Bhs Loan With View To Buy Agreement
For a loan to work well, both parties must agree on their responsibilities and ensure that all contingencies are planned, especially what will happen when the loan expires unexpectedly. We strongly discourage a written agreement. Make sure the agreement is acceptable to both parties; Don`t agree with something if you don`t intend to put it into practice or if you don`t agree. A loan contract is an important way to reduce risk and protect the owner, the loan player and, of course, the horse. 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. For example, if there is a large veterinary bill and there is no insurance to cover that bill, there may be a dispute over who pays it. The borrower may be responsible for the vet`s bill, since they own the horse, but if it is the borrower who is the client of the veterinary practice concerned and the borrower has ordered the vet to visit the horse (which is most often the case since they have daily control of the horse`s maintenance), the veterinarian may be required to follow the borrower to pay the bill. 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. If you wish to take a horse on a rental basis, 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 loan of a horse can sometimes be even more important than selling or buying. As a loan player, you take the risk of putting a potentially valuable horse into the care and training of another person. And there have been recent cases of people claiming to borrow a horse under a false name and then sell the horse without a trace. It is therefore of the utmost importance to make sure to whom you lend your horse. New golden membership benefit selling your horse or ponies? The BHS have launched a “Sale Agreement” for gold members to help you sell your horse with peace of mind, that you followed the rules and that your horse tak… Use the agreement to lead a discussion about what the agreement will be before you directly accept the loan. If you address the points covered by the agreement, you can judge whether the other party is someone you want to do business with and what concerns they might have. The British Horse Society (BHS) is strongly in favour of a loan agreement, whether you are a homeowner or a borrower. In addition to the establishment of a legal contract and the protection of both parties in the law, the application of such an agreement has several additional advantages over an informal or oral agreement.