Hi Matt,

Definitely have a contract that remains in force after initial signing - until the partnership is dissolved.

Any agreements that specify who has rights to fly the ship on specific days, weekends, or contests should be in a separate agreement or rider prepared and signed yearly.

Dissolving partnerships can be problematic. The 90% valuation rule mentioned by other posters can work if one partner simply wants to exit the partnership.

If a/the partners want to end the partnership relationship, putting the ship up for sale/bids may be the most accurate/fair way to determine actual value, and allow either partner to bid and retain ownership of the ship - if desired. Time-frames and procedural details should be included in the contract as this is a more complex process.

Depending on your insurance carrier, pro-rated refunds(checks)for cancelled policies will be sent only to the first named person on the policy. The partnership contract should specify these refunds will be shared equally between the partners ... or specify another allocation if appropriate. i.e. the named policy holder will have to write a personal check for the co-insured pilot. BTW, the insurance carrier/agent may not be able to legally provide any refund information (refund amounts or date refund was paid)to the co-insured pilot named on the policy.

Partnerships are a great way to own and fly wonderful sailplanes ... just take a little time to think about the possible divorce. :-)

kk