We're working on a contract for cyclical ownership of an object. Can anyone review this and let us know if the logic seems sounds so far?
Cyclical Ownership Agreement
This Cyclical Ownership Agreement is entered into by and between [Person A legal name] and [Person B legal name] on [date].
1. Object
The object governed by this Agreement is the item identified in Exhibit A to this Agreement, referred to here as the Object.
The Parties agree that the Object is the specific item described in Exhibit A, together with any identifying details, images, titles, conceptual descriptions, or other information included there.
2. Title and Conceptual Frame
The Object may have a title, philosophical frame, ownership type, clause, or other conceptual description, as listed in Exhibit A. These descriptions may guide the meaning of the Object, but the operative legal terms of this Agreement control the Parties’ rights and obligations.
3. Initial Owner
As of the effective date of this Agreement, the initial legal owner of the Object is [Person A / Person B].
4. Cyclical Ownership
The Object shall belong to exactly one of the two Parties at any given time. Ownership shall shift from the Current Owner to the other Party upon each Meeting, as defined below.
5. Definition of Meeting
A “Meeting” means an in-person encounter between the Parties in which both Parties are physically present in the same place at the same time and are mutually aware of each other’s presence.
A Meeting does not include accidental proximity where one Party is unaware of the other, remote communication, video calls, phone calls, text messages, social media interaction, dreams, memories, resemblance, mistaken identity, or encounters through representatives, unless both Parties agree in writing that such encounter counts as a Meeting.
6. Transfer of Title
Upon each Meeting, legal title to the Object automatically transfers from the Current Owner to the other Party without further payment, signature, or ceremony.
The Party receiving ownership accepts such ownership under the terms of this Agreement.
7. Possession and Delivery
The Current Owner has the right to possess the Object until the next Meeting.
If the Object is physically present at a Meeting, the former Current Owner shall deliver the Object to the new Current Owner at that Meeting, unless both Parties agree otherwise.
If the Object is not physically present at a Meeting, ownership still transfers upon the Meeting, and the former Current Owner shall hold the Object as temporary custodian for the new Current Owner until physical delivery is reasonably possible.
8. Care of the Object
Each Party shall use reasonable care to preserve the Object while it is in their possession.
Ordinary wear, aging, use, travel, display, handling, or transformation consistent with the nature of the Object and its conceptual frame shall not constitute damage, unless Exhibit A states otherwise.
9. No Transfer to Third Parties
Neither Party may sell, gift, pledge, lend, destroy, materially alter, abandon, or permanently transfer the Object to any third party while this Agreement remains in effect, unless both Parties agree in writing.
10. Loss, Damage, or Destruction
If the Object is lost, stolen, damaged, destroyed, confiscated, or otherwise becomes unavailable while in one Party’s possession, that Party shall promptly notify the other Party.
The Parties shall determine in good faith whether the Object’s absence, damage, destruction, replacement, repair, or transformation continues the work, ends the work, or becomes part of the work.
11. Documentation
The Parties may maintain a written, photographic, digital, or other record of Meetings, ownership transfers, possession, condition, display, use, or transformation of the Object.
Failure to document a Meeting does not prevent ownership from transferring if a Meeting occurred.
12. Duration
This Agreement continues indefinitely unless terminated or amended by a written agreement signed by both Parties.
13. Governing Law
This Agreement shall be governed by the laws of the State of [state], without regard to conflict-of-law principles.
14. Entire Agreement
This Agreement contains the entire understanding between the Parties concerning the cyclical ownership of the Object and supersedes all prior oral or written understandings about its ownership.
15. Signatures
Person A: ___________________________
Date: ___________
Person B: ___________________________
Date: ___________
Exhibit A: Object Schedule
Object Title: __________________________
Object Description: ____________________
____________________________________
____________________________________
____________________________________
Images Attached (yes/no): ______________
