Who pays the vet`s bills or the loss of the horse? What happens if the horse is stolen or has an accident and dies during the probationary period? To protect yourself against death, theft and/or loss of use, you must require as protection that the horse be insured and that the policy designates the seller as the beneficiary. Another possibility is that the potential buyer receives and maintains mortality, health and loss of use insurance for the full amount of the purchase before the horse is pulled for trial and maintained in effect until the horse is fully paid and the full purchase contract has been concluded. Alternatively, the parties can divide the cost of insurance. the horse in court and then disappears without paying. Or does not pay in full. e. If the horse can be removed from the premises during the experiment. Keep in mind that the horse industry is a business and therefore the majority of horse-related transactions should not be considered different from other business transactions. For example, you wouldn`t create a mortgage on a house with the bank, buy a car, or buy a business without a signed contract, so why buy or sell a horse without it? Recently, I resolved a case where the pre-rental medical evaluation revealed tendon problems. The Seller has verbally assured the Buyer that if the tendon injuries result in tax violations during the rental period, the Buyer may terminate the rental agreement. These verbal guarantees were excluded from the terms of the contract and indeed, two weeks after the end of the rental period, the horse became lame due to the already existing tendon problems. The seller refused to terminate the lease and attempted to hold the buyer responsible for the entire purchase price of the horse. Grief and legal fees could easily have been avoided if the buyer had reviewed the contract with a horse lawyer before performing the contract.
Buying or leasing a horse is an important investment and deserves the same care as any other large corporate investment. There are simple precautions that every buyer and seller must follow when negotiating a sale or lease. Ask questions diligently and take good notes about the horse`s history. Sending your horse to court is an important decision that involves some planning to make sure you and your horse are protected in case something goes wrong while your horse is not in your possession. f. What foods and dietary supplements should be given to the horse and who will provide them? From the buyer`s point of view, an attempt is a great way to more fully assess the horse`s suitability before disassembling a piece of currency. For the seller, he can complete the sale. Besides, what could go wrong? The preamble to the contract must include the full names of the seller and buyer (if they are business entities such as a company or LLC, their names must also be listed) as well as the current addresses.
There must be an accurate description of the horse (including name, breed, gender, color/marks, size and age). In addition, the address of the establishment where the horse is to be tested shall be indicated, together with the start and end dates of the test. The winter riding series is just around the corner and for many it means HORSE SHOPPING! Many horse sales take place in one day. The quick sale allows customers to catch up with their trainers and veterinarians to have the horse evaluated. There is also little time left to let your insurance agent bind his policy and your lawyer to draft an agreement. The trial agreement should include language dealing with the possibility of injury or death of the horse, and possibly that the buyer is liable if, among other things, the horse is injured or dies while the horse is under the care, care and control of the potential buyer. This provision should specify that it is effective from the moment the horse leaves the seller`s property and continues until the horse returns. Depending on whether you need the potential buyer to take out insurance, you should add the sentence that the potential buyer will cover all costs not covered by the seller`s mortality, major medical and loss of use insurance related to an accident, illness or other danger, including the death or permanent disability of the horse. .