This Agreement is for joint owners of a boat who use it for leisure, and are already the owners, or who intend to purchase one together to form a new syndicate.
This seven page document contains 16 clauses covering
- definitions
- interpretations
- background
- terms of ownership of the boat
- terms of ownership of the equipment
- operational regulations
- syndicate monies
- formal meeting
- pre-emption right
- shares purchase option
- owners’ liability and insurance
- owners’ obligations
- determination of the purchase price
- arbitration
- change of ownership or address
- notices
Four Schedules are included, allowing parties to set out details of ownership, equipment, regulations and option events.
This agreement is not suitable for a boat used for commercial purposes, but is suitable for a boat used for leisure purposes.
