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. First, it can be used for planning. The structure of the agreement forces both sides to think about what is important to them (for example. B the level of care the horse or pony will receive). 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 a common dispute between the owner and the borrower involves disagreement over the level of care the horse receives. Owners are rightly particularly concerned about the way their horse is being cared for, and where they are not satisfied, they can insist that the horse be returned or that the standards be changed immediately.
In some cases, this may be quite reasonable, but there will always be cases where an owner is too picky when it comes to maintaining/training a horse in a certain way. The loan agreement can avoid this litigation by detailing how the owner wishes to keep and train the horse. 3. A simple statement that the owner is the rightful owner of the horse and has the right to authorize the horse`s loan. 6. How long will the loan be and what will happen when the term of the loan ends? 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.
It is therefore essential to develop a loan agreement that is tailored to specific needs and should be signed before the start of the loan period.