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Horse Purchase Agreements: What do they really mean?
Equine Accounting
Tuesday 15th of September 2009 07:18 PM

Today I had a meeting with a customer of one of our clients.  The customer had agreed to purchase a horse from another farm (a trainer who is a friend of my client.)  The agreement was made for the purchase price with a down payment and monthly payments for six months until the agreed upon price was paid in full. 

This particular customer defaulted on paying for the horse.  His comment was “they can just come and get him.” 

I then had to explain to the buyer that it just doesn’t work that way.  Since the horse was used for a full show season, they seller can sue for loss of use and all of the income they could have received from leasing the horse to another party.

In addition, they can also sue for damages because the rider wasn’t very good and actually lowered the value of the horse so if they were to sell it again, it would be sold for less money.

In this situation, the Seller had the Buyer sign a contract covering several contingencies.  It is a great contract for the Seller.

Unfortunately, that usually isn’t the case.  Most trainers/breeders use old contracts they pulled off the internet or out of a book.  These contracts are typically very basic and don’t take into consideration much other than the selling price.

In this particular case, the seller is actually able to sue for more than twice what the buyer agreed to pay for the horse. 

How good is your contract?

Jennifer Foster, President of EQ Bookkeeping

Accounting and bookkeeping services for individuals owning a horse business

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