(Last updated: 24.03.2025)

  • Scope and application

This Standard Commission Policy sets out the principles governing the payment of commissions to brokers in connection with yacht construction contracts or sale and purchase agreements (each a “Contract”).

This Policy does not constitute a binding agreement and shall only become binding where expressly incorporated into a separate written commission agreement executed between TUREDDI GROUP LIMITED and the relevant broker.

  • Broker commission principles

The contract price of a yacht may include a brokerage commission payable to a bona fide broker where that broker has effectively contributed to TUREDDI GROUP LIMITED entering into a Contract.

In order to be considered for commission, the broker must demonstrate that they have introduced the buyer and have provided a material and effective contribution leading directly to the execution of the Contract.

  • Buyer registration

TUREDDI GROUP LIMITED does not operate a formal buyer registration system.

Any communication, notification or introduction of a prospective buyer shall not grant exclusivity, shall not create any entitlement to commission and shall not bind TUREDDI GROUP LIMITED in any way.

  • Conditions for commission entitlement

A commission shall only be payable where there is a clear causal link between the broker’s activities and the execution of the Contract.

Commission shall not be earned in circumstances including, but not limited to, simple name passing, passive involvement or casual introductions.

The burden of proof in demonstrating entitlement to commission rests with the broker.

  • Commission agreement

All commission terms, including the amount, structure and payment conditions, must be agreed in writing prior to or at the time of execution of the relevant Contract.

A formal commission agreement will be executed following the signing of the Contract and, where applicable, upon receipt of the first instalment from the buyer.

Only one commission shall be payable in respect of each Contract.

Where more than one broker is involved, any division of commission shall be agreed between the brokers themselves and TUREDDI GROUP LIMITED shall have no responsibility or liability in relation to any dispute between brokers.

  • Payment terms

Commission shall be payable on a pro rata basis, corresponding to the instalments of the Contract price actually received by TUREDDI GROUP LIMITED.

No commission shall be due on amounts not received.

  • Termination of the Contract

In the event that a Contract is terminated prior to delivery for any reason other than a material breach by TUREDDI GROUP LIMITED, commission shall be limited to the portion corresponding to amounts received and retained by TUREDDI GROUP LIMITED.

No further commission shall be payable in respect of amounts not received or refunded.

  • Trade-in transactions

In cases where a trade-in is accepted as part of a transaction, commission shall apply only to the cash consideration received by TUREDDI GROUP LIMITED.

No commission or brokerage rights shall arise in relation to any trade-in vessel.

  • Repeat business

The introduction of a buyer shall not create any ongoing or future entitlement to commission in respect of subsequent transactions involving the same buyer, unless otherwise expressly agreed in writing.

  • Limitation of liability

TUREDDI GROUP LIMITED shall not be liable for any indirect or consequential losses, including loss of profit or business opportunity, arising out of or in connection with this Policy or any commission arrangement.

Nothing in this Policy shall exclude or limit liability where such limitation is not permitted under the laws of England and Wales.

  • Governing law

This Policy and any related commission agreement shall be governed by and construed in accordance with the laws of England and Wales.

Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.