While any person owns a boat, he/she carries a lot of responsibility - most of it financial. A boat sharing agreement can be handy for people who want the luxury of owning a boat without carrying a burden of financial responsibility. It’s a better approach for everyone to mutually benefit from owning a boat. However, before you go for the agreement with joint ownership, make sure everyone involved is fully committed.
This boat sharing agreement covers any situation where people tend to share ownership and use of a boat for leisure. The boat partnership agreement has been drawn to regulate occupation where only one owner occupies the boat at one time. However, there’s nothing to prevent a second owner from sharing boat time with another owner.
While you are signing for a boat sharing agreement, the ownership rights should be divided as equally as possible. This will be essential for determining costs for maintenance, repairs, taxes, and scheduling. Defining what ownership means is also important so no one oversteps any boundaries without full agreement.
Owning a boat is not easy as we think. When you share a boat with your partner, you need to discuss every financial aspect involved.
Here is a list of items you need to consider with the boat partners:
Even if you purchase a new boat, maintenance is something that burdens the boat owners. So, you have to create an account that everyone contributes to, and make sure everyone knows when money is being deducted for maintenance costs.
For a boat partnership agreement, you have to include context for damages incurred while something occurred at the marina or during a natural disaster. You can create a separate emergency fund to cover damages from natural disasters or incidentals.
Here is a chance to create a comprehensive fractional ownership contract to mitigate risks and realize your boat ownership dream.
Leveraging our boat sharing agreement services can help you fulfill your sailing dreams. We not only can help you find the right boat and develop a boat partnership contract but we also can help you find partners. We offer equal benefits among the partners.
Our yacht partnership agreement is the secret to enjoying your boat, reaping the benefits of the yacht sharing agreement, and keeping a happy and smooth partnership.