Both agreements have a clause that makes the seller liable for all damage caused to the boat after acceptance, but before closing. The IYBA PSA has different results, depending on the severity of the damage. According to IYBA PSA, damage that costs 5% of the purchase price of the ship or less and takes less than 30 days to repair must be repaired by the seller, but the contract will be adjusted and the delays are extended by as many days as it takes to repair the damage. If the damage is greater, one of the parties may terminate the contract. According to YBAA PSA, the seller must repair the damage to the vessel, regardless of the size of the repair, subject to the buyer`s agreement, who has the right to demand an appropriate price adjustment or cancel the sale if significant damage cannot be repaired to his satisfaction. YBAA member brokers and their brokers are committed to fully complying with the YBAA Code of Ethical and Business Practice below as a precondition for membership and promotion of their commitment to maintaining the highest standards in the industry. The YBAA and IYBA agreements contain a clause dealing with conflict of interest issues that arise when the buyer and seller have the same broker. These two agreements allow for a dual brokerage relationship between the parties. The IYBA agreement also requires that a broker not be allowed to disclose to the seller that the buyer is willing to spend more than the price without the buyer`s consent and that a broker must not inform the buyer that the seller is willing to sell the ship for less than the price without the seller`s consent. This requirement is a solution to the problem that alternating brokers have when trying to comply with laws requiring the broker to defend the best interests of their clients. In agreement with both parties, an alternating broker participating in a PSA IYBA obtains stricter guidelines on how to avoid any conflict of interest. 1.1 The broker manages on a special bank account, separate from his own, or the resources or money of the brokerage company that belong to him for other people. When the broker makes trust funds or deposits, these funds are released and distributed quickly as soon as the terms of a contract or loyalty agreement are fulfilled or if the parties agree not to continue the purchase.

Trust funds or deposit funds are used as inputs only when a sale is made or the broker/fiduciary agent has been mandated in writing by all parties to the original agreement.