the VAT (TVA) exemption on Commercial Vessels and as a consequence, it can no longer be guaranteed that the Charter will be exempt from VAT in EU waters.
Your charter broker will inform you of any applicable VAT that could be incurred to your charter.
A security deposit is only required for special events such as MIPIM, the Monaco Grand Prix, Cannes Film Festival and any other specifics requests such as a cocktail party, allowance of a pet on board the yacht etc.
For charters booked over 4 weeks prior to embarkation:
A deposit of 50% of the total charter fee is payable by bank transfer on signature of the Charter Agreement and no later than 7 days after signature of this same agreement.
The remaining 50% plus Advance Provisioning Allowance, together with any taxes, delivery/redelivery fees and any additionally agreed charges, is payable by bank transfer one month before the charter commences.
For charters booked less than 4 weeks prior to embarkation:
Full funds including the charter fee, A.P.A, together with any taxes, delivery/redelivery fees and any additionally agreed charges, is payable by bank transfer on signature of the Charter Agreement and no later than 7 days from signature of this same agreement.
Note that bank fees should always be taken by the sender, as per contract these fees would be deducted from the APA if not deducted preliminary.
Every detail counts. We will ask you to complete a detailed questionnaire describing the preferences and special needs of all the members of your party, such as dietary or medial requirements, details of any allergies, and your sporting or entertainment requests. This will enable us and the crew of your chosen yacht to ensure that everything possible is done to make your charter a fabulous experience.
Smoking is not permitted inside most yachts. However please consult us for verification, as this policy may vary on certain yachts. For safety reasons, smoking in cabins and staterooms is prohibited on all yachts.
Crew gratuities are discretionary, although it is customary for a charterer who has enjoyed the kind and attentive service of an obliging crew to extend a gratuity. Crew gratuities are normally in the region of 10% of the charter fee, but can be adjusted up or down according to your level of satisfaction.
We strongly recommend that charterers take out Cancellation and Curtailment Insurance to protect their investment if unforeseen circumstances prevent or curtail their charter. Additionally, all members of the charter party should be covered by Personal Accident and Medical Insurance, and their personal effects should be insured against theft, loss or damage. Other forms of insurance, such as Charterer’s Liability may also be prudent. Our brokers will be pleased to assist with arranging any policy not covered by the yacht’s insurance, basic Charter Agreement.
Use of personal watercraft is only permitted subject to the operator having the appropriate license and meeting with local operating regulations. Any liability arising from non-compliance is entirely at the operator’s risk. If you do not have the required licences/certificates we can arrange for an instructor to come on board the yacht during the charter to issue a certificate. Please note that all tuition fees are for the charterer’s account and availability of local instructors cannot be guaranteed. Certain areas prohibit the use of motorised water toys altogether. If the yacht has SCUBA equipment on board, it may only be used by certified divers holding a certified PADI license or equivalent.