A dispute over pending payments recently led
to Apple founder Steve Jobs’ yacht being impounded in Amsterdam. However, the dispute has now been settled
after Jobs estate settled the pending amount, allowing the yacht to sail once
again.
The yacht cost more than €100 million to
build, and was designed by French designer Philippe Starck. Jobs owed €9 million to the designer in
commission fees for his work on the vessel, but the designer claimed that he
only received €6 million after the completion of the project. Jobs never got to use the minimalist
vessel called Venus. After Jobs’
death, Starck filed to recover his dues.
So why did Jobs leave the payment pending at
the time of his death? The problem
seems to have been that both Jobs and Starck engaged in a lot of personal
negotiations and discussions about the project. Unfortunately, most of these discussions were completed
orally, and were not put down in a formal contract.
The dispute seems to have arisen out of the
lack of a formal detailed contract between Jobs and Starck, outlining the
payment details, and the payment schedule. In the absence of a proper contract, California business dispute lawyers found that there was confusion
clouding many of these financial issues.
As a result, Starck had no other option, but to go to court in order to
recover his dues.
Jobs’ estate has now cleared the pending dues,
and has deposited an undisclosed amount in the bank as a security deposit. The yacht has been ruled free to sail
out of the Amsterdam port. The
yacht is expected to sail soon to California, where the Jobs family will take
custody of the yacht.
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