This Charter Management Agreement is entered into by and between:
CATAMARAN CHARTERS LTD ., a BVI Company, Nanny
Cay Resort and Marina, Box 281, Tortola, BVI,
and CATAMARAN CHARTERS INC ., a Florida
Corporation, 4005 North Federal Highway, Ft. Lauderdale, Florida
33308 hereinafter jointly referred to as " CATAMARAN CHARTERS ") and OWNER:
PRINCIPAL ADDRESS:
CITY:
STATE:
COUNTRY:
ZIP:
DEFINITIONS
AGREEMENT DATE:
YACHT NAME: HULL ID #: YACHT TYPE: ESTIMATED CHARTER START DATE:
WITNESSETH:
WHEREAS , Owner is desirous of entering into
an agreement whereby the above Yacht shall be managed, docked,
maintained, and chartered for income; and
WHEREAS , Catamaran Charters operates a charter
management and booking business located in Florida, USA and operates
charter and maintenance bases in the Caribbean; and
WHEREAS , Catamaran Charters is desirous of entering
into an agreement to manage, dock, maintain and act as the exclusive
charter-booking agent for Owner's above-described Yacht;
Now, therefore, in consideration of the following mutual covenants
and warranties, the parties agree as follows:
TERM OF AGREEMENT AND DELIVERY OF YACHT Owner authorizes Catamaran Charters to deliver the yacht
to its Caribbean base in Tortola. This Agreement shall commence
upon the arrival of the said yacht at the base and acceptance of
Yacht by the base Manager or upon completion of required recommendations
. This Agreement shall continue in effect for a period of 1 year
from the above described commencement date.
LOCATION
Owner and Catamaran Charters agree
that Yacht shall be based and maintained in Tortola. It is agreed
that Catamaran Charters may relocate the Yacht to another base
operated by or affiliated with Catamaran Charters but any subsequent
relocation outside the original cruising area would require the
written agreement of both parties.
OBLIGATIONS OF CATAMARAN CHARTERS
MAINTENANCE AND OPERATION OF YACHT Catamaran Charters shall be responsible at the expense
of the owner for all repairs and maintenance of Yacht and for the
service given to the Yacht's guests throughout the period of this
Agreement. This includes but is not limited to mechanical, electrical,
rigging, fiberglass, maintenance, cleaning, dockage, customer briefings,
chase calls and security. Catamaran Charters shall not be responsible
for repairs necessitated by loss or damage caused by an insurable
event. In the event of loss of or damage to charter equipment
during a charter, Catamaran Charters shall be responsible at the
expense of the owner for the replacement of said charter equipment.
RESERVATIONS MANAGEMENT
Catamaran Charters
will use its best efforts to advertise and promote it's managed
fleet, including Owner's Yacht, for the purpose of chartering
the fleet, including but not limited to, national advertising
in major boating publications, direct mail promotions and the
exhibiting of yachts in major boat shows whenever feasible. Catamaran
Charters will provide Owner upon request with appropriate brochures
to further promote Owner's Yacht. Catamaran Charters maintains
a central booking office in Florida where the Yacht's booking
calendar will be maintained and overseen. Due to the nature of
the charter business as being primarily a telephone booking business,
Catamaran Charters may, without Owner's approval, relocate its
central booking office.
Catamaran Charters will manage all charter
sales income of Yacht. On the last day of the following calendar
month Catamaran Charters will calculate all charter income
due to Owner for the previous month. (E.g. On Sept.30 Catamaran
Charters will balance all paid charter records for charters
that ended during the month of August.) Catamaran Charters
will then credit to the Owner's Monthly Account Statement a
sum equal to seventy percent (70%) of
the actual net charter income received by Catamaran Charters from
the charter of Owner's Yacht for that month no later than the 15th
of the following month to be offset against yacht invoices.
OWNER
YACHT USAGE Catamaran Charters guarantees the Owner unlimited private
use of the Yacht. Owner is required to purchase the normal CDW
in force at the time of the charter for the duration of the charter.
Catamaran Charters shall bill Owner normal turnaround fees for
removal, cleaning, and replacement of linens, interior and exterior
cleaning prorated maintenance costs, including maintenance of all
systems electrical, mechanical, pumps, plumbing, instrumentation,
sails and rigging. If Owner is not in the charter party there will
be an additional $250 skipper checkout fee.
Catamaran Charters
will utilize its best efforts to make Owner's Yacht available for
the Owner's usage as described above. However, in the event that
the Owner's Yacht is unavailable as a result of circumstances beyond
Catamaran Charters' control, such as a prior booking on the yacht,
Catamaran Charters reserves the right to, and will, make every
effort to substitute an equivalent yacht for Owner's use and credit
the revenue from the paid charter on Owner's boat to the owner
of the yacht used for Owner's time. Catamaran Charters cannot be
held liable where no boat is available nor for any expenses including
air travel incurred by Owner. Owner's usage will be available from
the date of yacht's arrival at the charter base.
INSURANCE Catamaran Charters shall procure and maintain in full
force and effect during the term of the Agreement the following
insurance terms and coverage, the cost of which shall be borne
by Owner:
a. Hull insurance in the amount not less than 100% of
the replacement value of the yacht, providing
for the policy deductible amount. In the event of a loss under
the hull policy, it is agreed that Owner shall have no liability
for payment of the deductible, unless such loss occurs
during a period of owner use, owner arranged charter, or owner's
guest use or total loss of vessel.
b. Protection and indemnity insurance with limits of no
less than $1,000,000.
c. The aforementioned policies shall be endorsed so as to:
Name
Owner as assured and Catamaran Charters and any and all associated
companies as additional assureds:
Allow the assureds to charter:
Extend coverage to charterers as
additional insured in respect to hull and protection and indemnity
coverage.
d. Catamaran Charters shall not by any willful act or
omissions void or vitiate the aforesaid insurance.
c.
Catamaran Charters
shall furnish owner if requested with Certificates of Insurance
herein required to be maintained. If for any reason Catamaran Charters
should be unable to obtain the insurance above specified, Catamaran
Charters is to consult with Owner in order to obtain mutually acceptable
insurance.
At the end of Charter Agreement period or when owner removes Yacht
from charter service, owner shall be responsible for procuring
insurance coverage to replace Catamaran Charters aforementioned
insurance policies.
OWNER'S OBLIGATIONS
EXCLUSIVE AGENT Owner agrees to place Yacht in charter management with Catamaran
Charters acting as the exclusive booking agent for Yacht for the
term of this Agreement.
OWNER'S USAGE Owner has the right to reserve Yacht for periods specified
above provided Owner gives Catamaran Charters appropriate notice
of his intended use for a specified time period and provided
that upon receipt of this notice Catamaran Charters has not chartered
or reserved the Yacht to any other person during the specified
period or any portion thereof. For reservation purposes Owner
usage is considered a regular charter with no charter fee and
the appropriate department will bill other costs.
In the event Owner cancels a reservation on Yacht with Catamaran
Charters within 45 days, the normal charter cancellation fee
will be incurred. Notwithstanding any other provisions of this
Agreement, Catamaran Charters will have no responsibility to
Owner for any loss or damage to the Yacht occurring while the
Yacht is in use by Owner, Owner's family, or Owner's guests other
than with regard to the normal coverage provided by the CDW.
PROMOTIONAL USAGE
Owner agrees that Catamaran Charters may from time to time offer
complimentary charter days at the end of a paid period to charterers
as a promotion. Owner also agrees and Catamaran Charters reserves
the right to use Yacht for a maximum of two weeks per annum for
purposes that may help to promote the Yacht or sister yachts
for charter or for training and education of appropriate personnel.
OTHER TERMS AND CONDITIONS
ATTORNEY IN FACT
Owner hereby assigns Catamaran Charters as it's agent and attorney
in fact with full authority to act for and on behalf of Owner
and in Owner's name in managing, operating, chartering, maintaining
and safeguarding the Yacht during the term of this Agreement.
TERMINATION
Either party may terminate this agreement upon a ninety day written
notice by registered mail to the other party under the condition
that Owner will honor all future charters already booked on Yacht
and/or will agree to pay any and all additional costs incurred
by Catamaran Charters due to such termination. Said additional
costs include but are not limited to charterers' airfares to
other fleet locations, additional cost of chartering outside
yachts, additional upgrading cost of chartering larger yachts
due to unavailability of equivalent yachts in Catamaran Charters
fleet and full or partial reimbursement of charter price and
the loss of income to Catamaran Charters caused by the aforesaid.
Either party may also terminate this Agreement by written notice
to other party in the event either party has filed a petition
in bankruptcy, or has made an assignment for the benefit of creditors,
or has taken advantage of any insolvency act. In the event of
termination by Owner under this paragraph, the remedies due Catamaran
Charters shall be the same as under the ninety-day termination
clause. The termination of this Agreement will not alleviate the
Owner of his obligation to honor all charters reserved by Catamaran
Charters for which deposits and/or payments have been received
by Catamaran Charters nor shall termination relieve the Owner of
any liability or obligation accumulated hereunder prior to the
effective date of any termination.
At the end of any applicable termination notice period, Catamaran
Charters shall thereupon release custody, possession and control
of Yacht to Owner at the location at which Yacht was based at
time of notice upon full payment in cash of any outstanding amounts
due to Catamaran Charters.
ACTS OF GOD
Catamaran Charters will not be liable for any damages or losses
of any nature whatsoever suffered or incurred as a result of any
delays and failures in performance due to any cause or circumstances
beyond its control, including, but not limited to, any such delays
or failures in performance caused by fires, strikes, acts of God,
riots, civil or military interference, compliance with laws of
any governmental authority or public policy, avoidance of the violation
of the legal rights of others, delays in transit or delivery on
the part of transportation companies or any failure of resources
or material sources.
WARRANTIES
Catamaran Charters makes no warranties, guarantees, or representations
hereunder, express or implied, with respect to the performance
of the Yacht.
ASSIGNABILITY
This Agreement will not be assignable by either party without
prior written consent of the other party, except that it may be
assigned without such consent to the successor of either party,
or to a person, corporation, or entity acquiring all, or substantially
all, of the business or assets of either party. No assignment of
this Agreement will be valid unless and until this Agreement will
have been assumed by the assignee. When assigned in accordance
with the foregoing, this Agreement will be binding upon and shall
inure to the benefit of the assignee.
GOVERNING LAWS
The laws of the BVI shall govern this Agreement irrespective of
method or place of delivery or payment.
ATTORNEYS FEES
In connection with any litigation relating to or arising out of
this Agreement, the prevailing party will be entitled to recover
reasonable attorney's fees and costs. However, both parties agree
to first seek solution through the service of arbitrage.
ENTIRETY
The above and aforesaid represents the entire charter management
agreement between the parties and no other representations, either
written or verbal, shall alter, modify or enlarge it, without express
written consent of both parties.
IN WITNESS WHEREOF , the parties hereto have
executed this Agreement as of the date first written above:
