A Brief Introduction About the Horse Lease Agreement
Whether you are the owner of the horse or you are looking forward to hiring one, you can make use of the horse lease agreement sample that has been designed specifically for the purpose of handling such situations. When you have the agreement in writing, it helps in covering you from any legal proceedings. At the same time, it also offers an assurance to the horse owner that the animal is properly taken care of. In the end, if any question comes up about the lease arrangement, you can easily refer to the written agreement.
Finding a good tenant for the horse (as a horse owner) for leasing the animal, along with various terms & conditions can be specified in a simple horse lease agreement. As a horse owner, it is recommended to create a well-drafted, full-time horse lease agreement to inform customers of the requisites of the given deal.
Who Takes the Horse Lease Agreement?
The given agreement is usually signed between the lessor (the individual who is the owner of the horse) and the lessee (the individual who is leasing the horse). While signing the lease, it is recommended to sort out the specific conditions of the agreement that have been presented in writing. While it might be highly tempting to go through a verbal agreement while renting a horse, it is recommended to draft a written version – like the horse lease contract, to be assured of the best results.
Purpose of the Horse Lease Agreement
The horse half lease agreement is a great way to save money, as well as resources. If you wish to divide the horse-care costs in half, a horse half lease contract can be useful. In the given arrangement, the lessor splits the overall care expenses of the animal & the riding time of the lessee. It is a beneficial way of saving money on vet bills, boarding, feed, and so on. As far as the benefits to the lessee are concerned, the half lease agreement for the horse can serve to be a milestone into the half ownership of a horse.
Whether you own a horse or wish to hire one on a contractual basis, you can consider making use of the horse agreement document when:
- You have possession of the animal, and might be leasing it to some other person
- You will be leasing the animal and wish to set the specific terms & conditions of the agreement
- You look forward to currently leasing an animal, but have no written form of agreement, and you wish to clarify the terms & conditions of the contract
Contents of the Horse Lease Agreement
Once you have decided to put down the terms & conditions of the contract in writing, it is imperative for you to specify the specific contents of the agreement at the same time. Whether you are the owner of the animal or wish to lease it, you should draft the contents of the agreement wisely in order to ensure maximum benefits.
Some of the essential parts of the partial horse lease agreement are:
- Terms of Service: The terms of the lease should be discussed in detail. At the same time, the things that you need to consider as a lessor or a lessee should also be mentioned in the agreement. The most obvious thing that you need to specify in the terms is the “type of lease.” based on whether you wish to go for a full-time or partial lease while signing the agreement.
- Duration of the Lease: The duration of the lease is of utmost importance. Whether you opt for a “monthly agreement” or are planning to lease the agreement for an entire year or even longer, the same should be specified in the contract. At the same time, it is also important to state whether or not the agreement is available with an option to buy.
- The Overall Costs: The overall costs for managing the animal–right from the medical costs to its day-to-day care, vet bills, cost of shoeing, and so on, for the entire duration of the agreement should also be considered.
Some of the additional information to be included in the contract are the lease amount, terms of termination of the contract, and so on.
How to Draft the Horse Lease Agreement?
As a lessor or lessee, you should draft the contract after understanding the meaning of “what is leasing a horse?” The key to ensuring the successful creation of the horse lease contract is to make sure that all the involved parties are well-aware of their respective rights, as well as their obligations under the given contract.
Some of the important points to consider while drafting the horse lease contract are:
- A good leasing document should contain key information like the respective names of the lessee & the lessor, a complete description of the horse to be leased, including its registered name, registered number, breed, sex, color, and so on, starting & ending date of the lease, and the terms & conditions for the termination of the contract.
- The contract should aim at specifying relevant issues as well. Some of these are the farrier schedule of the horse and who will be determining the same, training needs, feeding needs, and even smaller aspects like clipping, mane pulling, and hoof polishing.
- The parties to the contract should also aim at specifying what should happen if the horse would go lame or, even worse, would die during the term of the lease.
One of the most important aspects of drafting, as well as negotiating the horse lease contract is to make sure that all the involved parties are clear about their rights & obligations under the given lease. Once the same has been accomplished, the involved parties are free to focus on the animal under the lease while enjoying the benefits of the horse lease contract.
Benefits & Drawbacks of the Horse Lease Agreement
Some of the potential benefits of the horse lease contract are:
- Giving you access to the animal when you need it: Based on your specific requirements as a rider, the horse that you would require currently can be easily found and accessed through a written form of the horse lease contract. When you lease a horse, you can come across the perfect mount that will serve as a match for you while alleviating the requirement to sell the horse once you have outgrown the same and would require something more advanced or bigger.
- Improved flexibility with respect to PPEs: With respect to the PPEs (Pre Purchase Exams), you can achieve a greater deal of flexibility with the partial horse lease agreement or full-time horse lease agreement.
- No hassles of selling the horse while leasing: Selling the horse is a challenging task. With the help of a leasing agreement, there are no hassles when trying to do so.
At the same time, there are some drawbacks to the contract, as well. Some points are:
- If at some point, the owner of the animal would decide that he or she would not wish to lease the horse and wants to sell it instead, the lease could be ended.
What Happens in Case of a Violation?
Depending on the specific factors on which the horse leasing agreement is violated, the lessee or the lessor to the agreement could end up terminating the entire contract altogether(1). Some of the common grounds for termination are a failure to make the required payments, not fulfilling their respective responsibilities, and so on.
With the horse lease contract being crucial to such an arrangement, it is recommended to go through the specific terms & conditions of the contract intricately. You should aim to understand the given responsibilities in-depth to be assured of the best results. A lease agreement should be written and not verbal. A horse lease is a useful tool for both the lessee and the horse owner to lay out the individual terms of the given agreement. You should know about the different types of contracts. including both half and full-time horse lease agreements. Some of the other names of the contract are horse rental agreement, horse lease contract, and so on.