the mediterranean yacht brokers association

The Mediterranean Yachting Association

What is myba.

MYBA is a worldwide professional 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 ultimately, worldwide.  Today, MYBA remains the only organisation in Europe with this focus and enjoys international standing in all corners of the globe.

Over the last decade in particular, yachting has evolved immeasurably and, as a result, MYBA has adopted an increasingly influential and significant role in an industry which has no regulatory body or ombudsman. MYBA Membership is now composed of over 70 major brokerage companies, with branch offices in France, Monaco, Spain, Italy, Great Britain, Germany, Switzerland, Hong Kong, and the US. Their collective expertise of several centuries covers the sale, purchase, charter and management of substantial yachts, in addition to all other aspects of yachting such as new construction, project consultancy, MCA, ISM, crew recruitment, safety and manning. MYBA only endorses membership to eligible companies 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. Over the next decade, MYBA’s commitment is to continue to blaze the trail for setting the highest standards of professional expertise in international yacht commerce.

Qualified to Represent YOU 

Ancasta International Boat Sales is an active member of MYBA. MYBA members are committed to establish and maintain a high standard of professional ethics, professional rules and skills in charter, sales, and yacht management.

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The new version of the MYBA Memorandum of Agreement

Let’s look at the key points of the new version of the MYBA Memorandum of Agreement – Part One

by Federico Santini*

The Myba Memorandum of Agreement (also known as the Moa ) is a contract form approved by Myba (Mediterranean Yacht Brokers Association) and most commonly used internationally for the sale and purchase of used yachts . It is a standard contract governed by English law, which consists of a first part, corresponding to the first two pages, to be filled in with the description of the yacht and the specific conditions of sale that are the result of negotiations between the parties, and a second part consisting of standard clauses governing the Seller’s rights and obligations, and finally the general conditions of the sale. Having been widely used and respected by brokers and lawyers for many years, the Moa has been an essential instrument in the buying and selling used yachts.

THE MEMORANDUM OF AGREEMENT HAS FOR MANY YEARS BEEN AN ESSENTIAL INSTRUMENT IN THE BUYING AND SELLING OF USED YACHTS.

Not everyone knows, however, that a new version of the Moa was launched in 2021. It is an update of the model that has been used since 2008 with the aim, on the one hand, to bring it more in line with current market practices and with changes in regulations and, on the other hand, to prevent a number of contractual aspects that are in practice susceptible to disputes between the parties. However, almost two years after the introduction of the E-Moa 2021, the previous version of the contract is still predominantly used, and this is undoubtedly due to the fact that the new version is electronic and can only be completed and used by brokers registered with the Myba. Therefore at least for the time being, brokers who are not members of the association and, above all, lawyers who normally assist the parties in drafting the Moa and its addenda are, at least for now, excluded from accessing this document.

The decision not to allow lawyers to prepare the contract directly and to be able to exchange the drafts prior to signing, except with the broker’s constant intervention on the text, inevitably represents a major obstacle to the dissemination of the new version and the application in the practice of the changes introduced . Therefore, it is hoped that the Myba will approve a widening of the audience of users who can have access to the E-Moa 2021, certainly by adding lawyers active in the yachting sector. This requirement has been expressed several times by many of the most established international law firms and is certainly to be welcomed since the changes made are undoubtedly useful and opportune in the light of the experience and market practice. We therefore begin our examination of these changes which we will continue in the next issue.

A first amendment, and also the most significant, concerns Clause 15 (Seller’s Warranty) which has been extended in two respects , compared to the previous version which only provided for the warranty regarding the Seller’s ownership of the yacht and the absence of mortgages, debts and claims over the yacht. On the one hand, a specific guarantee has been inserted regarding the absence of liability for the payment of Vat on the yacht until the date of completion of the sale in relation to the Vat status of the yacht which, in fact, must be declared in the new box (L) Eu Vat Status, introduced on the first page of the Moa . On the other hand, a specific guarantee has been inserted regarding the absence of debts and/or liabilities deriving from previous charter contracts operating in the case of commercial yachts, which in fact must now be declared in the new box (K) Plesure or Commercial Yacht, introduced on the first page of the Moa .

Of particular importance is the introduction of the Vat guarantee, as this is an absolute change in perspective with obvious consequences in terms of liability . In fact, under the previous regime, the seller did not provide any guarantee and the buyer had the burden of verifying the seller’s correct application of Eu Vat law before signing the Moa and/or completing the sale, with no recourse against the seller in the event of subsequent disputes by the tax authorities. We will continue our analysis of the changes introduced in the Moa in the next issues.

(The new version of the MYBA Memorandum of Agreement – Barchemagazine.com –  January  2024)

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By SuperyachtNews 21 Jul 2014

MYBA no longer mysterious

Since its origin in 1984, myba has adopted an increasingly influential role in the superyacht industry. but many owners still seem to be unaware of what the association does, or even its significance. in an attempt to rectify this, and find out why owners and industry alike should care about myba, superyachtnews.com speaks to general secretary cora tracey.….

"MYBA’s ultimate objective would be to see a harmonised rate of VAT across Europe, harmonised documentation, and harmonised interpretation and application of all legislation."

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MYBA (Mediterranean Yacht Brokers Association)

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One of our core values at Otium Yachts is TRUST , so we try to make everything as simple and transparent as possible. We want you to feel confident in us as your broker and fully informed about the process and details so there are no surprises at sea. That is why we decided to write this blog specifically about MYBA contracts, to explain what they are, and why this is our preferred contract to use with clients.

What is MYBA?

The Mediterranean Yacht Brokers Association (MYBA) is a worldwide yachting association that was founded in 1984 by a group of yacht brokers whose goal was to promote the highest standards of professionalism and ethics in the yachting industry and to set a standard for charter agreements.

MYBA created the industry’s most respected and widely used contracts – the MYBA Sales and Purchase Agreement (MoA) and the MYBA Charter Agreement . These documents are regularly updated to ensure they stay in sync with the ever-changing needs of the global yachting market. With these contracts, clients can enjoy the peace of mind that comes from knowing these contracts have been prepared to the highest standard by industry professionals, with the client in mind .

Benefits of MYBA Contracts

1. Professional Industry Standard

The MYBA contract is the result of 40 years of experience from pioneers in the yachting industry. Some owners and agencies have their own charter terms and conditions – therefore, their own contracts. However, we prefer to trust something that has been prepared by industry professionals with decades of experience booking yachts around the world.

MYBA contracts are not available to all brokers . To have access to a MYBA contract you need to be an established and experienced broker with a proven record of professional excellence in the yachting industry. Such brokers invest a lot of time, money, and energy traveling to charter shows, inspecting yachts, and meeting the crews, owners, and Central Agents. So, brokers who have access to MYBA contracts typically only work with Central Agents or Stakeholders that they have personally met or reference-checked with their trusted colleagues. All of this benefits the client.

2. MYBA Contracts can still Work with Gulet Terms

As we mentioned in our last blog (Yacht Charter Terms and Agreements Explained), there are two sets of terms under which yachts usually operate and they are quite contrary (operating terms – the terms under which a yacht operates, and lays out what is, or is not included in the charter rate):

• Western Mediterranean Terms (WMT), also known as “MYBA Terms”

Under WMT (OR MYBA) terms the charter fee includes charter of the yacht and equipment, crew wages and food, ship's laundry , basic operating consumables, and insurance of the yacht for marine risk, third-party claims, and the crew for employer's liability insurance. The charterer will be charged extra  and at a cost to the yacht, for all other expenses. These expenses include food and all beverages for the charter guests, fue l for the yacht and auxiliary craft, dockage , VAT if applicable, taxes , harbor fees , communications , guest laundry , and shore-side electricity and water . 

• Gulet Terms

Generally speaking, larger luxury crewed charter yachts operate under “MYBA terms” , and smaller standard crewed yachts (gulets) operate under “Gulet terms” . As we explained in our previous blog, different terms suit yachts for different reasons. However, regardless of the terms under which a yacht operates, we can (and prefer to) use MYBA contracts. Under Clause 8 of the MYBA contract, it states what is included in the charter rate and what is extra . However, there is a SPECIAL CONDITIONS section where we can state anything that is contrary between certain terms. For example, under SPECIAL CONDITIONS section we can put “contrary to Clause 8) of this Agreement Charter Price Includes: fuel for 4 h of the engine work daily, fuel for the generator 24/7, fuel for tender transfers to/from the yacht, Wi-Fi, VAT...” and other conditions specific to yachts operating according to the Gulet Terms. Hence, we can make adjustments required by certain terms and still use our favorite type of contract.

3. MYBA Contracts Offer the Best Protection for Clients

The MYBA contract clearly defines all terms related to yacht charter; from delivery, crew, and captain’s authority, to cancellation, breakdown, insurance, and the very important Clause 20 regarding payment of the charter fee. Every possible scenario has been covered ; the MYBA contract offers protection to the client like no other contract. Clause 20 is the essence of the MYBA terms and contracts. It states that all funds received by the broker are immediately transferred to a Stakeholder (if the broker is not the Stakeholder) and then held by the Stakeholder in a designated account – safeguarding the client’s money . Fifty percent of the Charter Fee is paid to the owner of the yacht on the first day of the charter . The APA (Advanced Provisioning Allowance) is also paid to the Captain or the owner prior to embarkation . The remaining 50% of the charter fee is not paid to the owner until the first working day following the successful completion of the charter . If there are any complaints or issues raised, the funds are held until there is a resolution between the parties (with or without arbitration). In short, clients can trust that their money is safeguarded .

MYBA Contracts are our Preferred Contract

For all of these reasons, MYBA contracts are our preferred contract . We hope these two blogs (this blog and Yacht Charter Terms Explained ), help clear up this side of chartering a yacht. As always, contact us if you have any questions, and trust that we will handle your inquiry with care and professionalism from beginning to end. Otium Yachts , we are here for you.

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