Free Boat Sharing Agreement Form

I. The Parties

This Boat Sharing Agreement ("Agreement") is made and entered into on Month Day, Year by and between Owner's Name, with a primary address at Owner's Address ("Owner"), and Co-Owner's Namewith a primary address at Co-Owner's Address ("Co-Owner"). The Owner and Co-Owner may collectively be referred to as the ("Parties") or individually as a ("Party").

WHEREAS, the Parties have agreed to jointly own the boat described in this Agreement;

WHEREAS, both Parties desire to share the rights and responsibilities associated with the use, maintenance, and expenses of the boat under the terms and conditions set forth herein;

WHEREAS, the Parties wish to establish clear terms regarding their joint ownership, use, and financial contributions towards the boat;

NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, the Parties hereby agree as follows:

II. Nature of Agreement

The boat subject to this Agreement is Boat Name. It was purchased by the Parties on Month Day, Year for the price of Amount.

III. Boat Details

The details of the boat to be shared under this Agreement are outlined below:

IV. Contribution

The Owner and Co-Owner have each made financial contributions toward the purchase of the boat. The Owner contributed Amount, representing Percentage Share of the total purchase price, while the Co-Owner contributed Amount, representing Percentage Shareof the total purchase price. These contributions were non-refundable and were applied directly to the acquisition of the boat.

Any additional contributions made by either Party for expenses such as repairs, maintenance, or upgrades have been shared according to the ownership percentages established in this Agreement or as otherwise agreed upon in writing by both Parties. Both Parties acknowledge that their financial contributions reflect their respective ownership interests in the boat.

V. Financial Terms

The Parties agree to share all ongoing costs associated with the ownership and use of the boat, including but not limited to, docking fees, insurance premiums, maintenance costs, and annual taxes. The Owner shall contribute Percentage of these costs, while Co-Owner shall contribute Percentage. All payments are to be made promptly upon receipt of notice or invoice, and failure to do so may result in penalties as stipulated in this Agreement.

In addition to the above, any additional expenses related to the boat, such as necessary repairs or emergency maintenance, will also be shared between the Parties according to the agreed percentage split. Any decision regarding significant expenses must be approved by both Parties in writing before the funds are disbursed.

VI. Rights and Responsibilities

The Parties agree to share the use of the boat in an equitable manner, and each Party is entitled to use the boat for an equal amount of time each year. The Parties shall establish a usage schedule in advance, which may be adjusted by mutual consent. Both Parties agree to maintain the boat in good condition and to promptly report any damage or necessary repairs.

The Parties are also responsible for obtaining all necessary licenses and permits required for their use of the boat and shall ensure that the boat is always operated in compliance with all local, state, and federal laws. The Owner and Co-Owner agree to indemnify and hold each other harmless from any liability, loss, or damage arising from their own use of the boat.

VII. Transfer and Sale

Neither Party may sell, transfer, or assign their interest in the boat without the prior written consent of the other Party. In the event one Party wishes to sell their interest, the other Party shall have the right of first refusal to purchase the selling Party's interest at a mutually agreed-upon price. If the right of first refusal is not exercised within Number days of notification, the selling Party may offer their interest to a third party, subject to the terms of this Agreement.

Upon the sale of the boat to a third party, all proceeds shall be distributed according to each Party's percentage ownership after deducting any outstanding debts or obligations related to the boat. Both Parties agree to cooperate fully in the sale process and to execute any necessary documents to facilitate the sale.

VIII. Miscellaneous Provisions

A. Amendments

Any amendments or modifications to this Agreement must be made in writing and signed by both Parties. No oral statements or representations shall be considered valid unless incorporated into a written amendment duly executed by the Parties.

B. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of State Name. Any disputes arising out of or related to this Agreement shall be resolved in the appropriate court located within State Name.

C. Severability

If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The Parties agree to negotiate in good faith to replace any invalid or unenforceable provision with a valid provision that closely approximates the original intent.

D. Counterparts

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Electronic signatures shall be considered valid and binding.

E. Notices

All notices, requests, and other communications required or permitted under this Agreement shall be in writing and delivered to the Parties at their respective addresses or such other address as either Party may designate in writing.

F. Entire Agreement

This Agreement constitutes the entire understanding between the Parties concerning the subject matter hereof and supersedes all prior negotiations, agreements, and understandings, whether written or oral. Any subsequent agreement must be in writing and signed by both Parties.

IX. Signatures

IN WITNESS WHEREOF, the Parties hereto have executed this Boat Sharing Agreement as of the date first above written.

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