4. Details of where the horse should be kept. The contract should stipulate that the owner is notified in advance before the horse is moved and has the power to check the new farm. The prospect of lending a horse is exciting, but there are a number of important considerations, such as time commitment and finances, that need to be carefully rethought before choosing a loan. The decision to borrow a horse should not be taken lightly or hastyly, as it can be extremely annoying to have a horse that is unsuitable or dangerous. It can also leave the new borrower in a difficult situation. Loan contracts can be as simple or as complicated as the owner and lender want. The loan agreement is essentially a factual statement confirming the ownership and expected amount of the loan, as well as a set of guidelines that both parties can refer to to ensure that they get the most out of their agreement. For a loan to work well, both parties must agree on their responsibilities and ensure that all contingencies are planned, especially what will happen when the loan expires unexpectedly. We strongly discourage a written agreement. Make sure the agreement is acceptable to both parties; Don`t agree with something if you don`t intend to put it into practice or if you don`t agree. A loan contract is an important way to reduce risk and protect the owner, the loan player and, of course, the horse.
The loan can be beneficial for both the borrower and the owner. Buying a horse or ponies can be expensive so many people are looking to borrow a horse instead because it takes away the initial cost, but with many of the same tasks as owning a horse. The loan is a less durable deal than buying and it can be a fantastic first step to having your own horse. This standard contract for horse representation serves only to guide and legal advice is needed to ensure that each contract is legally binding. The loan agreement should specify what is expected of the horse owner and the borrower. Make sure it is clearly dated and signed by all parties and includes: A standard form loan contract is usually only required the basic agreement between the owner and the borrower. I think the single unit agreement is not ideal and can lead to a dispute between the owner and the borrower, which can result in thousands of pounds of legal fees. Ideally, a loan contract should therefore be suitable for the individual loan. Each loan agreement must be written, signed by both parties and should at least focus on the following: – The share of the horse called: “It`s not going to be the one.
Tell me what happens when the horse has to fall asleep. Who will make that decision? How quickly does the borrower have to inform the landlord and can the borrower approve it if it fails to control the owner? If you need advice in the event of a breach of contract, this will be considered a civil matter and professional legal advice should be sought. Unfortunately, the BHS cannot contribute directly to the resolution of civil cases. 9. Who pays what – and who pays the deductible if the horse is to be insured (this should be stated in the contract? Before you sign anything, make sure you have carefully examined the person who lent the horse. Photograph the horse with the person and write down the registration data of the horse box or car. At the end of the day, neither side should be afraid to ask questions. It`s much better to know where you are at the beginning of your relationship. Be sure to consider all the factors before borrowing your horse, especially the horse`s ability, as well-being is of the utmost importance.