Last Updated: January 12, 2026
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Owner agrees to be bound to Yacht Management Group, Inc. (“Contractor”) for all purposes related to Contractor’s repair, maintenance and modernization of Owner’s vessel. Yacht Management Group reserves the right to update or modify services, pricing, or availability without prior notice.
Owner authorizes Contractor, and Contractor agrees, to perform, either directly or through Contractor’s specialty subcontractors, the services described in the Estimate and as may be modified by one or more Revised Estimates authorized by Owner (the “Work”). Estimates and Revised Estimates shall be incorporated in, deemed to be a part of, and governed by these service agreement Terms and Conditions.
The Estimate(s) includes pricing for the Work. Work items may be priced on either a firm fixed price or time and material (T&M) basis. Work items priced on a T&M basis shall be billed weekly.
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Prior to Commencement of Work:
OWNER shall pay a down payment equal to fifty percent (50%) of the Contract Price. For T&M Work, OWNER shall pay as a down payment fifty percent (50%) of the T&M estimate for each T&M work item.
Contractor shall bill work in progress weekly. All invoices are due when rendered and are not subject to any discount. For any invoice not paid within thirty (30) days after the invoice date, interest at a rate which is the greater of the highest allowable rate under applicable law or one and one-half percent (1 ½%) per month will be assessed from and after the invoice date, and is due and payable immediately.
A final invoice will be rendered upon completion of the Work and shall be paid before the Vessel leaves the boat yard and marina (“Final Payment”).
Other Charges:
Contractor may assess an environmental compliance charge of three percent (3%) of the price for the Work.
If the Vessel remains in the marina or boat yard after completion of the Work, Contractor may charge a license fee for dockage at the greater of the then current published rate for the marina or boatyard or the prevailing dockage rates in the local market plus an administrative fee of fifteen percent (15%), utilities and sales tax.
This Agreement shall remain in effect until the earlier of Final Payment or termination for default. Either Party may terminate this agreement for default if the other Party commits a material breach of this Agreement and fails to remedy the breach within five (5) calendar days of receipt of written notice of the factual reasons which constitute the breach.
a. The obligations of the Parties for indemnity, warranty and insurance shall survive any such termination.
b. The parties acknowledge that this is an admiralty and maritime service agreement under General Maritime Laws, Statutes and Code of the United States of America and laws of the state or county where the Work is performed including law that creates a possessory lien and security interest.
The Work shall be free from defects in workmanship and material for thirty (30) days from the date the Vessel is redelivered to Owner or its authorized agent or representative.
All equipment manufactured by others and furnished by Owner to be installed aboard the Vessel by Contractor will be installed in a workmanlike manner in accordance with the equipment manufacturer’s specifications and good marine practice.
Contractor provides no additional warranties for any equipment provided by Owner for installation on the Vessel. Owner agrees to look solely to the equipment manufacturer for any warranty claim. Contractor does not assume any responsibility for said manufacturer’s warranties and does not make any warranty of its own on these items, except as set forth herein.
THE WARRANTIES SET FORTH ABOVE ARE GIVEN IN LIEU OF ALL OTHER WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING THE WARRANTY OF WORKMANLIKE PERFORMANCE. CONTRACTOR DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, THAT MATERIALS PROVIDED BY CONTRACTOR IN PERFORMANCE OF THE WORK ARE MERCHANTABLE OR FIT FOR ANY PARTICULAR USE OR PURPOSE.
In the event of a severe storm or hurricane, CONTRACTOR will determine when evacuation of the dock space or boat yard is necessary. It is the responsibility of OWNER, prior to evacuation, to make arrangements for removal and safe anchorage of his boat.
CONTRACTOR reserves the right, and OWNER expressly authorizes CONTRACTOR, at CONTRACTOR’S sole discretion, to evacuate, secure or haul OWNER’S boat, at OWNER’S expense and risk. OWNER is responsible for any damage to CONTRACTOR’S docks and facilities and other boats at CONTRACTOR’S docks and facilities caused by OWNER’S boat in the event OWNER’S boat isn’t evacuated, whether or not CONTRACTOR has requested such evacuation.
CONTRACTOR shall be under no duty or obligation to take any of the actions authorized by this paragraph.
Contractor shall not be held responsible or liable for any delay caused by Governmental authority, civil or military authority, insurrection or strikes, riots, labor troubles or civil commotion of any kind, embargoes, act of God, fire, flood, severe weather, explosion, sabotage, act of war, act of terrorism or by any other cause beyond the reasonable control of Contractor, such as government recommended shutdowns or work stoppages for virus or disease control related to a pandemic or national health event.
In addition to such other coverage as Owner may deem necessary, Owner shall maintain in full force and effect during the term of this Agreement the following insurance coverages and shall bear the risk of loss for any losses that would be covered by such insurance:
P&I Coverage shall include coverage for oil pollution and wreck removal. Contractor shall be named as an additional insured on such policies, and Owner shall obtain a waiver of subrogation against Contractor in all said policies.
By execution of this Agreement, Owner certifies that such insurance is in effect and agrees to provide evidence of such coverage to Contractor upon request. Should Owner fail to maintain such coverage, Owner shall be the insurer of last resort.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, OWNER EXPRESSLY RELEASES CONTRACTOR AND AGREES TO HOLD CONTRACTOR HARMLESS FROM ANY AND ALL CLAIMS FOR INJURY OR DEATH OF PERSONS, PROPERTY DAMAGE OR LOSS, AND OTHER DIRECT, INDIRECT AND CONSEQUENTIAL DAMAGES OR EXPENSES (INCLUDING ATTORNEY’S FEES), ARISING FROM OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, UNLESS SUCH LIABILITY IS DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF CONTRACTOR.
OWNER AGREES TO LOOK SOLELY TO OWNER’S INSURANCE COVERAGE AND NOT TO CONTRACTOR OR ITS INSURANCE CARRIERS FOR ANY LOSS OR DAMAGE.
No claim shall be valid unless presented in writing within sixty (60) days after redelivery of the Vessel. Suit must be commenced within six (6) months after redelivery or the date of breach, whichever is sooner.
Owner shall allow Contractor the opportunity to inspect and repair defects before engaging third parties. Acceptance of redelivery constitutes agreement the Vessel is free from defects.
Owner agrees to indemnify Contractor for incidental, special, or consequential damages including loss of use, revenue, or profits.
Final payment is due upon notice of completion. Contractor may detain the Vessel without judicial process until paid in full and reserves all maritime lien rights.
This Agreement constitutes the entire agreement, governed by general maritime law of the United States and the law of the State of Florida. Jurisdiction shall lie at Contractor’s sole discretion in Florida courts or arbitration.
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