The Importance Of A Horse Purchase Agreement For Both Parties
Massachusetts was one of the original thirteen colonies that eventually formed the United States of America, and the town of Dedham, Massachusetts first settled in 1635. One year later, at the first public meeting held by the town, the towns people signed a covenant which included a statement that if differences between townsmen were to occur, the parties would agree to seek resolution with arbitration and that each party would be responsible for paying their fair share for the good of all. About 380 years later, these strong Christian values are apparent in a horse purchase agreement that would be used to sell an equine today.
Selling a horse is different than selling a car or other common goods. There is often an emotional bond between the equine and its owner. Even people who breed horses for a living can become attached to the animals in their care. Other owners may need to sell an equine for financial reasons, but the selling may be done with a sense of loss.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
There are fundamental elements which need to be included in every purchase contract. It is important to include a clear, detailed identity for the equine being sold. The gender, age, breed, color, registration, markings and sometimes, the ancestry are necessary and relevant to the contract.
Sometimes the price is too much for the buyer to pay in one payment, and an installment agreement is necessary. If your agreement has an installment plan, the schedule of payments and the amount of each payment should be listed in the contract. The interest rate charged should be clearly stated. The penalty for late payments and contact information for the recipient of the payments also need to be included.
There should be a clause in the contract that makes it clear what will happen if the buyer fails to meet their obligation to pay. The exact terms of this clause would be subject to discussion. For example, both parties must agree exactly what constitutes a failure to pay and the subsequent right of the seller to take possession of the equine.
From the buyer perspective, if he or she is dissatisfied by the performance or quality of an equine, it is traditionally the seller who is responsible for collecting the equine. The buyer will also assume the expense of taking possession. The contract should also include a clause that states at what point the risk of loss transfers from seller to buyer. If this element is left out of the contract, there can be a lot of room for disagreement.
The contract should be reviewed the attorneys of the respective parties. Until the contract is signed the terms are negotiable. After the agreement has been fully executed, there will be no negotiation. Make sure you are pleased with the terms before you sign the agreement.
Selling a horse is different than selling a car or other common goods. There is often an emotional bond between the equine and its owner. Even people who breed horses for a living can become attached to the animals in their care. Other owners may need to sell an equine for financial reasons, but the selling may be done with a sense of loss.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
There are fundamental elements which need to be included in every purchase contract. It is important to include a clear, detailed identity for the equine being sold. The gender, age, breed, color, registration, markings and sometimes, the ancestry are necessary and relevant to the contract.
Sometimes the price is too much for the buyer to pay in one payment, and an installment agreement is necessary. If your agreement has an installment plan, the schedule of payments and the amount of each payment should be listed in the contract. The interest rate charged should be clearly stated. The penalty for late payments and contact information for the recipient of the payments also need to be included.
There should be a clause in the contract that makes it clear what will happen if the buyer fails to meet their obligation to pay. The exact terms of this clause would be subject to discussion. For example, both parties must agree exactly what constitutes a failure to pay and the subsequent right of the seller to take possession of the equine.
From the buyer perspective, if he or she is dissatisfied by the performance or quality of an equine, it is traditionally the seller who is responsible for collecting the equine. The buyer will also assume the expense of taking possession. The contract should also include a clause that states at what point the risk of loss transfers from seller to buyer. If this element is left out of the contract, there can be a lot of room for disagreement.
The contract should be reviewed the attorneys of the respective parties. Until the contract is signed the terms are negotiable. After the agreement has been fully executed, there will be no negotiation. Make sure you are pleased with the terms before you sign the agreement.
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