Yacht Purchase And Sale Agreement (Page 4 of 5) in pdf

Yacht Finders International Purchase & Sales Agreement Page 4 of 5

13. DEFAULT BY THE BUYER: The BUYER and SELLER agree that the amount of damages sustainable in the event of a

default by the BUYER are not capable of ascertainment. Therefore, in the event that the BUYER, after accepting the YACHT

under the terms of this Agreement, fails to fulfill any or all the obligations set forth in Paragraph #10, the deposit shall be retained

by the SELLER as liquidated and agreed damages and the BUYER and SELLER shall be relieved of all obligations under the

Agreement. This sum shall be divided equally (50% / 50%) between the SELLER and the BROKERS after all expenses incurred

against the YACHT by the BUYER have been paid. The BROKERS’ share shall not exceed the amount the BROKERS would

have received had the sale been completed.

14. ARBITRATION OF DISPUTES: Any dispute, controversy or claim relating to the Agreement, including but not limited to

the interpretation thereof, or its breach or existence, which cannot be resolved amicably by the BUYER and SELLER shall be

referred to arbitration, which shall be the sole and exclusive forum for resolution and settlement of any dispute, controversy or

claim between the parties. The arbitration shall be conducted in accordance with the Rule of the American Arbitration Association

then in force and shall be held in the city and state of the SELLING BROKER’s office, unless the BUYER and SELLER mutually

agree upon another place. Any award of the arbitral authority shall be final and binding upon the BUYER and SELLER with

respect to all disputes, claims or controversies encompassed therein and the BUYER and SELLER shall comply with said award

without delay. The arbitral authority shall, in its award, fix, and apportion the costs of arbitration. The award of the arbitral

authority may be enforced by any court having jurisdiction over the party against which the award has been rendered or where

assets of the party against which the award has been rendered can be located. The BUYER and SELLER further understand and

agree that arbitration shall be the sole and exclusive forum for resolving any dispute, controversy or claim relating to this

Agreement and that neither party shall resort to any court except to compel arbitration, refer questions of law or to conform,

vacate or modify such award.

15. Should the LISTING BROKER or the SELLING BROKER become party to any litigation involving the Agreement and

found not to be at fault, it is agreed that the BROKER(S) shall be reimbursed for costs and attorney’s fees by the party(s) found to

be at fault.

16. This Agreement shall:

A. be construed and interpreted in accordance with, and the arbitral authority shall apply the substantive and procedural law

of the State of the SELLING BROKER’s principal office;

B. constitute the entire Agreement between the BUYER and SELLER, and supersedes all prior discussions, agreements and

understandings of any nature between them, and may not be changed or to except by agreement in writing and signed by

the parties to be bound;

C. be binding upon and shall inure to the benefit of and be enforceable by the successors in interest of the BUYER and

SELLER, including but not limited to heirs, executors, administrators or assigns;

D. survive the closing of the transaction, and shall not be merged in or otherwise be affected by the execution, tender,

delivery or acceptance of the Bill of Sale or any other documents executed or delivered at the closing.

17. FACSIMILE or EMAIL TRANSMISSIONS & COUNTERPARTS: Facsimile or email transmissions of any signed

original document, and retransmission of any signed facsimile transmission shall be the same as delivery of original. This

Agreement may be assigned in counterparts

Initials: Buyer_________ Seller_________

Yacht Purchase And Sale Agreement Page 4