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Due Diligence - Definition



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Self Help Boat Registration

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BoatWiki - Definitions

Definition


Self help in boat registration, titling, or  USCG documentation terms can be defined as implementing those related procedures on your own behalf without professional assistance. It is the same equivalent as doing it yourself.

Meaning


Self help is basically a means of avoiding those additional costs of hiring an expert to assist with the task at hand. Whether this is viable depends on the complexity of an endeavor, the value of your time in figuring out how to go about it yourself, and the risk factor in getting it wrong.

Context


Professional or expert assistance in the boating industry may entail the usage of a title service or documentation company, yacht broker, attorney, fiduciary agent, or accountant. On the other hand, there is a wealth of self help information in BoatWiki and the internet in general when it comes to administering such things on your own behalf.

Conclusion


Self help basically comes down to a matter of time, value, and risk evaluation. There is also a matter of due diligence in choosing the best service provider should you elect to go down this road. Please help your fellow boaters by wiki-sharing any comments or suggestions about this subject.


Credits and References

6/28/2022 - Page initiated by Team BoatWiki.




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