The Boat Partnership Agreement is essential for parties seeking to share ownership of a marine vessel in Hong Kong waters. This document becomes necessary when two or more parties wish to jointly own and operate a boat, sharing both the benefits and responsibilities of vessel ownership. It must comply with Hong Kong's Merchant Shipping (Local Vessels) Ordinance and Partnership Ordinance, among other relevant regulations. The agreement typically covers crucial aspects such as ownership shares, financial obligations, usage rights, maintenance responsibilities, and dispute resolution procedures. Given Hong Kong's status as a major maritime hub with specific local vessel regulations, this agreement requires careful consideration of both partnership law and maritime requirements.
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1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and vessel acquisition
3. Definitions: Defined terms used throughout the agreement
4. Partnership Interests: Specification of ownership shares and partnership structure
5. Vessel Details: Complete description of the boat including registration details, specifications, and condition
6. Financial Contributions: Initial and ongoing financial obligations of each partner
7. Operating Expenses: Division of maintenance, repair, insurance, and other running costs
8. Usage Rights: Schedule and system for sharing vessel usage among partners
9. Management and Decision Making: Procedures for vessel management decisions and partner voting rights
10. Insurance and Liability: Insurance requirements and allocation of liability between partners
11. Maintenance and Repairs: Responsibilities and procedures for vessel maintenance and repairs
12. Transfer of Interest: Rules regarding sale or transfer of partnership shares
13. Dispute Resolution: Procedures for resolving disagreements between partners
14. Termination: Conditions and procedures for terminating the partnership
15. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Commercial Use: Terms governing any commercial or charter use of the vessel
2. Crew Employment: Procedures and responsibilities for hiring and managing crew if applicable
3. Mooring Rights: Specific arrangements for vessel mooring if a permanent berth is included
4. Foreign Waters Usage: Rules and procedures for using the vessel in international waters
5. Partner Buyout: Detailed procedures for one partner buying others out
6. Death or Incapacity: Procedures for handling a partner's death or incapacity
7. Environmental Compliance: Additional environmental obligations beyond standard regulations
1. Schedule 1 - Vessel Specifications: Detailed technical specifications and inventory of the vessel
2. Schedule 2 - Partnership Shares: Detailed breakdown of ownership percentages and financial contributions
3. Schedule 3 - Usage Calendar: Annual allocation of usage time and scheduling procedures
4. Schedule 4 - Operating Budget: Annual budget for vessel operation and maintenance
5. Schedule 5 - Maintenance Schedule: Planned maintenance schedule and procedures
6. Schedule 6 - Insurance Policies: Details of required insurance coverage and policies
7. Appendix A - Vessel Registration Documents: Copies of official registration and licensing documents
8. Appendix B - Partner Contact Details: Contact information and emergency contacts for all partners
9. Appendix C - Operating Procedures: Standard operating procedures and safety protocols
Authors
Relevant legal definitions
Clauses
Relevant Industries
Maritime & Shipping
Leisure & Recreation
Luxury Assets
Marine Tourism
Private Transportation
Marine Insurance
Legal Services
Asset Management
Relevant Teams
Legal
Maritime Operations
Compliance
Asset Management
Insurance
Risk Management
Corporate Services
Property Administration
Business Development
Partner Relations
Relevant Roles
Maritime Lawyer
Marine Operations Manager
Yacht Broker
Harbor Master
Maritime Insurance Broker
Asset Manager
Marine Surveyor
Corporate Counsel
Partnership Manager
Fleet Manager
Compliance Officer
Marine Administrator
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