Ribshare Advice Wanted

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BuzzFan

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A neighbour/friend has suggested I pay £ 1k towards his 80hp Rib's maintenance/parking/insurance/repairs costs in return for shared use of his Rib.

I'm keen on the deal, but wondered where my liability would stop if the engine broke.

I can understand accepting responsibility for damage, but he hasnt looked after it that well. The engine - 80hp 2 stroke yamaha c 6 yrs old - seems fine, but should I accept 50% responsibility for any mechanical failure of this, or any other part?

Does anyone have a shared-use contract template?

thnaks in advance

Buzz
 
The answer is whatever you agree. There are no rules, you're free to set out any rules you wish in the contract

I can't follow your thinking though. You say you pay £1k towards costs incl maintenance, which sounds fine. Then you say you might pay 50% towards engine maintenance. That's inconsistent. you gotta decide what the deal is

You'd be much better paying a fixed sum £1k or whatever and getting X hours/days of use, then your finacial input is capped. If engine breaks it is his problem

Techinically that means you would be chartering it, which raises other issues, so better if you buy a 1/64th share in the boat for the £1k then write a sharing contract that gives you X hours/days of use

But the basic point here is that you can't ask us what the terms are - you and neighbour have to decide them!
 
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A neighbour/friend has suggested I pay £ 1k towards his 80hp Rib's maintenance/parking/insurance/repairs costs in return for shared use of his Rib.

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Is that a single payment or does he want a grand a year?



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I can understand accepting responsibility for damage, but he hasnt looked after it that well.

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I would now be saying no! If you think that then it might be the guy is looking to off load some up coming expense.


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The engine - 80hp 2 stroke yamaha c 6 yrs old - seems fine, but should I accept 50% responsibility for any mechanical failure of this, or any other part?

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I wouldn't! He is looking to offset running costs in so far as berthing etc is concerned. Damage done to prop, tubes etc while under your control is fair enough up to the limit of insurance excess, but taking on problems with a 6 year old engine which you have already stated has not been looked after is asking too much.

As JFM has said - write your own agreement. You could get caught to the point of where you might as well buy your own rib. If you want to share a rib then why not think about fractional ownership?
 
As the others have said, start with a pencil and paper, write down whats in and whats out.

I'd suggest that you include scenarios such as grounding damage, total loss, car crash while towing, engine calamity.

Sit down and talk through every point.

Be as clear and complete as you can, if he baulks at it there is a warning!
 
I would just agree an amount everytime you use it £40 + fuel or whatever seems reasonable... (given value of boat) But your always going to have issues if it breaks down on your watch, which could get messy even with a contract as he's a neighbour and a mate...
 
for not much more than £1k you could get a nice clean used inflatable with a 15hp engine to use on the odd day out and all would fit in the back of the car
 
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for not much more than £1k you could get a nice clean used inflatable with a 15hp engine to use on the odd day out and all would fit in the back of the car

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yes I could, but why would I want to !

Thanks all for the advice, I will proceed if we can get a sound agreement on all points
 
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