TJB Super Yachts adheres to the highest level of industry standard. The contract sets out rights and obligations of owner and charterer, as well as details of the payment structure and insurance, cancellation policy etc.
The most common terms of contract used are MYBA (Worldwide Yachting Association) and CTI (Caribbean Terms Inclusive), but there are also less frequently used terms such as Standard Eastern Mediterranean Terms (SEMT) and Greek Terms (GI). If you are unsure as to what is included under the terms of your contract, or if you have concerns about any clause, please ask your broker.
We primarily use the MYBA (Worldwide Yachting Association) contract which operates under Western Mediterranean Terms (WMT). This is the most commonly seen contract which can be described as a “plus all expenses” contract which requires the charterer to pay for fuel, food, beverages, communication fees, dockage / berthing fees in addition to the base charter fee. Typically these extras accumulate to an additional 25% of the base charter fee, depending on consumption.
Smaller yachts on a Caribbean yacht charter can expect a mostly all- inclusive contract known as Caribbean Terms Inclusive (CTI), sometimes referred to as Standard Caribbean Terms (SCT). Under this contract the base charter fee includes three meals a day and four hours daily cruising. Bear in mind that should guests wish to exceed a cruising speed, use Jet Skis, or use electricity whilst at anchor, more fuel will be used with the cost applied to the charterer. Although some CTI contracts may also include a selection of beverages, others may charge extra for all beverages.
Although some terms are inclusive of fuel for up to four cruising hours per day, it is important to remember that should guests wish to exceed a cruising speed, use jet skis and electricity whilst at anchor, more fuel will be used with the cost applied to the charterer.
It is essential that each charter guest has a full understanding of the charter contract and how they will be affected by it, therefore each guest should take the time to read the contract and familiarise themselves with the content.
Although a charter contract may seem daunting at first, it is there to protect both you and the yacht owner. It is critical that guests speak up should they have any questions regarding the contract or are unsure as to how the payment structure is applied or how costs are calculated. Charter brokers are experts in the field and will be able to explain one contract clause to the next, so don’t be afraid to ask.