Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Building Contract definition

What does Building Contract mean? A building contract is the agreement under which an employer engages a contractor to carry out and complete building works, often called the main contract where subcontractors are appointed. The term is descriptive rather than statutory, but most building contracts fall within legislation on “construction contracts” (England & Wales and Scotland: Housing Grants, Construction and Regeneration Act 1996, as amended; Northern Ireland: Construction Contracts (Northern Ireland) Order 1997; Ireland: Construction Contracts Act 2013), particularly for payment and adjudication. Typical features include: scope and specification of the works; allocation of design responsibility; price and payment (lump sum, measurement, cost-reimbursable...

Superyacht sale and purchase: MYBA MOA essentials, buyer due diligence, broker authority, risk and deposits, and Red Ensign registration under English law

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note outlines the features of superyacht sale and purchase that diverge from transactions involving commercial ships. For broader guidance on commercial vessels, see Practice Note: Sale and purchase of second-hand vessels. Yacht builders typically table their own standard construction agreement, or the parties may settle a bespoke build contract. For shipbuilding of other vessel types, see Practice Note: Shipbuilding contracts. The focus here is the sale of a completed or second-hand superyacht, very often arranged through a yacht broker. Across Europe, the predominant contract for second-hand superyachts is the standard sale form (see The MYBA form below). That template adopts a caveat emptor approach, placing the burden on the buyer to undertake due diligence. Following completion, the buyer’s selection of flag for registration and the ownership vehicle should reflect the owner’s convenience, intended use of the yacht and exposure to tax...

The MYBA form

As noted above, the Worldwide Yachting Association’s (MYBA) form is the...

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Web page updated on 22/05/2026

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