In the majority of purchase agreements for yachts, there’s a provision that allows the buyer to include certain contingencies before finalizing the purchase. These contingencies typically include the buyer’s right to conduct a personal inspection and sea trial of the yacht.
The Buyer has the right to inspect the Yacht before delivery. Notice of inspection shall be given by the Buyer to the Seller at least seven (7) days before the intended date of inspection. If any defects or discrepancies are found by the Buyer during the inspection, the Buyer shall notify the Seller of such in writing within seven (7) days of the inspection.
Condition of Yacht
The Yacht shall be delivered in good condition, free of any liens, encumbrances, or debts. The Seller shall be responsible for all maintenance and repairs required on the Yacht up to the delivery date.
Delivery and Acceptance
Delivery of the Yacht shall be made by Seller to the Buyer at (Insert Delivery Location) on (Insert Delivery Date). The Buyer shall have seven (7) days from the Delivery Date to accept the Yacht. If the Buyer does not notify the Seller of rejection within seven (7) days of the Delivery Date, the Buyer shall be deemed to have accepted the Yacht.
The closing of this transaction shall be held on (Insert Closing Date) at the offices of (Insert Name of Closing Agent) or such other place as may be mutually agreed upon by the Parties.
Governing Law and Jurisdiction
This Agreement, including all its provisions and obligations, shall be governed by and construed in accordance with the laws of the State of (State). In the event of any disputes between the Parties arising out of or relating to this Agreement, including its formation, interpretation, performance, or termination, such disputes shall be exclusively submitted to and resolved by the courts of the State of (State). The Parties hereby irrevocably consent to the personal jurisdiction and venue of these courts and waive any objection they may have on the grounds of inconvenient forum or otherwise to the bringing of any such dispute before such courts.