Payment

Lately we have had many distraught people ringing up who have lost money when their boat builder has hit financial difficulties.  Indeed in the industry it is not unheard of for a boat builder to go into receivership and for people to lose the money they have invested.  Often smaller or financially less secure builders ask for large sums of money up front to fund the build process.

At The New Boat Co we recognise and appreciate your concern.  Accordingly our boat payments are structured to give you the maximum peace of mind and security.

Deposit

We only ask for a £1,000 deposit which will secure your production slot (£5,000 deposit required for MetroFloat craft and the Aqualine Canterbury).  We do make this non-refundable but by doing so we establish a stability in the production schedule.  This in turn allows us to maintain our competitive prices by bulk ordering with suppliers and to maintain an efficient production schedule.

Remaining payments

The remaining payments are only made on completion of each stage of build.   These payments are staged and will depend on the total value of your new boat.  The final payment is due on handover and usually represents around 10% of the value of your boat.  Payments are typically as follows:

Second stage payment - this is paid when your hull is complete, and depending upon the length and width of your boat, is usually between £30,000 and £45,000.

Third stage payment - this is due when the majority of the fit out is completed, usually about a week before the boat is due to arrives at Hanbury Wharf.

Final payment - due on handover, and we need cleared funds before you can sail your boat away.

So you may rest assured knowing that you will only be paying for work that has actually been carried out and that we do not require your money in advance to fund the build process.

Contract

So where do you stand should the unthinkable happen? 

You will sign a contract before we start to build your boat.  This is based on the British Marine Federation contract and allows for retention of title on completion of the post-steelwork staged payment. This is obviously subject to a lien we may have on any further work that has been carried out on the hull (e.g. part fitting), but again we feel that this should give you peace of mind, knowing that you will not be left with nothing.

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