Payment Terms
Last updated: 28 July 2026 · Accepted digitally when placing a bid.
These terms govern the Buyer's payment and collection obligations under purchase agreements formed on the yachtbidding platform, and form an integral part of the Auction Terms.
1. Auction Fee and VAT
An auction fee at the rate shown on the bid screen and on the Commission Rates page is added to the winning bid. All prices and the auction fee shown on the Platform INCLUDE VAT. The auction fee rate is clearly displayed before bidding and is deemed accepted upon placing a bid.
2. Invoicing
An invoice is issued to the Buyer once the purchase agreement is formed. The sales price is invoiced and collected on behalf of the seller, and the auction fee on behalf of the Company.
3. Payment Period and Method
The invoice amount is payable within 5 business days of the invoice date by bank transfer/EFT. Transfer and delivery of the yacht do not commence until payment is completed; proof of payment may be requested at delivery.
4. Delivery and Transfer of Risk
Transfer and delivery are carried out with the broker's assistance after payment is completed. Costs of collecting the yacht from its location (transport, crane, insurance, etc.) are borne by the Buyer. Risk passes to the Buyer upon signature of the delivery/transfer document or when the Buyer begins to exercise control over the yacht.
5. Default
If payment is not made on time, a written notice is sent to the Buyer. If payment is still not made within the period stated in the notice, the Company may terminate the purchase agreement on behalf of the seller; in that case the Buyer remains liable for the auction fee and the costs arising from termination (relisting, storage, insurance, etc.), and the yacht may be offered for sale again. Statutory default interest applies to late payments.
6. Payment to the Seller
The sales price is transferred to the seller after completion of the transfer, less the agreed seller commission, which is VAT-inclusive.
7. Governing Law
These terms are governed by Turkish law; the courts and enforcement offices of Fethiye have jurisdiction over disputes.