Bottom line, he didn't read his contract, or, didn't understand it....
Here it is:
YACHT SELLING AGREEMENT 1. It is agreed that Owner hereby grants ----- the right to sell Owner?s Vessel, for a minimum of 30 days, for the agreed upon price below. After 30 days, if not fully satisfied, Owner may cancel this agreement with -------- which is hereby grante
d an exclusive right to sell the vessel:
Vessel Name:__________________________ Feet:_____ Make:_____________________________
Model:______________________________ Year:________ Flag:_______________________, on a multiple listing basis.
This Vessel will be offered for sale at a gross asking price of $_________________, and no other price shall be quoted without specific authorization from Owner. -------- agrees to submit any and all offers of any type to the Owner for consideration. The Owner agrees to sell the yacht to a customer of ---------, or to a customer of a sublisted broker who is ready, willing and able to purchase at this price, or at any other price and terms the Owner may accept.
2. The Owner agrees that -------- is providing a valuable service of a kind which is for the use and benefit of both the Owner and the Vessel by distributing listing information to the brokerage industry, advertising the Vessel for sale and exposing it to the buying public, and providing consultation with regard to the marketability of the Vessel. Therefore, --------- is authorized to and shall distribute information describing the Vessel to its clients and to other brokers it judges qualified to negotiate a sale. It will be the responsibility of the Owner to supply pictures and plans and all detailed information, and also keep ------- informed about any changes in location, price or specifications of the Vessel.
3. Upon the sale, donation, trade, charter or exchange of the Vessel, or if it is otherwise transferred or conveyed during the term of this Agreement by the Owner, or anyone acting on behalf of the Owner, the Owner agrees to pay ------- a fee of ten percent (10%) of the gross sale price or $5,000 whichever is greater if no other sublisting broker is involved in the sale of said Vessel. In the event Vessel is sold by another sublisting broker from another brokerage company Owner agrees to pay a fee of five percent (5%) of the gross sale price for the sublisting broker AND a fee of five percent (5%) of the gross sale price or $5,000 whichever is greater to -------. Any sublisting broker involved in the sale shall receive his fee from --------. The sale, donation, trade or exchange of a majority of the stock, or equitable interest of a corporate or limited partnership holding title to Vessel by Owner shall be construed as a sale for the purposes hereof.
4. It is specifically understood and agreed that ------- does not assume and is not delegated care, custody, or control of the Vessel. It is further agreed that the procuring of such docking and/or mooring space for the Vessel by -------- for the purpose of making the Vessel available for inspection by potential purchasers is not to be deemed as an assumption of the custody or control of the said Vessel by ------. The possession, custody and control of the said Vessel shall at all times remain as the Owner designates for the safety, security and protection of the Vessel at whatever location the Vessel is moored or stored for the purposes of being available for inspection by potential purchasers and ------ shall not be deemed to be responsible for the security, safety or protection of the said Vessel during this period of time, and shall not be responsible for any damage or loss to the Vessel. Permission is hereby given to ------ for its salesmen and sublisted brokers to board and show the Vessel, by appointment, or as otherwise agreed. The Owner shall keep the Vessel fully insured for inspection, sea trial, and marine survey purposes.
5. This agreement shall remain in effect for a minimum of 30 days or until the Vessel is sold unless cancelled by either party within 10 days after the end of the initial 30 day period by giving the other party written notice of cancellation, or if more than 10 days after the initial 30 day period, by giving the other party 30 days prior written notice of cancellation. Upon cancellation or expiration, this Agreement will convert to an open, non-exclusive listing.
6. The Owner further agrees to pay the same fee of ten percent (10%) or $5,000 whichever is greater should he, at any time within one (1) year after termination of his Agreement, sell, trade, exchange, charter, or otherwise transfer or convey the Vessel in any manner to any party to whom------- or one of its sublisted brokers has submitted the Vessel during the term of this Agreement.
7. --------- shall endeavor and use its best efforts according to the standard of the industry, to procure a purchaser for the vessel, and the Owner agrees to refer immediately to ------- all inquiries or offers received from other brokers or parties interested in purchasing the Vessel, during the term of this Agreement. Accordingly, ----------- will be entitled to the commission described herein if the Vessel is sold solely by the Owner or by any other broker to a purchaser referred by the Owner.
8. If any dispute arises between the Owner and ------- regarding this Agreement, such dispute will be submitted and settled in accordance with the rules of the American Arbitration Association, in Fort Lauderdale, Broward County, Florida, and the decision of the arbitrator(s) shall be final and binding.
9. This Agreement is binding on --------- and the vessel?s Owner, its heirs, executors, successors, administrators and assigns.