Dedham, Massachusetts, is a New England town founded on strong Christian values. Massachusetts was one of the thirteen colonies, but the history of Dedham predates the formation of the United States. At the first public meeting in 1636, the people from the town signed a covenant which included language about the resolution of disagreements between towns people. It was agreed that disputes would be settled through arbitration, and further agreed that each party would pay their own fair share all for common good. Now, almost 380 years later, these Christian values are the basis for any horse purchase agreement that occurs in the town.
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.
To be prudent, it is best if an attorney familiar with equine law writes the contract. There was a time when the term horse trader had a negative connotation. It was thought that horse traders might not be forthcoming regarding the health or ability of the equine. It was anticipated that the traders would capitalize on their unilateral information and charge more than the true value of a horse. In current society, a used car salesman might be held in similar disregard.
There are some fundamental elements that should be included in the purchase agreement. First, there must be a clear identity of the equine being sold. The age, gender, color, breed, markings, registration and in some instances, the ancestry can be an important pieces of information.
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.
The contract should include a clause that clearly states what would happen if a buyer does not meet his or her financial obligations. The terms of such a clause can be negotiated so that both parties agree. It should be very clear when a failure to timely pay translates into the right for the seller to repossess 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.
Both parties should have the agreement reviewed by their respective attorneys. Before the agreement is executed, the terms may be negotiable. Once both parties have signed the agreement, there is no more negotiation. Make certain that you are satisfied with the terms before signing 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.
To be prudent, it is best if an attorney familiar with equine law writes the contract. There was a time when the term horse trader had a negative connotation. It was thought that horse traders might not be forthcoming regarding the health or ability of the equine. It was anticipated that the traders would capitalize on their unilateral information and charge more than the true value of a horse. In current society, a used car salesman might be held in similar disregard.
There are some fundamental elements that should be included in the purchase agreement. First, there must be a clear identity of the equine being sold. The age, gender, color, breed, markings, registration and in some instances, the ancestry can be an important pieces of information.
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.
The contract should include a clause that clearly states what would happen if a buyer does not meet his or her financial obligations. The terms of such a clause can be negotiated so that both parties agree. It should be very clear when a failure to timely pay translates into the right for the seller to repossess 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.
Both parties should have the agreement reviewed by their respective attorneys. Before the agreement is executed, the terms may be negotiable. Once both parties have signed the agreement, there is no more negotiation. Make certain that you are satisfied with the terms before signing the agreement.
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