Article

Racing boats – 10 things to know !

01/02/2022

Shipping Law

For many years, Stream has been supporting the ocean racing industry, including racing teams, at every stage of their project.

From our experience, we know that it is important, from the very first steps, to structure your approach and to take action methodically by considering each of the points essential to the success of this project, particularly from a legal, tax and insurance point of view.

In order to help you structure the follow-up of the key steps, we have established a checklist that can assist you in the management of this type of project concerning the above mentioned matters.

Our teams remain at your disposal to advise you according to your needs on each of these topics.

 

1. Ownership structure

  • Should the vessel be owned personally or through a structure ? Which structure ? If so, how to negotiate the charter contract ?
  • What are the main points of vigilance ?

 

2. Financing

  • What type of financing ?
  • Leasing or traditional credit ?
  • What are the advantages and disadvantages ?
  • What are the usual banking organizations in this field ?

 

3. Construction

  • How to check the reliability of a builder ? What documents must be obtained upon delivery ? How to ensure that the delivery date will be respected ?
  • How to best negotiate the naval architecture contract (guarantees, technical criteria,…) ?
  • How to manage contract modifications during construction ?

4. Purchase and sale

  • Which standard contract? What are the delivery conditions ?

 

5. Customs and Taxation

  • Which fiscal and customs regime for the vessel? Is VAT applicable ?
  • Do we have to pay the annual fee for freezing and navigation? Where to take delivery of the vessel ?
  • Is it necessary to carry out import/export formalities on the territory of the EU ?
  • How can I have a part of the vessel built outside the EU and then import it to finalize it ?

 

6. Intellectual Property

  • How to protect innovations designed for the ship ?

 

7. Insurance

  • What are the solutions offered today by the markets ?

 

8. Sponsorship

  • How to best negotiate a sponsorship contract ? How to foresee exclusivity and confidentiality issues ?

9. Contract with skipper

  • What type of contract ?
  • Which law is applicable ?
  • How to best negotiate a co-skipper contract ?

10. Damage

  • What are the first reflexes to have ?

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