General Charter Party Conditions

1) PARTIES TO THE CONTRACT: in this charter party the Company*,
in its capacity
as lessor, will hereinafter be called the “Owner”; the client stipulating
the charter party will be called the Charterer; any licensed
captain other than the Charterer will be called the “skipper”.

2) ASSIGNMENT OF THE CHARTER PARTY: the Charterer is not permitted to assign
the use of the craft in question, nor the rights arising from the charter party
hereto, to third parties.

3) MATTERS PERTAINING TO THE CHARTER PARTY: the Charterer may
withdraw from the charter party but will lose the right to the return of the
amounts paid by him
to the Owner as a deposit to confirm his
exclusive reservation; the Charterer loses the right to withdraw from the charter
party from the sixtieth day prior to the start of the charter and from that time
the Owner will still be entitled to 100% of the tariff should the
Charterer subsequently declare he is unable to use the craft. Should the charter
of the craft be interrupted at the request or due to the Charterer, the latter
will not be entitled to any refund: failure to use the craft during
the stipulated period does not entitle the Charterer to any refund whatsoever.

The Owner who, due to a breakdown or any other reason beyond his control, is
unable to deliver the contracted craft, has the faculty of delivering - within
three (3) days - another of similar characteristics and must
refund to the Charterer only the daily rate for the days the craft was not at
his disposal. Should the delay protract beyond said period the Charterer will
be entitled to demand the cancellation of the charter party and the
refund of any amount paid with legal interests thereon, but will not be entitled
to any other form of damages.

4) OWNER’S OBLIGATIONS: the Owner delivers the craft and
her pertinences in a seaworthy condition, complete with accessories, fittings
and safety equipment
and with her navigation documents, together with all
that may be necessary to render the craft in question seaworthy and to allow
her to serve the stipulated use. At the time of delivery the Charterer, after
inspecting the craft and ascertaining the presence of all pertinences
necessary to render her seaworthy and to allow her to serve the stipulated use,
will sign a list containing an inventory of the aforesaid pertinences. By signing
said inventory the Charterer expressly confirms having
received the craft in a good state of maintenance, seaworthy and suitable for
the stipulated use: it follows that he will no longer be able to present any
protests and the Owner will be free of all liability in this respect. The
parties expressly agree that the detailed nautical charts supplied by the Owner
only cover the ‘area recommended’ for navigation, taking into reasonable
account the dimensions of the boat and the distances, as well as
the port and tourist structures present along the coasts; this area covers (**).

The delivery of the boat takes place on the date, at the time and in the place
provided by the charter party. Time required for explanation or clarification
of use falls within contract time.
Obligation to deliver becomes effective and enforceable on the Owner only after
the Charterer has paid the entire amount of the hire, has paid the security deposit
and has signed the inventory.

5) CHARTERER’S OBLIGATIONS: the Charterer is liable for
the craft to all effects of the law for the entire period indicated in the present
charter party;
in particular he is bound to use the craft with particular
prudence, care and diligence in compliance with the stipulated use and with the
technical characteristics reported in the craft’s documents, as well as
to fulfil all those obligations assumed under the present charter
party for the duration of the charter. The Charterer who intends to navigate
outside of the recommended area must equip himself with the detailed nautical
charts relative to the areas where he intends to sail. The

Charterer also undertakes to redeliver the boat on the established date, the
place and the time, in the same condition as when he took delivery, with the
same characteristics and suitable for the same use, with all the
accessories, equipment, fittings and documents received from the Owner at the
time of delivery. The Charterer expressly undertakes : 1) to destine the boat
solely to himself and the crew and takes due note that the
carriage of goods and passengers is forbidden as is any other type of commerce
or financial activity;

2) to respect the minimum crew requirements as well as
the maximum number of persons who may be carried on board;

3) to use the boat solely within the scope of his qualification or that
of the designated party;

4) not to participate in regattas or nautical manifestations
of whatever nature;

5) not to request towage or to tow another
unit except in the case of absolute emergency;

6) to respect Port Authority orders
in respect of bad weather or danger at sea; in any case to refrain from sailing
with seas greater than force six and each and every time
that the weather bulletins inform or forecast situations dangerous to navigation
in the near future. Any breach of this obligation will result in the Charterer
undertaking liability for any damages suffered by the craft;

7) to
anchor the craft off the coast in a safe position and to maintain a continuous
surveillance;

8) to sail the craft with sails appropriate to the force of the
wind so that they do not suffer damage;

9) to refrain from keeping any animals on board;

10) to refrain from using any materials for the outer and inner
cleaning of the boat which might damage it;

11) to turn the engine off when the
boat’s trim is greater than 15°;

12) to contact the Owner at
least once a week communicate the boat’s position;

13) by virtue of this
charter party the Charterer undertakes to use the chartered craft solely for
pleasure purposes.

All costs relating to the use and consumptions of the boat, and in particular
fuel, lub-oil, water, electricity, port, customs, service and/or mooring taxes/fees
even in private harbours, as well as any radio-telephone costs
will be for Charterer’s account. The Charterer undertakes to take care
of the boat, to keep its accessories and furnishings in order and to re-deliver
it clean and in excellent condition. The Charterer also undertakes to
carry out the usual maintenance work and will consequently be held liable for
any damages deriving from a failure to comply with this obligation. Any obligations
relating to the craft contracted by the Charterer with third
parties must be assumed in the Charterer’s name, without spending the name
of the Owner, and the Charterer will remain the sole party liable for the fulfilment
of any such obligations. The Charterer must refund to the Owner all and any amounts
which the latter may have to pay to third parties consequent to illicit deeds
committed by the said Charterer and the latter will not be entitled
to raise any objection whatsoever.

6) DAMAGES, AVERAGE, ACCIDENTS, REPAIRS: in the case of damage,
average or accident the Charterer must immediately notify the Owner; he may continue
navigation only
if this will not aggravate the damage
or provoke peril to persons and the craft. He may not carry out any repairs without
the prior authorisation of the Owner. The costs necessary for the repairs are
on Charterer’s account and he will be refunded only if the

cause cannot be attributed to him under the conditions of the present charter
party. The Owner may withhold the security deposit to safeguard his rights until
such time as said liability has been fully established, without
any obligation to pay any amounts on account of interests, damages or other reasons.
Should - without there being any liability on the part of the Charterer - the
boat suffer any average solely in respect of the engine, the transmission, the
reversing gear, the standing and running rigging, the sails, the
batteries and/or the alternators which may prejudice its full use for over 12
hours (excluding the first night following the average) the Owner will only be
held to allow the Charterer to recover those hours not enjoyed and
all other forms of compensation and/or refund are thus excluded. This recovery
will take place, at the Owner’s discretion, at the end of the charter period
or by means of the issue of a credit note for subsequent charters.

Any form of monetary refund is expressly excluded. It is hereby specified that
this warranty is applicable solely in the case that the average occurs in the
sea between (***) and the warranty is therefore excluded should
the average occur in a different area of sea.

The Charterer may not demand repairs and/or assistance except in the hours between
08.00 and 20.00. It is agreed that the cost of any repairs and assistance not
chargeable to the Owner under the conditions of the
present charter party must be paid by the Charterer at the usual current market
rates, plus the cost of the materials used. Due notice is hereby given to the
effect that any average to the echo sounder, log, refrigerator,
autoclave, tender, outboard engine, anchor winch - be it electric or manual,
stereo and any other equipment or fitting not included in the second paragraph
of this present clause will not give rise to the foregoing

warranty rights, i.e. to the recovery of the hours of hire not enjoyed nor prejudice
the exclusion of any right on the part of the Charterer to compensation and/or
refund.
In the cases foreseen any demand for refund must be made by the Charerer directly
to the Owner at time of re-delivery of the craft and in any case on the same
day. Once this term has elapsed, or if the claim is
presented to a party other than the Owner, the Charterer’s right to claim
refund will expire.

7) INSURANCE: the boat will be delivered insured:

a) with a
kasko (fully comprehensive) policy for the Mediterranean, up to total loss;
this policy has an allowance
which is covered by the Charterer’s security deposit;

b) with a third party civil liabilities policy, obligatory under the current
laws, for damaged accidentally caused to third parties by the navigation or
by the lying afloat of the craft: this insurance does not cover: the loss or
damages to the property of the Charterer and of the parties carried on board;
any of the damages and compensations due under Art. 8 hereto. In any case the
Charterer remains liable for any damages whatsoever which
may not be indemnifiable by the underwriter by reason of deed or fault of the
Charterer, as well as for the allowance.

8) REDELIVERY, OBSERVANCE OF ESTABLISHED TERM: if the charter is scheduled
to terminate in the morning, the Charterer undertakes to return to the port
of redelivery
by and no later than 1800h of the day

prior to the redelivery date, to punctually return the boat at the established
date, time and port and to have already extinguished each and every obligation
regarding the boat which may have been contracted during the
period of the charter. The Charterer will answer to the Owner for failure to
redeliver, even in the case of mere accident, force majeure or average. The
cruise itinerary must therefore be planned in such a way as to allow
the return of the boat within the established time, even by bringing forward
the re-entry to the port of redelivery should there be bad weather forecasts.
In the case of failure to comply with this obligation the Charterer

must pay the Owner an amount equivalent to the weekly hire of the same craft
in that period, and to refund all the financial damages arising from that delay,
such as board and lodgings ashore for the subsequent
Charterer and his crew.

To the effects of the foregoing re-delivery of the craft in a port other than
that foreseen in the charter party is considered as a delay. In this latter
instance the Charterer is also liable for all the costs involved in
transferring the boat to the redelivery port.

9) SECURITY DEPOSIT : failure to pay the security deposit
will result in the automatic cancellation of the charter party hereto and the
Owner will be entitled
to withhold, by way of penalty, all those amounts paid to him
by the Charterer on account of hire. The security deposit will be returned
once it has been established that there are no damages, no breaches of contract
and
no breaches of obligations contracted during navigation.

Charterer’s financial liability is limited to the sole amount of the
security deposit solely in respect of material damages caused to the craft,
and the Owner
is fully entitled to demand from the Charterer - who will
respond with his personal estate - the refund of the entire amount of any other
and different damages suffered.

10) SKIPPER: the skipper is the captain of the boat, responsible for it and
for the crew in all things pertaining to navigation, handling, mooring manoeuvres
and all else relating to the duties of a good and expert
captain; the charter party must be signed by the skipper; should the latter
be a party other than the Charterer he must sign this charter party, together
with
the Charterer, expressly in his capacity as skipper; The Owner
is entitled to ask for the skipper’s sea-brief and if the skipper has no
sea-brief, or if it is insufficient, or if his knowledge and capacities are not,
in the Owner’s incontestable opinion, sufficient for the type of boat
and for
the safety of the persons on board, the Owner - unless the Charterer finds
another, suitable skipper - may refuse to deliver the boat and may withhold
100% of the
tariff and the charter party will be considered as
automatically cancelled. Should, at Charterer’s request, the Owner find
a skipper it is expressly declared that the Owner merely provides the contact
between the Charterer and the skipper and that the Owner is
therefore entirely extraneous to the service relationship between said parties;
as is common usage the skipper’s board is on Charterer’s account
. If, as stated above, the Charterer is not the skipper the latter will

answer directly to the Owner for any damages or average related to his specific
duties as indicated at the beginning of this present article, whilst the remaining
liabilities will be for Charterer’s account.

11) BREACH OF CONTRACT: the Charterer and/or the skipper (in
so far as he may be concerned) are directly liable for every breach of this
present charter
party and they jointly undertake to hold the Owner
harmless of any claims whatsoever presented against him for facts occurring
during the use of the boat by the Charterer or consequent to same. Should the
boat be
arrested or blocked for reasons attributable to the
Charterer the latter must pay the Owner a compulsory contractual indemnity
equivalent to the charter rate applicable for the period, for the entire duration
of the
arrest/blockage

12) GOVERNING LAWS AND REGULATIONS: The relationship between
the parties hereto involves only the charter of the craft and in respect of
any matters not expressly
established in the present charter party
said relationship is therefore governed by the regulations of the Italian Civil
Code and of the Code of Navigation relating to the hire of mobile properties.

13) EXCLUSIVE NATURE AND VALIDITY OF THIS CONTRACT: this charter
party is the sole valid instrument by which to charter a craft belonging to
(*) ; any other
contract signed by the Charterer in respect of
the charter of the same craft, drawn up by brokers or agencies, is null and
in any case does not bind (*). The fact of any of the individual provisions
of this
present charter party being void will not result in the entire
charter party becoming void. Any agreements departing from the present charter
party must be in writing failing which they are void; the Owner will provide
information based on science and knowledge but without
warranty.

14) DISPUTES AND EXCLUSIVE DEROGATION FROM THE COMPETENT FORUM: for each and
every dispute arising from the present charter party the Tribunal of (****)
will be the sole forum.

15) REFERENCES: The parties reciprocally acknowledge that
the present general charter party conditions are intended as integrated with
the phrases, referred
to by means of asterisk, indicated on the first page, to
the contents of which phrases express and full reference is made.

16) FORMATION OF THE CONTRACT: the parties hereto declare that they have carefully
perused the present charter party and that each clause has been specifically
agreed.

17) TRANSLATION: The Italian Version of this Bare Boat Charter Party will prevail
over all other language versions

Charterer’s Signature____________________________________

Skipper’s
Signature ___________________________________

Owner’s Signature_____________________________________

In compliance with Articles1341 and 1342 C.C., IV volume, II chapter, II par.,
I section, the undersigned expressly declares he has examined and approved
the clauses of point 2) Assignment of the charter party, 3)

Matters pertaining to the charter party, 4) Owner’s Obligations, 5) Charterer’s
obligations, 6) Damages, average, accidents, repairs, 7) Insurance, 8) Redelivery,
observance of the terms, 9) Security deposit, 10)

Skipper, 14) Disputes and exclusive derogation from the competent forum, 17)
Translation.

Charterer’s Signature____________________________________

Skipper’s
Signature ___________________________________

Owner’s Signature_____________________________________