The Boat Partnership Agreement is essential when two or more parties wish to share the ownership and use of a vessel under English and Welsh law. This document is commonly used for both leisure and commercial vessels, establishing clear rights and responsibilities among partners. It addresses critical aspects such as ownership shares, usage allocation, cost sharing, maintenance obligations, and exit procedures. The agreement helps prevent disputes by clearly defining each partner's rights and responsibilities, ensuring smooth operation and management of the shared vessel.
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1. Parties: Details of all partners entering the agreement
2. Background: Context of the partnership and vessel details
3. Definitions: Key terms used throughout the agreement
4. Partnership Shares: Distribution of ownership between partners
5. Management and Decision Making: Governance structure and voting rights
6. Financial Contributions: Initial and ongoing financial obligations
7. Usage Rights: Schedule and rights for vessel usage
8. Maintenance and Repairs: Responsibilities for upkeep
9. Insurance: Insurance requirements and cost sharing
10. Termination: Exit provisions and partnership dissolution
1. Commercial Usage: Terms for commercial exploitation if applicable
2. Crew Requirements: If specific qualifications needed
3. Foreign Waters Usage: If vessel will travel internationally
4. Charter Arrangements: If vessel will be chartered to third parties
1. Schedule 1: Vessel Details: Full specification of the boat
2. Schedule 2: Usage Calendar: Annual allocation of usage rights
3. Schedule 3: Financial Schedule: Detailed breakdown of costs and contributions
4. Schedule 4: Maintenance Schedule: Required maintenance and inspection timeline
5. Appendix A: Vessel Registration: Copies of registration documents
6. Appendix B: Insurance Certificates: Current insurance documentation
Relevant legal definitions
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