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. There are always other issues that should be included in the agreement, which are specific to the loan concerned, and that is why the single standard form, the loan agreement, is not an ideal option when a loan contract is established. 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 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 implies that the law requires that a passport remain available to the horse. 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 feel uncomfortable, but there are a number of steps you can take to protect yourself, including: If you need advice on a breach of the agreement, this is considered a civil matter and professional legal advice should be sought. Unfortunately, the BHS cannot contribute directly to the resolution of civil cases. To discuss your horse`s loan and get professional help in developing a loan agreement, please contact Rebecca Stuart on 01275 850470.
To help resolve disputes, please contact James Taylor on 01454 204880. 4. 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. 5. Will the person who lends the horse pay the owner for the loan? If so, how much, when and how will it be paid for? The contents of the loan agreement are personal to you and should reflect your wishes and plans for the future. As a basic minimum, you should consider that if you wish to bring a horse for hire, you must not accept a horse that does not have a valid and current passport. Make sure that the name of the owner, whose horse you lend, is the current registered owner. The most common point of disagreement that a lender must take into account is a disagreement on what has been agreed as to who pays for what.