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Will I have an employment contract?

Most large yachts employ crew under a contract. As a sea farer working under the British flag you should sign a "crew agreement" when you start work on the yacht. This is an official British Government contract signed by all sea farers. Many yachts will also have a separate contract governing standards of behaviour, leave etc. On smaller yachts, you may find that no written contract is provided. Although this is not correct, in the past this was the industry norm and you should not be unduly concerned when accepting the position.
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Bluewater are one of the largest and most successful yacht crew agencies