Any contract with a sponsorship owner incorporates Conditions 1 – 6 below and is between Aqua Narrowboats (UK) Ltd and you as the sponsored owner. The contract does not take effect until the boat build and sponsorship agreement have been signed. This contract is made in England and is governed by English Law.
- A boat build contract will be signed approximately two months before the vessel is built, this contract highlights the obligations of both parties and will include the stage payments required during the build process (please see Boat Build Terms & Conditions). Credit card payments over £2,500 are not accepted.
- A non refundable £3000 reservation fee will be needed to secure a sponsorship build slot. This fee will be deducted from the first stage payment. In the event that the slot is cancelled the fee is not refundable but can be utilised by the customer for another build slot, if that slot has not already been reserved.
- You can choose from one of three designs, adding your ideas to the interior soft furnishings and colour scheme. Note: The external colour scheme cannot be changed.
- The narrowboat is fully owned by you the sponsor, who will participate in the sponsorship scheme.
- A sponsorship agreement will be signed before the sponsorship boat is commenced, this highlights the obligations of both parties when the boat is in the hire fleet.
- Sponsors agree to keep their narrowboat in the hire fleet for four full seasons. Should the customer withdraw from the scheme during build or whilst the boat is part of our fleet, the additional extras/upgrades that are provided free of charge exclusively as part of the sponsorship scheme, will be charged at our normal bespoke boat price.
- The Sponsor is able to take two weeks holiday during the peak season from March through to the end of October and four weeks between November and February, all of these holidays are free of hire charge to the sponsored owner. These weeks must be booked in advance as we can take hire bookings over 12 months in advance, therefore we cannot guarantee specific weeks if leaving it late to book. Aqua Narrowboats will not cancel a hire boat booking in favour of a Sponsor booking.
- Aqua Narrowboats ‘Hire Terms & Conditions’ also apply to the sponsors holidays and hire periods, with the exemptions of any damage waiver fee payable, or any hire fee payable.
- The Sponsor is responsible for the cost of fuel and toilet tank pump out during their weeks on board (these costs are extras, not part of the hire fee and all boat owners are responsible for these costs when cruising). The marina operates a self-service system for both fuel and pump out, please liaise with the marina to pay these costs. The Sponsor will also need to supply their own duvet covers, sheets, pillow cases and towels. The boat must be returned in a clean and tidy condition ready for the next hirers. Aqua Narrowboat can supply a complete turnaround service including quay service, cleaning and linen hire if required.
- Call outs during the Sponsors holiday will be charged for if the Sponsor or parties on board have blocked a toilet or acted negligently.
- All estimated figures provided are based on previous seasons hire & occupancy therefore returns cannot be guaranteed. We are not regulated by the FSA and therefore potential customers are asked to carry out their own independent financial advice before committing to the scheme.
- As an owner of a sponsored narrowboat, you will receive 38% of the canal boat hire revenue for years 1 and 2 and 32% for years 3, 4 and any additional years (due to higher narrowboat maintenance costs).
- Payments are made direct to you monthly in arrears by bacs electronic transfer. The return will have the VAT, damage waiver fee and optional extras deducted and therefore, not included as part of the 38% or 32%
- Aqua Narrowboats will provide the sponsored owner with a monthly statement (from April to October) that shows the returns for the month, maintenance and any deductions. The sponsored owner is required to send an invoice in order to receive their returns.
Maintenance of sponsors narrowboats
- Aqua Narrowboats will maintain the narrowboat as part of the hire fleet providing the labour free of charge and the sponsor with a £400 maintenance allowance. Items that will be deducted from the sponsored maintenance allowance include all replacement items such as parts & sundries for maintenance, inventory items, internal fixtures & fittings that are worn or broken, external items such as fenders, and hull blacking costs or hire of any other machinery needed. (Bed linen & towels are excluded from the replacement items),
- If the maintenance allowance is exceeded, the excess will be invoiced & deducted from the following months returns.
- Aqua Narrowboats will black the hull, repaint the gunnels & winterise the boat annually in order to maintain a 5 star fleet. This maintenance is compulsory.
Boat license, mooring fees & insurance
Aqua Narrowboats pays for 80% of mooring fees, whilst the sponsored owner pays for 20% (deducted from returns)
Aqua Narrowboats pays for 80% of the Canal & River Trust license, whilst the sponsored owner pays for 20% (deducted from returns)
Aqua Narrowboats pays for the boat insurance in full.
End of Sponsorship Agreement
- We do not provide refunds and /or carry forward any unused maintenance allowances. Equally we do not offer refunds for mooring fees or commercial licences when the vessel comes out of the fleet.
- At the end of the hire period Aqua Narrowboats will remove their name and advertising from the vessel and touch up any minor paint repairs before handing back to the Sponsored owner.
- If the sponsored owner would like to sell their boat at the end of the agreement, Aqua Narrowboats will assist with the sale & marketing for a 4% commission fee.