Boat Share Contracts

[leopard]

hi,
I am about to purchase a new boat with a good friend and want to get some form of 'heads of terms' together to help sort any dispute, should it occur in the future.
Can anyone point me to a document that could act as a starting point.
thanks

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[jfm]

There is an RYA standard doc, either on their website or purchaseable, maybe in their legal advice book, one of the A5 paperback books with pastelly coloured front covers

I could email you something I've used in the past

Needless to say the contracts only matter when something goes wrong. In my few years of experience in boat share one thing I'm glad about is not having done it with good friends Instead, I did it with people whom I didn't know previously. That way, when we disagreed about something major, as happened only once in 5 years of boat share, it was easier to buy the other guy out and break it up, as there was no underlying longer term friendship to worry about. Not that we fell out massively, it's just it was easier this way.

 

[powerskipper]

1 cleat for you
1 for me,
throw the other away ,
Only one wheel
you have the left half
I'll have the right half
you can just see how it could progress,

then your half dirty ,
no thats your half
etc etc



PS only in fun, enjoy boating. /forums/images/icons/wink.gif


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Julie

 

[PaulF]

Hi Leopard,
Have just concluded a years share, actually with a friend. We split the time period for 2 weeks on 2 weeks off throughout the period. We did that so we potentially had an equal share of the most convenient/ inconvenient tides, but we had luck for the weather. All expense was by consultation unless for minor breakage replacement in use. We had similar backgrounds so were pretty much equal to the tasks we were confronted with, just had to decide whether we tackled jobs ourselves or had them done professionally.This can be a tricky area, for example if one has a lot more money than the other, and no technical expertise, the partner may have no spare cash but could be a good spanner man, you may have a solution. It CAN work, but like most relationships if you dont work at it, or are selfish, it will come back and bite you!
As far as I am concerned it worked quite well. Good luck.

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