ICOMIA and EBI have introduced new international standard charter terms and conditions in association with charter insurance company Yacht-Pool International.
Yacht-Pool developed the Faircharter Contract 15 years ago to balance the legitimate concerns of both the charter company and the charterer-customer.
This set of terms and conditions is a continuation of the contract and has been developed in association with Yacht-Pool and a working group formed by ICOMIA and EBI members who have experience in the charter industry.
“It is important that there is a fair and consistent approach towards consumers and a harmonisation of industry practice that includes all parties; consumers, agents and charter companies,” said Philip Easthill, secretary general of EBI.
The terms and conditions are intended to provide international, uniform general terms and conditions for charter contracts and aim to support both charter providers and agencies associated with them.
International standard charter
The organisations have produced legally compliant agreements, in accordance with regulations and endeavour to adapt the conditions to any changes in the law.
The also aim to uniformly regulate a fair balance of interests between charter parties to create a cross-industry, international, uniform structure that is the same for all charterers.
“These international standard charter terms and conditions developed in association with EBI and Yacht-Pool show how the recreational marine industry can come together to work on a joint project that will benefit many,” said Joe Lynch, ICOMIA CEO.
“We hope that they will be widely used across the industry, and we thank the members of the Charter Working Group for the work they put in to get this project to the finish post.”
