My friends and I are considering buying a boat together. We aren't naive, we understand there will be issues on its usage and care and feeding etc. We are looking to get as many issues or questions on paper and agreed to first so there aren't any surprises when things come up.
I know we aren't breaking new ground here.
Does anyone have an example agreement? Suggestions on what questions to be sure to have included. Any help is appreciated.
thanks,
Michael
2006-11-06 16:36:44 · 5 answers · asked by SeaDog 1 in Cars & Transportation ➔ Boats & Boating
I "shared" a boat with a family member and it was pretty tough to make it work... After many attempts at harmony we finally used the custody agreement we had for my step-son!!!
We basically split weekends. I had 1st and 3rd and we alternated the 5th weekend when there was one. During the summer, it was one week on then one week off and the weeks ended on Thursday. This was the only way we could make plans that didn't interfere with each other.
We agreed to always top-off the tank so it was full when the other group took it out. We also alternated paying the docking fees and insurance - every other month and split the registration annually.
We bought and transported our own equipment for skiing and fishing, tubing, etc.
Good Luck!
2006-11-06 16:48:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Write down the following and get a lawyer. It will be worth it.
Who pays for maint, insurance, repairs?
Who gets to use it when?
If one uses more than others does he pay more?
What if one of you transfers or moves?
What if someone doesn't pay fair share of maintenance?
Can you sell your share? At what cost?
Who will keep it / store?
You need to form an LLC. What if one of your friend gets drunk and crashes into a boat full of kids and all their dads are lawyers. If you get sued it could be more than your insurance. The each of you is liable. LLC may provide some protection.
2006-11-06 22:49:18 · answer #2 · answered by 1 Wild and Crazy Guy 3 · 0⤊ 0⤋
Be sure to find out what the expectations of each owner are ahead of time and get them down on paper. Then sort them out and come up with an agreement that covers all aspects . Ask when to use, how to asses fuel payments, dockage, where, winter costs, repair and upkeep? holidays and vacations, business use? in case of accident? etc.
2006-11-07 00:01:13 · answer #3 · answered by science teacher 7 · 0⤊ 0⤋
I have lived all of my life in and around marina's . If you want to loose a good friend, go partners in a boat
2006-11-06 23:46:47 · answer #4 · answered by veerfish 3 · 0⤊ 0⤋
please don,t...it never seems to work
2006-11-07 05:48:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋