Terms of service

TERMS AND CONDITIONS OF SALE
Percentage Ownership of harness racing horse

These Terms and Conditions govern the sale of a percentage ownership in a harness racing horse offered by Small Stakes Racing ("SSR"). By purchasing a Share, the Buyer agrees to the following terms:

1. DEFINITIONS

1.1. Seller: Small Stakes Racing (SSR), the entity offering Shares in the Horse. 1.2. Buyer: The individual or entity purchasing a Share in the Horse. 1.3. Horse: The harness racing horse as described in the sales documentation. 1.4. Share: The specified percentage of ownership in the Horse being sold under this Agreement. 1.5. Trainer: The individual or entity appointed by SSR responsible for the training and management of the Horse. 1.6. Racing Expenses: All costs associated with the training, care, veterinary fees, transport, and racing of the Horse. 1.7. Prize Money: Earnings from race winnings or bonuses awarded to the Horse. 1.8. Stud/Breeding Rights: Potential earnings from breeding or stud duties, where applicable.

2. SALE AND OWNERSHIP

2.1. SSR agrees to sell, and the Buyer agrees to purchase, the Share in the Horse on the terms set out in this Agreement. 2.2. The Buyer acknowledges that this purchase grants a fractional interest in the Horse, corresponding to the Share percentage specified. 2.3. The Buyer shall not sell, transfer, or assign their Share without the prior written consent of SSR and any other co-owners, where applicable.

3. PAYMENT

3.1. The purchase price of the Share shall be as specified by SSR and must be paid in full before ownership is transferred. 3.2. Payment must be made using the method stipulated by SSR. 3.3 The buyer must provide all details specified by the racing governing body before ownership can be finalised.

4. ONGOING COSTS

4.1. The Buyer acknowledges that ownership of a Share incurs ongoing financial obligations, including but not limited to: a) Training fees b) Veterinary and medical costs c) Transport expenses d) Race nominations and entry fees e) Insurance (if applicable) 4.2. The Buyer agrees to pay their proportionate share of all Racing Expenses promptly as invoiced by SSR or the managing entity. 4.3. Failure to pay ongoing costs may result in forfeiture of the Share, as detailed in clause 9.

5. PRIZE MONEY AND REVENUE DISTRIBUTION

5.1. Prize Money earned by the Horse shall be distributed proportionally among Shareholders after deductions for Racing Expenses, Trainer fees, and any other applicable charges. 5.2. Income from Stud/Breeding Rights (if applicable) shall be distributed similarly unless otherwise agreed in writing.

 

 

 

 

6. MANAGEMENT AND DECISION-MAKING

6.1. SSR, in consultation with the Trainer, retains authority over the Horse’s racing, training, and management decisions. 6.2. The Buyer acknowledges that their Share does not entitle them to make unilateral decisions regarding the Horse’s care, training, or race participation.

7. INJURY, RETIREMENT, OR SALE OF THE HORSE

7.1. In the event of injury or illness, veterinary decisions shall be made by the Trainer and SSR in the best interests of the Horse. 7.2. If the Horse is retired or sold, the proceeds (if any) shall be distributed proportionally among Shareholders after deductions for outstanding expenses and liabilities. 7.3. If the Horse is euthanised for medical or welfare reasons, SSR and the Trainer shall act in accordance with veterinary advice.

8. LIABILITY AND RISK

8.1. Ownership of the Share is at the Buyer’s own risk. SSR makes no guarantees regarding the performance, earnings, or longevity of the Horse. 8.2. SSR shall not be liable for any loss, injury, or financial loss suffered by the Buyer as a result of the Horse’s performance, injury, retirement, or sale.

9. DEFAULT AND TERMINATION

9.1. If the Buyer fails to pay their share of Racing Expenses within 30 days of the due date, SSR reserves the right to: a) Suspend the Buyer’s entitlement to Prize Money and other earnings; b) Offer the Share for resale; c) Reclaim the Share without compensation. 9.2. If the Horse is retired, sold, or otherwise ceases racing, this Agreement shall terminate, except for any outstanding financial obligations.

10. COMPLIANCE WITH REGULATIONS

10.1. The Buyer must comply with all relevant rules and regulations set by the applicable harness racing authorities, including ownership registration requirements. 10.2. The Buyer acknowledges that individuals under 18 years of age are prohibited from owning, leasing, or having a legal interest in a horse, as per the Australian Harness Racing Rules.

11. GENERAL PROVISIONS

11.1. This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction in which SSR operates. 11.2. Any disputes arising from this Agreement shall be resolved through mediation, and if unsuccessful, shall be subject to the exclusive jurisdiction of the courts in the relevant jurisdiction. 11.3. No amendments or modifications to this Agreement shall be valid unless made in writing and signed by both parties.

12. ACKNOWLEDGEMENT AND ACCEPTANCE

By purchasing a Share in the Horse, the Buyer confirms that they have read, understood, and agree to abide by these Terms and Conditions. The Buyer acknowledges that harness racing is a high-risk investment and accepts the financial responsibilities associated with ownership.