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Boat Share (or partnership) Agreement

 
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BorealBoat



Joined: 17 Jan 2013
Posts: 3
City/Region: Anchorage
State or Province: AK
C-Dory Year: 2008
C-Dory Model: 25 Cruiser
PostPosted: Thu Jan 17, 2013 2:11 am    Post subject: Boat Share (or partnership) Agreement Reply with quote

Purchased a C-dory with another family and need to write a reasonable partnership agreement. Wondering if anyone has an agreement that we might use as a template. Likely to be a multi-page document so may ultimately need to exchange over email. Best if in WORD so we can edit. Thanks in advance. greg
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Captains Cat



Joined: 03 Nov 2003
Posts: 7313
City/Region: Cod Creek>Potomac River>Chesapeake Bay
State or Province: VA
C-Dory Year: 2005
C-Dory Model: 22 Cruiser
Vessel Name: Captain's Choice II
Photos: Captain's Cat
PostPosted: Thu Jan 17, 2013 8:06 am    Post subject: Reply with quote

Greg, just use Google and search for <boatshare agreement>. You'll find plenty of them to choose from. Let us know what you ultimately do, to my knowledge, you'll be the first here to do this. Good luck!

Charlie

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CHARLIE and PENNY CBRAT #100
Captain's Cat II 2005 22 Cruiser
Thataway (2006 TC255 - Sold Aug 2013)
Captain's Cat (2006 TC255 - Sold January 2012)
Captain's Kitten (1995 CD 16 Angler- Sold June 2010)
Captain's Choice (1994 CD 22 Cruiser- Sold Jun 2007)
Potomac River/Chesapeake Bay
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Sea Wolf



Joined: 01 Nov 2003
Posts: 8650
City/Region: Redding
State or Province: CA
C-Dory Year: 1987
C-Dory Model: 22 Cruiser
Vessel Name: Sea Wolf
Photos: Sea Wolf
PostPosted: Thu Jan 17, 2013 8:16 am    Post subject: Reply with quote

Captains Cat wrote:
Greg, just use Google and search for <boatshare agreement>. You'll find plenty of them to choose from. Let us know what you ultimately do, to my knowledge, you'll be the first here to do this. Good luck!

Charlie


Charlie-

Nice idea!

However, Rogerbum is sharing ownership of his CD-255 with another party, IIRC, so also might be a source for a sample written agreement/contract.

Joe. Teeth Thumbs Up

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"Most of my money I spent on boats and women. The rest I squandered'. " -Annonymous
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BorealBoat



Joined: 17 Jan 2013
Posts: 3
City/Region: Anchorage
State or Province: AK
C-Dory Year: 2008
C-Dory Model: 25 Cruiser
PostPosted: Fri Jan 18, 2013 12:33 am    Post subject: Reply with quote

Hope I'm responding using the right tool: Thanks for the rapid input. When I search using 'boat share agreement' or 'boat partnership contract' etc., plenty of links show up. However, on close examination you'll find most are forum's w/o sample agreements, some are sites where you can purchase an agreement (w/o seeing what sort of quality), and a couple have been short agreements from the UK. Three nights searching and I haven't found anything suitable. Will keep on looking. greg quote="Captains Cat"]Greg, just use Google and search for <boatshare agreement>. You'll find plenty of them to choose from. Let us know what you ultimately do, to my knowledge, you'll be the first here to do this. Good luck!

Charlie[/quote]
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potter water



Joined: 12 Apr 2011
Posts: 1076
City/Region: Logan
State or Province: UT
C-Dory Year: 1997
C-Dory Model: R-21 Tug
Vessel Name: Poopsy
Photos: Still C-razy
PostPosted: Fri Jan 18, 2013 9:46 am    Post subject: Reply with quote

Have not done boat agreements, but did do a couple of airplane shares.
Key points: (or sharing will never come out well in the end)

A. No blame: Simply stated, one or the other of you will be a real dufus at some time. Accept that up front and just make sure that your insurance is comprehensive enough to handle all possible events, independent of fault.
B. Us only third party maintenance whom you both agree in writing on. (Owner maintenance will be a deal killer if anything goes wrong).
C. The boat is always returned after use to a mutually agreed predetermined state of cleanliness and readiness for the next user...even if the next user is the last user. Put together a check list of what is done to get the boat to that predetermined state and laminate it and keep it on the boat.
D. There will be normal wear and tear from user to user. Accept that. His scratches are your scratches so to speak. You are happy that he had enough fun to scratch the gel coat.SmileSmile
E. Clear method to manage when, A or B gets the boat. Lots of ways to do that using a one year calendar and going over it ahead of time. That is the best way. Then, if user A doesn't use it on his date, then user B does have the opportunity. (KEY POINT: If user A does a lot of boating and user B does little, then B cannot require user A to pony up more of the costs. You will find that one of the two users will peter out and one will be a consistent user of the boat. Use will get out of balance by and by and both users need to accept that all costs will be equal share anyway). I am not a fan of partnerships that try to develop cost per hour agreements. Even though in the airplane world that is common. I think that two partners can get along just fine in the boating world by just splitting all costs equally except for whatever it takes to have the boat ready for the next user; such as full tanks at the end of use.
F. In the dreaded, but common instance of disagreement on some issue between the users, select and name a common third party mediator up front. For example, a really smart boat shop. NOT A LAWYER! (Unless of course, party A defaults on the partnership and refuses to hand over title and or cash to remedy the default).

I'd be happy to sign a simple document if it only contained these key points without a lot of legal mumbo jumbo.

More important than the partnership agreement is a "boat operations manual." If that is followed, then the partnership agreement goes into a file and never needs to come out.

One of my best partnership agreements used a new and separate checking account. Both partners put in an identical pile of money at the beginning of the year and all boat associated costs were pulled out of that pile of money during the year for the agreed activity or use of that money. One partner paid the bills out of those funds for year one, and the other on alternate years. Asking two people to pony up their 50% on a monthly or "as needed" basis is a mistake in my opinion.

Accept the fact that a partnership is more expensive per partner than just half of being a lone boat owner. A single owner can let stuff slip around in time like maintenance, cleaning and so on. Partners can't afford that luxury. Third party maintenance, continual cleaning etc. costs more. But, that's okay.

Just my thoughts without regard to what you find on the internet.

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Sunbeam



Joined: 23 Feb 2012
Posts: 3990
City/Region: Out 'n' About
State or Province: Other
C-Dory Year: 2002
C-Dory Model: 22 Cruiser
Photos: Sunbeam
PostPosted: Fri Jan 18, 2013 11:03 am    Post subject: Reply with quote

I don't have an agreement sample, so I can't directly answer your question, but I do have a friend who has been in partnership on a boat with two other people since the mid-1990's. It seems to have worked very well, and they all have a great boat for less money and less boatwork time than they otherwise could have. Here's what I know about how they worked it.

1) They started out as friends (vs. strangers).

2) They do as much maintenance themselves as they can (it's a wooden boat, so there is a fair amount). They oftentimes have "work days" spring and fall where they get together and work on the boat simultaneously.

3) They hire someone mutually agreeable when they don't do the work themselves (not very often)

4) They share all expenses equally.

5) Each person "gets" the boat for a week in a row in a constant rotation. During that week, the boat is "theirs." However, in practice, there are many times when they are busy that week and one of the other owners wants to use the boat, in which case the latter person simply contacts the former and arranges to use the boat (even though it is the other person's week). It's all friendly.

6) I can't remember whether they just let the weeks fall as they may or whether they break out "big" holidays like the 4th of July separately to make sure each person gets a turn at them.

7) Since it's a small boat, no-one leaves a any personal gear to speak of on the boat between uses. That way whomever "has" it doesn't have to move or live with a lot of someone else's stuff before they can even get out sailing. There is common boat gear that stays with the boat at all times.

8 ) I don't know the exact details, but they did set out guidelines for what would happen if one person wanted out, or if/when the boat was to be sold. There was one time about fifteen years ago at which one person left the group and a new person joined. Seemed to fit in just great.

9) At the beginning, but after they had made up their own guidelines (basically what's above), they went to a lawyer and had a contract made up to suit their unique situation. I imagine a few more things were incorporated on the lawyer's suggestion, but I don't know about that for sure.

What I can say is that I've been sailing on it quite a few times, and it's a happy ship (and has been, for decades now).

Sunbeam
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Ted Osborne



Joined: 29 Dec 2004
Posts: 109
City/Region: Des Moines, WA
State or Province: WA
C-Dory Year: 1999
C-Dory Model: 24 Tomcat
Vessel Name: Tabbycat
PostPosted: Fri Jan 18, 2013 6:32 pm    Post subject: Reply with quote

A friend of mine had his sailboat on a partnership and it was ok for the summers,but when it came to after summer maintenance the other guy was in Arizona. after several yrs of that it desolved.
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BorealBoat



Joined: 17 Jan 2013
Posts: 3
City/Region: Anchorage
State or Province: AK
C-Dory Year: 2008
C-Dory Model: 25 Cruiser
PostPosted: Sat Jan 19, 2013 3:35 pm    Post subject: Reply with quote

Huge Thanks to all of you who have written. I copied your input into a file I can use as I develop a draft agreement that will work for Mike and I. Some excellent advice. I think it will be quite easy to revise the airplane share agreement using the input from you folks.

Take Care,

greg

[quote="potter water"]Have not done boat agreements, but did do a couple of airplane shares.
Key points: (or sharing will never come out well in the end)

A. No blame: Simply stated, one or the other of you will be a real dufus at some time. Accept that up front and just make sure that your insurance is comprehensive enough to handle all possible events, independent of fault.
the gel coat.SmileSmile

...

Just my thoughts without regard to what you find on the internet.[/quote]
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