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The Yacht Brief December 2015

News / / The Yacht Brief December 2015

Bringing a collision claim out of time do you have extenuating circumstances A two-year time-limit applies for starting a claim in the English court against the other yacht involved in a collision, although the court has a discretion to grant a time extension The English court has clarified the circumstances in which it will exercise this discretion in the recent case of CDE SA v Sure Wind Marine Ltd, SBSeaguard cw OdysseYachtbuilding Court considers implied duty of cooperation in shipbuilding contractIn a decision relevant to both buyers and builders of yachts, Swallowfalls Ltd v Monaco Yachting Technologies SAM Anor, the English Court of Appeal considered whether a loan for the construction of a luxury yacht was repayable on demand and decided it was This was significant for the buyer, who had made the loan to the builder to help it complete the construction work, because it meant that when the builder defaulted on the loan, the buyer was entitled to demand full and immediate repayment of the total amount duenbsp Superyacht finance the basicsBuyers of such high-value assets, and lenders, need to be aware of a number of key aspects to any such transaction under English law These are numerous and should ideally balance the buyer's and the lender's interests In this article, we provide an overview of the issues that arise when financing a superyacht MT Hjgaard v EON Court of Appeal decision a shot across the bows for any builder using third party specifications and allowing fitness for purpose into their contractsYacht builders frequently need to rely on specifications developed by third parties, which may contain hidden flaws To limit exposure, yards should consider keeping contractual warranties relating to a yacht's fitness for purpose to a minimum, and should also remain aware that it can be very difficult for yards to pass legal responsibility down the chain to designers Buyers may want to take the opposite approach The case is a good example of how construction law developments in one seemingly unrelated sector can affect builders and buyers of all kinds
Chris Kidd

Chris Kidd Head of Shipbuilding and Offshore Construction, Joint Head of Energy & Infrastructure, Partner

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