Time Sharing Agreement

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

TIME SHARING AGREEMENT

This Time Sharing Agreement (hereinafter referred to as the 'Agreement') is made and entered into on this {{day}} day of {{month}}, {{year}}, by and between:

{{party_A_name}} (hereinafter referred to as 'Party A'), with its principal place of business at {{party_A_address}}.

AND

{{party_B_name}} (hereinafter referred to as 'Party B'), with its principal place of business at {{party_B_address}}.

(Collectively referred to as 'the Parties' and individually as 'Party')

RECITALS

WHEREAS, Party A and Party B desire to enter into an agreement for the shared use of a specific asset, as further defined herein (the 'Shared Asset').

WHEREAS, the Parties wish to establish the terms and conditions governing the allocation of usage time, maintenance responsibilities, and financial contributions related to the Shared Asset.

1. DEFINITION OF SHARED ASSET

The Shared Asset is hereby identified as: {{description_of_asset}}, located at {{asset_location}}.

2. TIME ALLOCATION

2.1. The Parties agree to share the use of the Shared Asset according to the following schedule:

Party A's allocated usage period: {{party_A_usage_schedule}}.

Party B's allocated usage period: {{party_B_usage_schedule}}.

2.2. Any proposed changes to the allocated usage schedule must be mutually agreed upon in writing by both Parties at least {{notice_period_days}} days in advance.

3. FINANCIAL CONTRIBUTIONS AND EXPENSES

3.1. The Parties agree to contribute to the costs associated with the Shared Asset as follows:

Purchase Price/Acquisition Cost: Party A {{party_A_purchase_contribution}}%, Party B {{party_B_purchase_contribution}}%.

Ongoing Maintenance and Repair Costs: Party A {{party_A_maintenance_contribution}}%, Party B {{party_B_maintenance_contribution}}%.

Insurance Premiums: Party A {{party_A_insurance_contribution}}%, Party B {{party_B_insurance_contribution}}%.

Utility Costs (if applicable): Party A {{party_A_utility_contribution}}%, Party B {{party_B_utility_contribution}}%.

3.2. All payments shall be made to a joint account or directly to the service provider, as agreed upon by the Parties. Records of all expenses and contributions shall be maintained by {{record_keeper}}.

4. MAINTENANCE AND REPAIRS

4.1. Each Party shall ensure that the Shared Asset is maintained in good working order during their respective usage periods.

4.2. Regular maintenance tasks shall be performed by {{maintenance_party}} or a qualified service provider at a frequency of {{maintenance_frequency}}.

4.3. In the event of necessary repairs exceeding {{repair_cost_threshold}}, both Parties must agree on the course of action and share the costs as per Section 3 unless the damage was caused by the sole negligence of one Party.

5. INSURANCE

The Shared Asset shall be insured against loss, damage, and liability, with both Parties named as beneficiaries or insured parties. The insurance policy details are as follows: {{insurance_policy_details}}.

6. DISPUTE RESOLUTION

Any dispute, controversy, or claim arising out of or in connection with this Agreement, including its existence, validity, interpretation, performance, breach, or termination, shall first be referred to amicable negotiation between the Parties. If the dispute cannot be resolved amicably within {{negotiation_period}} days, the Parties agree to submit the dispute to mediation in {{mediation_location}} under the rules of {{mediation_organisation}}.

7. TERMINATION

7.1. This Agreement may be terminated by mutual written consent of both Parties.

7.2. Either Party may terminate this Agreement by providing {{notice_period_termination}} days' written notice to the other Party.

7.3. Upon termination, the Shared Asset shall be {{asset_disposition_upon_termination}}.

8. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of {{country}}.

SIGNATURES

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

_____________________________

{{party_A_name}}

{{party_A_signature_date}}

_____________________________

{{party_B_name}}

{{party_B_signature_date}}