There will be no hourly charges for any of the work the management team will do for the yacht. Note that Managers’ direct expenses (such as travelling, hotel, and reasonable subsistence whilst on ship’s business, etc.) are not included in the proposal and will be charged against the Management Account. Where possible and appropriate, expenses will be shared between Management Yachts that are visited in the same port on the same trip.
The Agreement will run for an initial period of 12 months and would then be subject to a 3 month Notice Period. The Management Account is always to be maintained in Credit in accordance with the budget plus such additional costs as may be properly incurred from time-to-time. At the end of the Management Contract, the Management Account shall be maintained in credit until all outstanding invoices, crew salaries and other costs have been settled.. |
