Yacht Management Agrement
1. The Owner and Sailfleet agreed upon operating the Yacht, which is specified above. The inception date of the Yacht operating contract is between ..…/.…./….... and the termination date is …../…../….... This contract cannot be terminated except force majeure. Unless written notification for termination of the contract, the duration n will automatically extend for one year. For the periods after 1st year the Owner must notify the termination of the contract 6 months before.
2. THE OWNER, agrees with this contract that SAILFLEET may sub-contract, sublet or rent the Yacht under its sole admiration as Yacht Charter Management Company.
If unless mainly specified in this contract:
· THE OWNER cannot demand, request or receive any payment from SAILFLEET or third parties on account of rental of the Yacht.
· THE OWNER may not hinder, limit or interfere SAILFLEET in the subject of rental of the Yacht.
· THE OWNER authorized SAILFLEET the determination of conditions of rental (rental rate, duration, region, agency/broker commission fee)
· SAILFLEET, may use the Yachts for free in organizations, for the purpose of promotion and advertisement.
· SAILFLEET, is the exclusive agent of the owner for renting his Yacht.
· THE OWNER, cannot use any other agent or company and accepts the price lists, discounts, and agency/broker commissions during this contract.
· All reservations shall be directed to SAILFLEET through Central Reservation System and the income will be accounted by Sailfleet.
· Sailfleet will determine rental region and the marina where it is belonged to.
3. THE OWNER agrees that SAILFLEET holds whole and complete power in order to ensure and secure operation of the Yacht and that the following costs are belonged to himself:
The costs, which are belonged to the OWNER;
· All kinds of marina costs of the Yacht.
· Annual care, keeping, painting and dockyard costs of the Yacht,
· Changes in the material due to depreciation.
· The costs related with the Vehicle Tracking System that insurance requires.
· Repair and spare part costs for the depreciation oriented or unexpected breakdowns (THE OWNER may request the copies of the receipts about this kind of repairs or may send his own expert or researcher in to check the situation of the yacht annually. The planning of such research and investigation must be made with SAILFLEET and be depended upon availability of the Yacht as all costs are belonged to the OWNER)
· Annual rental licenses and flag state costs of the Yacht.
· The annual insurance cost of the Yacht,
· The costs related with advertisement, brochures and Membership to Central Reservation System
· Technical service fee :/ up to 40 feet 60€ /over 41 to 50 feet 75€ /+50 and catamaran 90€ /per mounts
4. THE OWNER agrees to give a power of attorney to SAILFLEET for all legal and administrative tasks, which SAILFLEET may request to undertake, and to fulfill all tasks relating with representing the OWNER for rental, management and dealing with the producer or to represent the OWNER in all local administrative works necessary to endure rental operations.
5. Usage of the YACHT by the OWNER:
THE OWNER may use the Yacht, when the third parties do not rent. Except, he may reserve the Yacht for 4 weeks if it is available. These conditions are valid for the OWNER and his 1st degree relatives. The necessary expenses (i.e Transit log, fuel, extra dock costs etc.) are going to be paid by the OWNER.
Should the BOAT reserved or booked at the same time as OWNER request, SAILFLEET will try to accommodate Owner request to accommodate a replacement yacht if possible.
6. SAILFLEET, will develop its sources and marketing opportunities to seek benefit of the Owner and to increase his revenues.
7. SAILFLEET, if regards necessary, may use international networks and reservations systems to maintain rental process.
8. SAILFLEET, will ensure take care of the necessary maintenance works for the rental of the Yacht and ensure safety at marina.
9. SAILFLEET, is responsible for the items in the signed inventory agreement. The depreciation impact on these items will be considered when the Yacht will be returned back to her owner.
10. (ACCOUNTING) The income, which will be gained for the rental of the Yachts will be distributed according to the formula below:
· Price in the List
- Any discounts (Early -reservation, long term rental, repeating rental etc.)
- Broker commission (between 0%-25%)
- Sailfleet yacht management fee 30 %
· =The balance of the income to be paid to Owner
List Price 3000 Euro
Early Reservation Discount 7% - 210 Euro
Broker Commission 20 % - 558 Euro
Sailfleet Company Fee 30 % -669.6 Euro
Owner Share 1562.4 Euro
The extras ( i.e cleaning fee of the Yacht after charter returns and transit log costs ) received from the customers are not subject of this contract and the money received shall be kept by SAILFLEET.
11. SAILFLEET, will make payments to the OWNER at the end of the season (30rd November)
12. INSURANCE: THE OWNER shall insure the Yacht as for commercial usage (Bareboat). The insurance policy must cover the conditions below:
v Bad weather conditions,
v Breach of trust and Theft, Piracy
v Fire, thunder, blow
v Loss, damage or the hits related with the risks in the sea.
v Shipwreck due to accident.
SAILFLEET, cannot be defined as responsible for the loss and d damages on the boat for any reason (Theft, bad manner of the customers, involvement or participation in criminal act etc.)
The third parties, who rent the Yacht, are responsible for the 1 % of the boat insurance fee. The rest of the damage is paid by the Insurance. Despite that, in case of damages, which the insurance company may not cover, will be paid by the Owner.
13. RENEGOTIATION OF THE CONTRACT: If the Owner wants to keep the contract, and SAILFLEET agrees for the renewable, both parties may renegotiate the issue after termination of the contract.
14. ASSIGNMENT: SAILFLEET may open a branch out of Fethiye and may carry the boats to a new marina/ branch.
15. REGISTRATION AND DOCUMENTATION: The Owner is responsible for provision of certificate of ownership and license costs by the Turkish authorities and shall pay the related costs. If these costs are paid by SAILFLEET it will be submitted as part of OWNER’s costs at the end of the year.
16. DEFAULT: All disputes, claims or breaches regarding this contract will be solved by arbitration in accordance with TURKISH legislation. In case of disputes and if negotiation fails between the parties a sea expert, who will be accepted by both parties, can be chosen to solve this dispute. If the arbitration fails, Turkish courts shall be the governing authority. The prevailing party will have right on attorney fees and court costs.
20. TERMINATION: Any of the parties may terminate this contract by an official notice within 60 days after sending the notice. But with this termination of the existing agreement the other party may have revenue loss, damage loss and interests. Therefore the termination request party is responsible to recover all these losses.
21. THE OWNER agrees with all provisions of this contract without any restrictions imposed and approves that he understands and knows all these provisions with his own signature.