Substance Over Personalisation: Navigating the 2025 MYBA Charter Contract Update

In the intricate and luxurious world of yachting, the latest revision of the 2025 MYBA charter contract has become a pivot of discussion, particularly following the thoughtful critique from Prof. Dr. Christoph Ph. Schließmann. As a seasoned expert in charter negotiations, his insights were initially met with some controversy, but they undeniably highlight essential aspects needing refinement.

The core of the debate revolves around ensuring that the security promised by the MYBA template isn't just on paper but tangible in practice. One significant issue raised pertains to payment structures. According to the revised contract, a substantial portion of charter fees is retained until the end of the charter, posing liquidity risks for owners. Prof. Dr. Schließmann suggests a more effective system—only withholding disputed amounts backed by evidence while promptly releasing undisputed balances.

On the KYC front, the necessity of compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations is acknowledged. However, operational processes can stall due to delayed documentation, especially during peak seasons. The introduction of specific cut-off dates and fallback mechanisms can potentially alleviate these operational bottlenecks.

Force majeure clauses, while modernized to include events like cyber incidents, lack explicit timing guidelines that could preclude disputes. Establishing clear notification and documentation timelines would streamline responses.

Another point of contention is the "entire agreement" clause, which neglects pre-contract agreements unless included in the Special Conditions. Elevating every material assurance into these conditions ensures comprehensive coverage and avoids overlooked promises.

Stakeholder accounts also require scrutiny. Merely labeling an account doesn't grant it the protection it requires. Transitioning to regulated client or escrow accounts, reinforced with trust wording, is recommended to secure funds from systemic risks.

A nuanced issue is the MYBA form's dominance in the yachting market, often creating a de facto standard that becomes a gateway for industry exposure. While this isn't illegal, the competitive landscape should remain open for owner-protective enhancements.

Finally, the interplay with EU consumer laws necessitates precision over broad declarations. The proposed EU Consumer Annex would serve as a pragmatic add-on to align with consumer protection standards, reflecting the unassailable safeguards of EU law.

By addressing these critical points—payment holds, KYC complexities, force majeure timing, and stakeholder account protections—the industry can continue advancing, ensuring stability and a degree of personalization within the structured processes of yacht chartering. The dialogue initiated by Prof. Dr. Schließmann is vital as we strive for a balanced incorporation of standardization and flexibility in this evolving sector.