Posted: 17th April 2013 | Written by: Danielle J. Butler Esq.
With most failed yachting transactions, the biggest reason for litigation is determining who breached the agreement and what happens to the money that’s already changed hands – otherwise known as the “good faith deposit.” The good faith deposit usually equals 10 per cent of the buyer’s offer.
Posted: 25th February 2013 | Written by: Andrew High
The current worldwide economic climate has forced shipyards to reduce prices for new construction in order to compete in an increasingly crowded marketplace. Oftentimes, prospective purchasers will find it more cost-effective to purchase new construction with warranties, as opposed to a comparably priced brokerage boat. As such, purchasing a newly constructed vessel has become an attractive option for both experienced boaters and first-timers to the world of yachts.
Posted: 13th January 2013 | Written by: Danielle J. Butler Esq.
The arrest of a vessel in the USA, whether she is private or commercial, is part of the process by which a Court in Admiralty gains jurisdiction over the subject matter of a lawsuit. These lawsuits are known as "in rem" actions, meaning that the action is against a thing, rather than against a person. Generally, the vessel itself is responsible for payment of liens, mortgages or any other maritime lien that may arise.