This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Contract to Train, Board and Show Horse with Option to Purchase
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Description
Definition and meaning
The Contract to Train, Board and Show Horse with Option to Purchase is a legally binding agreement between a horse owner and a trainer. This document outlines the responsibilities of the trainer to board, train, and show the horse, along with an option for the trainer to purchase the horse at a specified price. It ensures both parties understand their rights and obligations regarding the care, training, and potential sale of the horse.
Key components of the form
This contract includes several crucial elements that delineate the terms of the agreement:
- Horse Description: Detailed information about the horse, including breed, age, and any identifying characteristics.
- Compensation: The agreed monthly payment to the trainer for their services.
- Training and Show Terms: Outlines how and when the horse will be trained and shown.
- Option to Purchase: Terms under which the trainer may buy the horse in the future.
- Duration: The length of time the contract is active and conditions for termination.
Who should use this form
This form is ideal for individuals who own a horse and are looking to have it trained and shown professionally. It is also suitable for trainers who seek to undertake the training of horses while retaining the option to purchase them in the future. Both parties must be willing to meet the terms outlined in the contract for it to be effective.
Benefits of using this form online
Utilizing this contract online provides several advantages:
- Accessibility: Users can download the form at any time and from any place.
- Templates by Professionals: The forms are prepared by licensed attorneys, ensuring their legality and relevance.
- Ease of Completion: Online forms often come with guided instructions, making them easier to complete accurately.
- Updates: Online platforms may offer the most current form versions, keeping users compliant with any legal changes.
Common mistakes to avoid when using this form
When completing the Contract to Train, Board and Show Horse with Option to Purchase, users should be cautious of the following mistakes:
- Incomplete Information: Ensure all sections are fully completed, particularly details about the horse.
- Missing Signatures: Both the owner and trainer must sign the document for it to be valid.
- Overlooking Local Regulations: Be aware of any state-specific laws that may affect the contract’s enforceability.
- Not Keeping Copies: Always retain a copy of the signed contract for your records.
What to expect during notarization or witnessing
Notarization or witnessing of the contract adds an extra layer of legal protection. Here's what to expect:
- Presence of a Notary: A notary public will need to be present when signing the document.
- Identification: Both parties will need to provide valid identification to the notary.
- Formal Acknowledgment: The notary will acknowledge both signatures, confirming the identities of the parties involved.
- Record Keeping: The notary may keep a record of the notarized document for legal purposes.
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FAQ
Consider boarding horses on your hobby farm by opening a horse boarding business to earn some extra income. Got extra stalls? Consider boarding horses as a small business and help earn some extra income.A 1996 study commissioned by the American Horse Council sets the figure at 6.9 million.
Numbers Game. The reality is that boarding facilities operate on slim profit margins. By the time costs are considered for hay, grain, bedding, labor for feeding, cleaning stalls, doing turnout, etc., the board fees typically do not leave a lot left over, Sherrick-von Schiller said.
Self-care stall board usually costs between $200 and $1,000 monthly depending on the factors described above and self-care pasture board can cost between $100 and $600 monthly.
Self-care board is also known as rough board and it is basically DIY horse boarding. You are responsible for all your horses care, scheduling and finding horse professionals, getting everything your horse needs. This kind of boarding is often best for more experienced horse owners that have owned horses before.
Equine/Stable Liability will be required; Care, Custody, Control to provide coverage for the non-owned boarded horses; General Liability and Property insurance.
Full board will include all the necessities for the horse, plus a stall with full turn out to pasture. Full board does not require owners to visit their horses every day; instead, staff at the barn clean the stall, feed the horse, and bring him in/out of the pasture.
A horse is assigned a stall and you're given access to trails, a pasture or arena. The cost of boarding averages $400 to $500 per month but can go as high as $1,200 to $2,500 in metropolitan areas. Services such as mucking out stalls, feeding and turning out your horse to pasture may not be included in the price.
If you have the space and facility to keep your equines at home, it's more cost effective and offers a number of advantages that boarding does not.Keeping a horse on full board offers owners virtually hassle-free maintenance. Full board includes, at the very least, feeding, stall cleaning and turnout.
Self-care board is what it sounds like: housing your horse at someone else's facility but feeding and managing him yourself.