The Stichting Swift Sailing Depot is a non-profit foundation that manages payment transactions for third parties such as (down) payments, deposits and the like. Payments such as these should only be made on an account of a foundation that manages third parties and never on e.g. brokers business accounts. The foundation has an independent board or an independent board member with veto power and aims exclusively to manage the funds of third parties in their best interest. The foundation ensures that funds do not mix with corporate and personal assets so that in the event of a bankruptcy of a (watersports) company, the money of the boat seller and / or buyer remains outside the bankruptcy. Separate arrangements are made about the management of the money by the foundation.

How does it work in practice?

When a buyer wants to deposit an amount after signing the sales agreement, he does so on the account of the foundation. The boat of his choice is now formally placed under bid by the broker and it may no longer be sold to another party. If after final inspection / survey the boat is definitively accepted by the buyer, the final payment will follow in the same bank account. As soon as all conditions included in the purchase agreement are met, the full purchase price will be paid to the seller. This after express instruction from the buyer; directly to the seller of the boat. In this way the payment system is 100% reliable!