Terms & Conditions

Smart Boat Sales – Terms & Conditions

(Summary based on ABYA Sale & Purchase Agreement – Version 01/2025)

1. Broker’s Role

Smart Boat Sales acts as Broker and may also act as Stakeholder, holding deposits and managing completion in accordance with the ABYA Agreement. The Broker is not the seller of the vessel and makes no representation or warranty regarding condition, description, or fitness for purpose.

2. Deposits and Payments

A Deposit (typically 10% or as stated) is payable within 4 banking days of signing. Funds are held in a designated Client Account.

Deposits may be forfeited if the Buyer defaults.

Balance is payable on or before Completion Date, and the Broker will release funds only once completion is confirmed.

3. Surveys and Trials

Buyers may carry out a Survey and/or In-Water Trial at their own cost, including haul-out, with prior consent for invasive work.

A written Survey Report is required for any rejection or defect claims. Defects must affect operational integrity to justify rejection or price negotiation.

Rejection notice must be given in writing within 7 days of the survey or 2 days after the trial.

4. Acceptance

If no valid notice of rejection is received in the required timeframe, the Buyer is deemed to have accepted the vessel.

5. Completion

Completion is the transfer of ownership and handover of the vessel and documents.

It occurs on the agreed date once payment is cleared and transaction documents are exchanged.

6. Default and Cancellation

If the Buyer defaults, the deposit is forfeited to the Seller (less costs).

If the Seller defaults, the deposit is refunded and the Seller may be liable for provable losses and broker fees.

Cancellation provisions also apply if survey findings aren't resolved, or due to force majeure or vessel loss.

7. Broker’s Fees

The Seller agrees to pay the Broker the agreed commission on completion or on cancellation due to default.

The Broker is authorised to deduct their fee from sale proceeds.

8. Risk and Insurance

Risk remains with the Seller until completion. The Seller must make good any damage after survey/trial and before completion.

9. Legal Jurisdiction

This Agreement is governed by the laws of England and Wales, and all disputes shall be resolved in English courts.

10. Confidentiality

All parties agree not to disclose the contents of the agreement except to legal advisors or regulators, or as required by law.

11. Due Diligence (KYC)

All parties must provide identity and compliance documentation. The Broker may refuse funds or cancel the agreement if KYC is not satisfied.