What is a MYBA Charter Contract?

Charter parties

The contract identifies three parties: the Owner (or their authorised representative), the Charterer (the client), and the Central Agent (the broker acting for the owner). Each party's rights and responsibilities are defined.

Vessel specification

The contract specifies the vessel's name, flag, registration number, LOA, beam, draft, gross tonnage, and classification. It also lists the agreed inventories — crew, water toys, tenders, safety equipment. If the vessel is materially different from the specification at embarkation, the charterer has legal grounds for remedy.

Charter territory

The geographic area in which the yacht may operate during the charter period. A Mediterranean charter might specify 'Greek waters' or 'Western Mediterranean'. Crossing into a different jurisdiction (e.g. from Greek to Turkish waters) typically requires an addendum and additional permits arranged by the captain.

Payment schedule

Standard: 50% of the base charter rate on contract execution, balance (50% + APA) due 4–6 weeks before departure. Payments are made to the central agent's client account. Interest accrues on late payments. The charter will not proceed if any payment is overdue.

APA provisions

The contract specifies the APA amount (typically 30–35% of the base rate) and how it is administered. The captain maintains a daily ledger. All expenditures above a defined threshold (typically €500–€2,000) require charterer approval. The full reconciliation is provided at charter end; any balance is refunded within 14 days.

Cancellation and force majeure

Standard cancellation: >90 days notice — deposit forfeited; <90 days — full charter fee forfeited. Force majeure provisions cover acts of war, natural disasters, and governmental restrictions. COVID clauses are now standard in most MYBA addenda. Charter insurance covers many cancellation scenarios — broker will recommend appropriate policy.

Liability and insurance

The owner warrants the vessel is seaworthy, properly crewed, and insured (hull and P&I). The charterer is responsible for personal injury to themselves or their guests caused by their own actions. Damage to the vessel caused by charterer negligence is typically covered up to a security deposit amount.

What is a MYBA charter contract?

The MYBA (Mediterranean Yacht Brokers Association) charter agreement is the industry-standard contract used for the majority of crewed superyacht charters worldwide. It is a standardised legal document that defines: the charter parties, vessel specifications, charter period and territory, base charter rate, APA amount and conditions, payment schedule, cancellation terms, liability limitations, and dispute resolution. Most MYBA-registered brokers and owners use this document as the contractual basis.

Who is MYBA?

MYBA — the Mediterranean Yacht Brokers Association — is the principal trade association for superyacht charter brokers and managers operating in the Mediterranean and worldwide. Founded in 1984, MYBA sets professional standards, provides standardised charter contracts, and operates a dispute resolution process. MYBA membership is a mark of professionalism in the industry. Most reputable brokers are MYBA members.

What does the payment schedule in a MYBA contract look like?

The standard MYBA payment schedule: 50% of the base charter rate due on signing the contract, and the remaining 50% due 4–6 weeks before the charter start date. APA is typically paid in full at the same time as the balance payment. Security deposits (if required) are also paid before departure. Payments are made to a MYBA-regulated escrow account held by the central agent.

What are the cancellation terms in a MYBA contract?

Standard MYBA cancellation terms: if the charterer cancels more than 90 days before departure, they lose the 50% deposit. If cancellation occurs within 90 days, the full charter fee is typically forfeited. Some owners offer reduced penalties for re-booking to the same or higher value. Charter cancellation insurance is strongly recommended for bookings above €50,000 — it typically costs 4–6% of the charter value.

Can the MYBA contract be modified?

Yes — the MYBA contract is a starting point, not a rigid template. Addenda can be attached for specific provisions: payment in different currencies, extended territory (e.g. crossing from Mediterranean to Atlantic), specific itinerary limitations, additional included costs, or alternative cancellation terms. Any modifications must be agreed in writing by both parties. Your broker negotiates these addenda on your behalf.

What currency are MYBA charter contracts in?

MYBA contracts in the Mediterranean are typically denominated in Euros. Caribbean charters are typically in US Dollars. The contract specifies the payment currency — any exchange rate risk from a currency mismatch is the charterer's. Some contracts allow payment in alternative currencies with the rate fixed at signing.