A Boat partnership contract is a formal legal commitment between the two interested parties who are willing to join each other for boat business and are willing to share the profits and losses together.
Sample Boat Partnership Contract:
Partnership contract number: BPC/890
This contract is commenced and entered on December 26th, 2010 between Mr. Jack Fernandez, Address: 55/ L, office number: 34, Next to Spencer’s street, New York, America, hereinafter known as partner 1.
Mr. Lee Huge, Address: 23/P, office Number: 56, Wing- D, near Palm Beach, Salt Lake City, New York, America, hereinafter known as the partner 2. Together called as “both the partners”
Whereas both the partners are interested in the joint venture for a Boat business named “Sea Queen”.
This contract is effective from December 27th, 2010 and is ending on December 27th, 2011.
Following mentioned term & conditions are committed by both the partners:
Both the partner will be equally sharing the profits and loss with 50% ratio and will make the important decisions together. The contract charges will be adjusted by both the partners.
Deviation of responsibilities:
Partner 1 and partner 2 will participate in the following mentioned decisions:
- Insurance of the boat
- Maintenance and essential requirements for business
- Safety rules implementation
- Usage & storage
- Operating procedures
- Inventory, etc
In case of any violation to the above mentioned covenants, this contract will be treated as terminated. The guilty party will make a payment of $5000 to the alleging party as settlement allowance.
Acceptance of both the parties:
Singed by the partner 1:
Signed by the partner 2: