If I cancel the charter, do I lose only the deposit?
Do not assume the deposit is the maximum exposure. Published extracts of the MYBA 2025 charterer-cancellation wording refer to installments that have become due and payable, including unpaid amounts due at cancellation; the actual signed form and amendments must be reviewed. (frontieryachting.com)
Ask your lawyer for a short cancellation schedule based on your actual dates:
| If we cancel… | What the explanation should show |
|---|---|
| Before the next installment falls due | Amount already payable and potential recovery |
| After a later installment becomes due | Additional contractual exposure |
| After the owner relets the period | How any credit is calculated and documented |
| Because a guest cannot travel | Contract position versus possible insurance response |
| Because an event is canceled | Whether the yacht agreement gives a relevant right |
Keep charterer cancellation separate from owner cancellation. Do not copy a damages scale from one into the other.
Also ask whether changing the named charterer, substituting guests or moving dates is possible, and on what conditions. Treat any proposed flexibility as unconfirmed until agreed in the necessary form.
A deposit payment should follow—not precede—understanding the cancellation exposure.