|
Yacht and Ship Broker Bond
Yacht and Ship Broker Bond is also another type of
surety bond available for specific vessels. This Yacht
and Ship Brokers Act provides jurisdiction over the
brokers and the sales representative. In certain states
only, this provision is allotted to the brokers and
the sales representative. The brokers and sales representative
are given license and they are regulated by the Yacht
and Ship Brokers Section. This section is a sub part
of the Florida Land Sales division. In Tallahassee only,
this section is situated and it performs licensing function.
The important aim of this bond is to protect the consumer
from the fraud and misrepresentation. The purpose of
this bond is to give license to proper consumer and
to solve the complaints given by the public and investigate
the activities relating to bond.
The commission is paid by the seller to the yacht broker
and not by the buyer. He works for the seller as well
as for the buyer. A broker has a common duty on both
the sides of the deal. He has to work as a trustee on
behalf of the seller and the buyer. This broker has
to perform his obligation as per the terms and condition
of the agency. But in this Yacht and Ship Broker Bond,
the broker cannot able to give guarantee to the buyer
about the life of the boat. In this type of surety bond,
the principal is not responsible for the funds collected
from the buyer in the sale of yacht. These bonds guarantee
the obligee against fraud, misrepresentation of the
principal.
|
