For a loan to work well, both parties must agree on their responsibilities and ensure that all eventualities are foreseen, especially what will happen if the loan ends unexpectedly. We strongly recommend that you enter into a written agreement. Make sure the agreement is acceptable to both parties. Don`t accept something if you don`t intend to put it into practice or you don`t agree. A credit agreement is an important way to reduce risk and protect the owner, the borrower and, of course, the horse. If you wish to borrow a horse, you should not accept a horse that is not accompanied by a valid and current passport. Verify that the name of the owner from whom you are borrowing the horse is the currently registered owner. 4. Details of where the horse is to be kept. The contract should be informed in advance that the owner is informed before the horse moves and that he has the power to check the new farm. This is just one example among hundreds of reasons why it is important that a credit agreement is drawn up before the loan starts. The credit agreement must be in writing and deal with each element of what has been agreed. It must be signed by both parties and, to protect the loan player, the following should be looked at: – The loan can be beneficial for both the borrower and the owner.
Buying a horse or pony can be expensive, so many people borrow a horse instead, as it eliminates upfront costs, but involves many of the same responsibilities as owning a horse. The loan is a less permanent agreement than the purchase and can be a fantastic first step to having your own horse. Before you sign anything, make sure you have carefully checked the person lending the horse. Take pictures of the horse with the person and note the registration dates of the horse box or car. Credit agreements can be as simple or as complicated as the owner and lender want. The loan agreement is essentially a factual finding confirming ownership and scope of the loan, as well as a series of guidelines that both parties can refer to to ensure they get the most out of their agreement. Borrowing a horse can sometimes be more important to many horse owners than selling or buying. As a lender, you take the risk of putting a potentially valuable horse into the care and training of another person. And there have been a few cases recently where people pretended to borrow a horse under a false name and then sell the horse without a trace. It is therefore of the utmost importance that you know to whom you are lending your horse.
9. Who pays for what – and if the horse must be insured (this should be stated in the contract), who pays the deductible? The BHS creates a free horse credit agreement. We do not think it covers all practical issues. The designer of the Net Lawman version has owned and horses for 40 years. It has taken into account many other options based on the practical experience of oneself and others. The result is a document that better protects your interests. Our version is easy to complete and very extensive. Coverage from the horse known as:______ To discuss your horse`s loan and get professional help in establishing a loan agreement, contact Rebecca Stuart on 01275 850470.
For assistance in handling disputes on this subject, please contact James Taylor on 01454 204880. This standard contract for horse shares is for guidance purposes only and legal advice should be sought to ensure that any contract is legally binding. First, it can be used for planning….
