Spring Park Stud Farm Agreement
BETWEEN :
(Spring Park Stud Farm hereinafter called "The Stud Farm")
AND
(hereinafter called "The Owner")
IT IS HEREBY AGREED between the owner and the Stud Farm for all purposes including those of the Jamaica Racing Commission Rules 1977 and every amendment thereto (hereinafter called "The Racing Rules ")as follows:-
1. The Owner will pay to the Stud Farm the sum shown in the First Schedule as item 1 "keep and care " for the horses listed in the Second Schedule and for any horses foaled on the farm, and for any other horses which the Owner may keep on or send to the Stud Farm during the existence of this Agreement. in addition items listed at item 2 in First Schedule hereto as may be billed from time to time by the Stud Farm.
2. The fees in paragraph 1 and above are payable on the last day of each and every month and at the end of each month, the Stud Farm will send a Statement of Account to the Owner and the account shall be payable by the Owner in full within twenty-one (21) days of its posting or delivery.
3. The Owner agrees that the fees and charges set out in the First Schedule hereto may be varied by the Stud Farm from time to time, but any such change must be notified to the Owner in writing by the Stud Farm fixing a date from which the new rate will come into effect. Notification of such variation shall take effect from the date so specified in the notification unless within a period of twenty-one (21) days of the date of the notice the Owner has notified the Stud Farm in writing that :-
i ) the Owner does not accept the changes proposed by the Stud Farm; and
ii ) the Owner prior to the change becoming effective,has removed the horses from the Stud Farm having previously paid to the Stud Farm all amounts due up to the day of such removal at the old scale of fees .
From and after the date fixed in the coming into effect of such change the Owner shall pay the Stud Farm based on the new scale fees.
4. The Stud Farm shall be entitled to change interest on all past due amounts at the rate per annum determined by the Stud Farm.
5. i ) When a horse is owned in partnership signature of this Agreement by one of the partners shall be deemed to have been effected with full knowledge and consent of al the partners the signer hereby warrants that he has such consent, and this Agreement shall be binding on all the partners jointly and severally.
ii ) Signature by an agent on behalf of owner shall make the agent liable along with the Owner.
6. The Stud Farm shall not be liable or repsonsible for any disease,accident or injury to your mare.
7. The Owner agrees that if at any time he has failed to pay any amount due to the Stud Farm for a period of sixty (60) days after the date of the rendering of a Statement of Account then on the occurrence of such event the Stud Farm shall be entitled to :-
i) Send a notice to the Owner advising him of its intention to sell the horses on its farm Fourteen (14) days after the date of the notice.
ii) After the expiry of the said period of fourteen (14) days the Stud Farm is hereby authorized by the Owner to sell the horses or any of the horses by public auction or by private treaty, or at one of the sales conducted by the Thoroughbred Owners and Breeders Association of Jamaica. If sold by private treaty, the horse shall be valued by two independent valuers and sold for not less that the average of the two valuations. If sold other than by private treat, then the Stud Farm may accept the highest bid and recover the balance if any from the owner. If the horses are sold for more than the amount due to the Stud Farm, the surplus shall be paid over promptly to the Owner.
iii) For all sales made under these provisions and in consideration of the credit granted by the Stud Farm to the Owner by this Agreement, the Owner hereby irrevocably appoints the Stud Farm his agent for the purposes of effecting sale under Clause 7 above and vests the authority to sign a transfer of the horse to the purchaser in accordance with the provisions of the Rules of Racing
8. All notices hereunder shall be writing and shall be deemed to have been received if delivered by hand or sent by fax at the time of delivery or of the sending of the fax, and if sent by registered post, five(5) days after the date of posting. The address of the parties hereto are as set out above unless a change is notified in writing.
9. Either party hereto may register a copy of this Agreement with the Jamaica Racing Commission.
Mail Signed forms to Spring Park Stud Farm at
Spring Park Stud Farm
Spaulding P.O. Box 23
Manchester
Jamaica W. I.