A Memorandum of Agreement (MOA) is a legally binding contract used in yacht transactions that sets out the full terms and conditions agreed between the buyer and the seller. In the yachting industry, it is the standard document that formalizes the sale once an offer has been accepted. The MOA typically includes the purchase price, deposit amount (usually 10%), payment structure, survey and sea trial conditions, delivery terms, inventory list, warranties (if any), default provisions, and the closing process.
The Worldwide Yachting Association, MYBA, is an international professional organization founded in 1984, bringing together both corporate and individual members.
First, I would mention experience. The first MYBA contract was issued more than 30 years ago, and since then it has undergone numerous revisions as the yachting industry has evolved and as new issues have arisen, ensuring that it covers all possible eventualities.