2. The contact information of the owner and the borrower, as well as confirmation that the parties will inform each other in the event of a change. The law requires that a passport remain in the horse`s place. Therefore, the passport must be kept by the person who has the primary care of the horse, if not the owner. When a horse is loaned and moved to a new farm, the loan must have the original passport. Many homeowners are uncomfortable, but there are a number of steps you can take to protect yourself, including: it is a binding contract that you can rely on in court if necessary. Protecting your horse is always the ultimate goal, and in concluding a formal agreement, that`s exactly what you`re doing – making sure you`ve done your best to secure your horse`s future. This is just one of hundreds of reasons why it is important for a loan agreement to be concluded before the loan begins. The loan agreement should be written down and deal with each element of what has been agreed. It must be signed by both parties and to protect the lender should be treated with the following:- The contents of the loan agreement are personal to you and should reflect your wishes and plans for the future. As a basic minimum, however, you can consider the following: BHS establishes a free horse credit contract. We do not think it covers all practical issues.
The designer of the Net Lawman version has owned and ridden horses for 40 years. It has taken into account many other options based on practical experience of oneself and others. The result is a document that better protects your interests. Our version is simple to complete and very complete. 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: The prospect of lending a horse is exciting, but there are a number of important considerations, such as time fixing and finances, that need to be carefully rethought before opting for 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. Horse owners may end up with a horse they grew up with but don`t want to sell. In these situations, credit can be the ideal solution, as it allows the owner to keep ultimate control of the horse`s future, while someone else takes care of the daily work and costs associated with the maintenance of the horse. Loan agreements can be entered into in person or by a lawyer.
However, we still recommend involving an impartial lawyer trained to ensure that all areas of darkness are covered. 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. The uncertainty of lending a horse and taking it away from you is one of the reasons why it is essential that a loan agreement be concluded before the loan begins.