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Boat Joint Ownership Agreement Contract
"I need a Boat Joint Ownership Agreement Contract for a 45-foot sailing yacht being purchased equally by three friends, with specific provisions for maintenance cost sharing and a rotating usage schedule starting from March 2025, to be registered in Southampton."
1. Parties: Details of all co-owners including full names, addresses, and contact information
2. Background: Context of the agreement and details of the vessel being jointly owned
3. Definitions: Key terms used throughout the agreement including vessel specifications, ownership terms, and relevant maritime terminology
4. Ownership Shares: Specification of ownership percentages and rights between the co-owners
5. Operating Costs and Expenses: Division of maintenance, mooring, insurance, and other operational costs between owners
6. Usage Rights: Schedule and terms of vessel usage between owners, including allocation of time and seasons
7. Decision Making: Process for making decisions about the vessel's management, maintenance, and operations
8. Dispute Resolution: Procedures for resolving disagreements between owners and enforcement mechanisms
9. Termination: Conditions and process for ending the agreement, including sale or transfer of ownership shares
1. Commercial Use: Terms and conditions for commercial exploitation if vessel is used for business purposes
2. Crew Employment: Terms for hiring and managing crew members, including responsibilities and liabilities
3. Foreign Waters Usage: Additional terms and requirements for international travel and operation in foreign waters
4. Charter Arrangements: Terms and conditions for chartering the vessel to third parties, including revenue sharing
1. Schedule 1: Vessel Details: Complete specifications and registration details of the vessel, including make, model, and registration numbers
2. Schedule 2: Usage Calendar: Annual schedule of vessel usage between owners, including holiday allocations and rotation system
3. Schedule 3: Maintenance Schedule: Planned maintenance and inspection requirements, including servicing intervals
4. Schedule 4: Cost Allocation: Detailed breakdown of cost sharing arrangements between owners
5. Appendix A: Insurance Certificates: Copies of current insurance documentation and coverage details
6. Appendix B: Registration Documents: Vessel registration and ownership documentation, including title papers
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