Sailplane Partnership Agreement printable pdf download

Sailplane Partnership Agreement

Estimated Value

The value of the sailplane (Ventus B - N1428B), trailer and miscellaneous equipment was

$XX,XXX on the purchase date. The agreed upon value of the instruments as of March 1999 is

$X,XXX.XX. The total value of the “Assets” was therefore $XX,XXX.XX as of March 1999.

Partners

Stephen B. Leverentz, Richard Andrews, Paul E. Remde

Share Percentages

The partners all own equal shares of the assets.

Share Value Fluctuation

As the value of the assets fluctuate over time, all owners shall share all gains/losses in equal

amounts.

Expenses

General operating expenses will be shared equally. Expenses will be tracked by Paul on a

spreadsheet. Examples of shared expenses are listed below.

• Insurance

• Tie-down fees

• Sailplane License

• General

• Hangar fees

• Trailer License

maintenance

• Storage fees

• Annual Inspections

Capital Expenditures

Improvements and other capital expenditures over $50 will be made with the approval of all

owners. All capital expenditures will be shared equally.

In the Event of an Damage

The insurance deductible shall be paid by the Pilot in Command or the owner responsible for the

aircraft at the time of the accident. The owner responsible for the accident shall have repairs

accomplished promptly by an approved repair station acceptable to all the partners and the glider

returned to service as soon as possible.

Flight Privileges

• Prior to his first flight in the aircraft, each pilot shall be checked out (signed-off) by a

certified flight instructor as required by the insurance company.

• Each pilot shall maintain currency in accordance with FAA regulations.

• Each pilot shall operate the aircraft in accordance with the FARs.

• Only the owners shall fly the aircraft. The insurance policy is currently setup so that non-

owners are not covered.

New Members

New members may be added by approval of all present members.

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Sailplane Partnership Agreement