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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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I have a boat partner that hasnt paid a boat bill in several

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I have a boat partner that hasn't paid a boat bill in several year. I pay the fees and the boat has been in dry dock for years. Wanting to use the boat, I recently had the boat appraised and offered him his share less the boat fees he owes. He believes the boat is worth more, of course. I believe the boat appraisal is fair. He does not have the money to get another appraisal nor does he have the money to buy me out of my share. For the past 6 months he is/has been looking for investors to buy the boat. I have the money to buy him out. I really don't want this to drag on and on as I believe he won't find investors. What can I do to end this nightmare?
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. IS he opposed to submitting the dispute to binding arbitration?
Customer: replied 5 years ago.

what is binding arbitration? He lives in the chicago area for 6 months out of the year, the other 6 months in another country. Coorespondence is difficult as he has no permanent address and live with friends when he is in town.


Expert:  MShore Law replied 5 years ago.
Binding arbitration is when the parties cannot reach a resolution an agree to appoint a neutral third party arbitrator (usually an attorney) to settle the dispute, and the parties agree that the arbitrator's decision will be binding upon them (before the arbitrator is selected).
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