A1 Car Share – Buy Shared Ownership Contract

Description

This agreement is very comprehensive and, amongst other issues, deals with the following:

• The ownership of the car and any accessories or equipment related to the car
• Management of the car and decision-making
• Costs splitting procedures
• Reservation procedures for the use of the car
• The allocation of liability between the sharers in the event of damage or accidents
• Prohibitions and requirements regarding the use of the car
• Procedures for admitting new sharers, and for terminating the agreement, including how to sell a share in the car

We recognise that the arrangements for issues such as reservations, cost splitting and security requirements will need to be different for each car share club depending on the individual circumstances. To allow for such flexibility many parts of the agreement can easily be personalised to meet the needs of a particular sharing group. For example, the agreement provides for all of the running costs of the car to be split between the sharers. The default position is that the various running costs are split equally, except for fuel which is paid for by each sharer depending on how much fuel they have used. It is possible to alter the agreement if required so that costs are divided between the sharers in a different manner.

The agreement comes with extensive Drafting and Guidance Notes which fully explain the operation of the agreement and contain example additional or replacement clauses which may be used to personalise the agreement. The Drafting and Guidance Notes also contain practical tips and useful documents for use within the car share scheme.

For further information about car sharing please see the Vehicle Sharing Factsheet, and the car share page of SharingContracts.com