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1. Pecumedia GmbH, Div. Yachtagency P.O.Box 401 444, D-80714 Munich (Germany),
of which named as Charterpartner, is an agent of the self-same charter company.

2. All contracts and invoices are in the name of the aforenamed charter-company. All contracts between charter customers and the charter company must be cleared by both contract partners.

3. Only written and signed agreements are valid. All verbal agreements must be written and signed in order to become valid.

Should some clauses in this contract be invalidated by judicial or legislative measures, the invalid clause will be rectified so as to fulfill the original economic meaning and intent in valid terms. The contract itself will in no way be altered by such rectification.

4. Note: this contract
procedure by Fax is legally valid between the parties and helps to avoid
long waiting-times and costs to your convenience. At boarding, the chartercompany
hands an issue of that chartercontract to sign it in identical "original",
which is subject to local law.

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____________________________________Charterer/Skipper

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.