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Boat Partnership Agreement
"I need a Boat Partnership Agreement for three private individuals sharing equal ownership of a 45-foot sailing yacht based in Southampton, with specific provisions for maintenance costs and a rotating usage schedule starting from March 2025."
1. Parties: Details of all partners entering the agreement
2. Background: Context of the partnership and vessel details
3. Definitions: Key terms used throughout the agreement
4. Partnership Shares: Distribution of ownership between partners
5. Management and Decision Making: Governance structure and voting rights
6. Financial Contributions: Initial and ongoing financial obligations
7. Usage Rights: Schedule and rights for vessel usage
8. Maintenance and Repairs: Responsibilities for upkeep
9. Insurance: Insurance requirements and cost sharing
10. Termination: Exit provisions and partnership dissolution
1. Commercial Usage: Terms for commercial exploitation if applicable
2. Crew Requirements: If specific qualifications needed
3. Foreign Waters Usage: If vessel will travel internationally
4. Charter Arrangements: If vessel will be chartered to third parties
1. Schedule 1: Vessel Details: Full specification of the boat
2. Schedule 2: Usage Calendar: Annual allocation of usage rights
3. Schedule 3: Financial Schedule: Detailed breakdown of costs and contributions
4. Schedule 4: Maintenance Schedule: Required maintenance and inspection timeline
5. Appendix A: Vessel Registration: Copies of registration documents
6. Appendix B: Insurance Certificates: Current insurance documentation
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