The Boat Partnership Agreement is essential for individuals or entities seeking to share ownership of a vessel in the Philippines. This document is specifically designed to comply with Philippine maritime laws and regulations, including requirements set by MARINA and the Philippine Coast Guard. It establishes a clear framework for joint boat ownership, covering crucial aspects such as ownership percentages, financial obligations, usage rights, maintenance responsibilities, and dispute resolution procedures. The agreement is particularly important for managing shared maritime assets, whether for personal leisure, commercial operations, or mixed use, and helps prevent potential conflicts by clearly defining all partners' rights and responsibilities upfront. It must be structured to accommodate both the Civil Code's partnership provisions and maritime-specific regulations.
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1. Parties: Identification and details of all partnership members
2. Background: Context of the agreement and purpose of the boat partnership
3. Definitions: Key terms used throughout the agreement
4. Ownership Structure: Details of ownership shares and partnership structure
5. Financial Contributions: Initial investment, ongoing costs, and cost-sharing arrangements
6. Management and Decision Making: Process for making decisions about boat usage, maintenance, and operations
7. Usage Rights: Schedule and rules for sharing boat access among partners
8. Maintenance and Repairs: Responsibilities and procedures for boat maintenance and repairs
9. Insurance and Liability: Insurance requirements and allocation of liability among partners
10. Transfer of Interest: Rules for selling or transferring partnership shares
11. Dispute Resolution: Procedures for resolving conflicts between partners
12. Term and Termination: Duration of agreement and conditions for termination
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
1. Commercial Use: Include when the boat will be used for commercial purposes like charter or fishing
2. Crew Employment: Include when the partnership will hire permanent or temporary crew
3. Foreign Waters Operation: Include when the boat will operate outside Philippine waters
4. Environmental Compliance: Include detailed environmental obligations for commercial operations
5. Financing Arrangements: Include when partners are using external financing for their shares
6. Death or Incapacity: Include specific provisions for succession in case of death or incapacity of a partner
1. Schedule A - Vessel Details: Complete specifications and registration details of the boat
2. Schedule B - Ownership Shares: Detailed breakdown of ownership percentages and initial contributions
3. Schedule C - Usage Schedule: Annual calendar and rules for scheduling boat usage
4. Schedule D - Maintenance Schedule: Regular maintenance requirements and schedule
5. Schedule E - Operating Costs: Detailed breakdown of expected operating costs and allocation
6. Schedule F - Partner Contact Information: Complete contact details for all partners and authorized representatives
7. Appendix 1 - Vessel Registration Documents: Copies of official registration and licensing documents
8. Appendix 2 - Insurance Policies: Copies of all insurance policies and coverage details
Relevant legal definitions
Clauses
Relevant Industries
Maritime
Leisure and Recreation
Commercial Fishing
Marine Tourism
Shipping
Maritime Transportation
Yacht and Boat Services
Marine Insurance
Maritime Legal Services
Marine Equipment and Maintenance
Relevant Teams
Legal
Maritime Operations
Compliance
Risk Management
Finance
Insurance
Documentation
Asset Management
Business Development
Marine Engineering
Relevant Roles
Maritime Lawyer
Marine Operations Manager
Vessel Owner
Fleet Manager
Maritime Compliance Officer
Marine Insurance Broker
Port Captain
Yacht Manager
Maritime Business Development Manager
Marine Finance Manager
Maritime Risk Manager
Vessel Documentation Officer
Marine Operations Coordinator
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