What are the costs the charter fee covers?
Under MYBA terms, the charter fee only covers the hire of the yacht with the crew on board. All additional expenses are covered by the chartering party. To cover such expenses an Advance Provisioning Allowance (APA) is required to cover any provisioning, fueling mooring and legal fees. Any APA not spent or any costs not covered sufficiently by the APA paid will be settled between the parties at the end of the charter. The APA is usually calculated as 30-40% of the charter fee. The charterer should also consider VAT and potential gratuities to the crew for their decision on a yacht.