If you are planning on buying a boat with a partner, it’s important to have a written agreement in place. A boat partner agreement will help to ensure that both parties understand their responsibilities and obligations, and can also help to avoid disputes down the line.
Here are some key things to consider when drafting your boat partner agreement.
First and foremost, you need to decide how ownership of the boat will be split between you and your partner. This will likely depend on how much each of you is contributing financially, as well as how much time each of you will spend using the boat. You may choose to split ownership 50/50, or you may decide on a different split that reflects your individual situations.
It’s crucial to be clear about how expenses will be divided between you and your partner. This includes not just the initial purchase price of the boat, but also ongoing expenses such as mooring fees, insurance, and maintenance costs. You should also decide how repairs will be handled in the event of damage to the boat.
You will need to agree on how the boat will be used, and how often each of you will have access to it. This includes not just when and where the boat will be used, but also how it will be used. For example, you may have different ideas about whether the boat will be used mainly for fishing trips, leisurely cruises, or watersports.
Finally, you will need to address the issue of liability. This is particularly important if one partner is driving the boat while the other is a passenger. It’s important to be clear about who will be responsible for any accidents or other incidents that occur while the boat is being used.
In summary, a boat partner agreement is a crucial document for anyone planning on buying a boat with a partner. By laying out the details of ownership, expenses, usage, and liability up front, you can help to ensure that your boat ownership experience is enjoyable and stress-free.