Second, it serves as a record of what has been agreed, so it can help avoid any misunderstandings once the credit is in effect and before the problems slip. The use of a formal written document may seem unnecessary between friends, but it is in the interest of both parties, long-term friendship and the horse. The law requires that a passport remain with the horse. Therefore, the passport must be kept by the person who has the primary maintenance of the horse if it is not the owner. If a horse is loaned and transferred to a new farm, the lender must have the original passport. Many owners feel uncomfortable, but there are a number of steps you can take to protect yourself, including: The prospect of borrowing a horse is exciting, but there are a number of important considerations, like time and finances, that need to be carefully considered before choosing a loan. The decision to borrow a horse should not be taken lightly or rushed, as a horse that turns out to be unsuitable or uncertain can be extremely annoying. It can also put the new loan in a difficult situation. The owner has agreed to borrow the following horse from the Guardian: horse owners may end up with a horse they grew up on, but don`t want to sell. In addition to the constitution of a legal contract and the legal protection of both parties, the use of an agreement like this has several additional advantages over an informal or oral agreement.
First, it can be used for planning. The structure of the agreement forces both parties to think about what is important to them (e.g. B how much care the horse or pony will receive). Be sure to consider all factors before lending your horse, especially the horse`s suitability, as well-being is of the utmost importance. Does your horse, for example, have an illness that requires special care, or is your horse older and going to a companion? Your horse will be out of your daily control and there have been opportunities to lend horses to people considered trustworthy, but the horse unfortunately ends up in a neglected state. We always recommend that you ask for references for potential credit institutions, visit the credit house, and then visit your horse regularly to check his health and well-being. The granting of credit can be beneficial for both the borrower and the owner. Buying a horse or pony can be expensive, so many people borrow a horse instead, as it eliminates upfront costs, but involves many of the same responsibilities as owning a horse. The loan is a less durable deal than buying and can be a fantastic first step to having your own horse….