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  1. #21
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,545

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by rafiki_ View Post
    I read it that the party wishing to leave the syndicate has 6 months to sell their share, and covers the cost of that sale. If the share not sold in 6 months, then the other 2 parties buy the share or if they don't want to do this, the boat is sold and the 3 parties share the sale proceeds.
    Rafiki that is an eminently sensible formula but it is absolutely not what the words say.

  2. #22
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    4,072

    Default Re: Syndicate Agreement Legal Question

    As a complete legalese moron here, why cant contracts for the layman be laid out as simply as Rafiki has written in simple unambiguous words and short sentences that everyone understands and leaves nothing for rebuttal.

  3. #23
    Join Date
    Sep 2016
    Location
    SoF
    Posts
    9,538

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by BruceK View Post
    As a complete legalese moron here, why cant contracts for the layman be laid out as simply as Rafiki has written in simple unambiguous words and short sentences that everyone understands and leaves nothing for rebuttal.
    Lawyers need yachts too
    Neither a Leaver or Remainer be

  4. #24
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,545

    Default Re: Syndicate Agreement Legal Question

    Because it truly isn’t that simple.

    (1)What if one sharer out of three doesnt sign a bill of sale for his 1/3 rd share on the day of handover of the boat to the buyer? Maybe for reasons of bad behaviour, maybe unconscious with illness, or maybe in divorce and lawyer advises him not to? What then do the other 2 sharers do, and should they suffer?

    (2) What if 2 sharers buy out the third, then a year later a fine/bill arrives for a diesel pollution incident 18 months prior when the boat was shared by 3 not 2? Does the exiting ex 1/3rd sharer pay or not?

    That’s why you need a PoA clause (1) and might not want give the RYA blanket indemnity (2), and so immediately you are in some complexity.

    The answer isn’t to have simple terms that go no deeper than rafiki’s post. The answer is to have many clauses going deep and covering every eventuality but well written. So that they may look a bit complex at first sight, but when read carefully they provide total clarity of the “rules” for any situation. The very opposite of that RYA rubbish.

  5. #25
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    4,072

    Default Re: Syndicate Agreement Legal Question

    I see your point and now also have a deeper appreciation of the term, ignorance is bliss.

  6. #26
    Join Date
    Jan 2009
    Location
    Stratford on Avon
    Posts
    11,180

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by BruceK View Post
    I see your point and now also have a deeper appreciation of the term, ignorance is bliss.
    Add naivety to the equation too Bruce.

  7. #27
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    4,072

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by rafiki_ View Post
    Add naivety to the equation too Bruce.
    I dont deny it. But given the choice I'll stay the way I am. Happy if ignorant.

  8. #28
    Join Date
    Mar 2013
    Location
    boat conwy
    Posts
    3,678

    Default Re: Syndicate Agreement Legal Question

    If someone wants to sell their share,but it does not sell in the given time, and the other two can’t afford it, it seems wrong that they could become boat less through a forced sale.

  9. #29
    Join Date
    Sep 2005
    Location
    Brighton/Antibes
    Posts
    8,634

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by seastoke View Post
    If someone wants to sell their share,but it does not sell in the given time, and the other two can’t afford it, it seems wrong that they could become boat less through a forced sale.
    That's what they signed up for though. If you want total autonomy about your boat ownership - don't buy into a boat share.

  10. #30
    Join Date
    Aug 2004
    Posts
    12,928

    Default Re: Syndicate Agreement Legal Question

    As you might say, 'if you want to get to there, I wouldn't start from here'.

    Before going into any contract it's important to know (a) what you want to get out of it and (b) what your exit looks like. If your answers are (a) happiness and (b) don't be so negative, then you will either get lucky or you won't.

    The first difficulty with the quoted wording is that it's not aimed at giving anyone what they actually want.

    The second difficulty is the portmanteau phrasing. There are so many conflicting ideas rubbing up against each other that it really is anyone's guess what it means. One idea per sentence, please.

    Apart from that critique, I agree entirely with jfm. It's a fairly damning indictment that we are on #30 and all of us above average intelligence. Yet no-one knows what this means.

    If it's not too late, I would be tempted to go back to the syndicate and design a clear exit so that, if anyone wants out, they actually know what is possible and how to achieve it.

    Mind you, if you really want obscurity and obfuscation you could always try exiting a family trust over French real estate. Suffice it to say I have the t-shirt. It says 'Speak to me, Goose' on the front.

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