Terms and Conditions
1. NAMING OF HORSE
The horse will be named by the partnership members once the partnership has been formed. Each member will be requested to submit one name suggestion and these names will then be resent out to all owners to vote on then checked for availability and submitted to the Registrar of Racehorses in the order of popularity. The owner with the largest share holding however does have the right to name the horse if they wish to do so.The Registrar will conduct a search within their records over the past fifteen (15) years prior to accepting a name not previously used. The largest share holder however can have naming rights if they wish too.
2. MONTHLY FEES
The Owners will be responsible for payment of all costs associated with maintaining, training and racing the Horse under this agreement. These costs can vary from trainer, agistment farm and maintaince fees from horse to horse. Nominations for Group & Listed horse races, interstate or overseas travel are payable by the owners & not included in the costing.
3. VARIATION OF FEES
The monthly fees may be varied by the trainer after serving notice in writing on each of the partners specifying the reason for and the nature of the variations.
All prize money will be paid to the individuals on a monthly basis at month end to the partners pro rata to the number of shares held by each of them directly from the Racing State body. In accordance with the rules of racing in Australia 85% of the total prize money is distributed to the partners after 10% is distributed to the trainer & 5% to the jockey. Should a partner be in arrears for ongoing expenses, distribution may be all prize money due less arrears owing.
(a)If any partner fails to pay the monthly fees prescribed by Clause 5
Within fourteen (14) days after statement issue date, the trainer may serve on the defaulting partner a notice stating that unless the outstanding amount is paid within seven (7) days, the defaulting partner shall cease to be a partner and will have no interest in the assets and income of the partnership.
(b)If payment is not received from the defaulting partner within the prescribed period, his or her share or shares in the horse may be relinquished and/or offered for sale to offset the default and he or she will not be entitled to receive any compensation for the relinquished interest or to receive any further payment out of the assets or profits of the partnership
The partners hereby indemnify in his or her (their) capacity as Manager in relation to all payments required in respect of the fees and expenses associated with any horse owned by the partnership.
Upon termination of the partnership the Manager shall sell or otherwise convert the assets of the partnership into cash and divide the proceeds (less all proper costs and outgoings and any provision for liabilities) among the partners in proportion to the number of shares held by them respectively, after deducting from the partner’s share of these proceeds any monthly fees then due but unpaid by that partner
8. HORSE ONGOING MANAGEMENT AND TERMINATION CLAUSES
Wylie Dalziel Roy Higgins Racing can make no guarantees or take responsibility for the success or otherwise of the horse.
The horse is insured only for the first 12 months and for death only. Insurance of the horse for death beyond that date becomes the responsibility of the horse owners.
Failure to pay the ongoing Horse costs including training fees, agistment, vets bills and all associated horse costs will result in the resale of the horse share.
The shareholder agrees to pay for the share within 14 days of signing for the share. Failure to pay could result in the resale of the horse share.
If a horse is underperforming or a good offer is made to purchase the horse from the existing shareholders then it can be sold at any time or it can be retired if the majority of share holders vote for retirement or accept the offer to purchase the horse.
9. GOVERNING LAW
This agreement is governed by the laws of the State of Victoria, Australia & all conditions/obligations are fully enforceable by the parties of the agreement upon completion & signing.
This agreement may be in more than one part and shall be effective in respect of a partner when a part is signed by that partner.
11. FORCE MAJEURE
Neither party shall be liable to the other, for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control.
Any trophies that be won during the horses racing career are obtained by Wylie Dalziel Roy Higgins Racing and the owner that has the greatest share holding in the horses is entitled to keep them. However as we have in the past and will continue to do if a horse wins multiple trophies we share them around with all owners and try and allow all owners to end up with one. All trophies can also be made up by the race clubs and purchased by all other owners if they want one
GLOSSARY, DEFINITIONS AND INTERPRETATIONS
- Owner/s” means those persons or entity listed in the schedule of registered partners in the horse.
- “Shareholder” means the person/s that is entitled to purchase a share/s upon allotment as described in this FSG/PDS.
- “The Principal Racing Club” is the club named in the schedule
- ‘Lead Regulator” is one of the bodies with whom TTSC is registered as an approved promoter of horse racing syndicates & with whom the syndicate is or proposed to be registered.
- “Resolution” means a resolution passed by at least four (4) partners who hold in aggregate at least five (5) of the ten (10) shares;
- “Disqualified Person” means a person within the meaning of that term as provided in the Australian Rules of Racing. http://www.australianracingboard.com.au/rules.html
- “TTSC” means Thoroughbred Trainers Service Centre Ltd
- “RISA” means Racing Information Services Australia Pty Ltd.
- “Registrar of Racehorses” means the registrar under the rules of racing
- “Horse” means a thoroughbred horse named in the FSG/PDS.
- “Thoroughbred”, a horse that has satisfied the rules & requirements set forth & is registered by the Australian Stud Book.
- “FSG” means Financial Services Guide.
- “PDS” means Product Disclosure Statement.
- “SOA” means statement of advice.
- “PA” means Partnership Agreement.
- “Prize money” means money earned from racing the Horse.
- “Sire” means the father of the Horse in this FSG/PDS.
- ‘Dam” means the mother of the Horse in this FSG/PDS.
- “ASIC” means Australian Securities & Investments Commission.
- “Breeders Bonus or Incentive Scheme” means any Breeders Bonus or incentive Scheme for which the horse is eligible.
- “VOBIS” is Victorian Owners & Breeders Scheme., also VOBIS Tas which is for Tasmanian bred horses.
- “BOBS” is Breeder Owners Bonus Scheme (NSW)
- “QTIS” is Queensland Thoroughbred incentive scheme.
- “SABIS” is South Australian Breeders incentive scheme.
- “WESTSPEED” is WA thoroughbred owner & breeder incentive scheme.
- “Australian Stud Book” is Registry of thoroughbreds, maintained in each country where thoroughbreds are raced.
- “Age of Thoroughbred”, for the purpose of determining age, the date of birth for ALL thoroughbreds in Australia is deemed to be August 1 of the year of foaling.
- “Foal” a young horse in the first year of its life.
- “Weanling” a foal of any sex in its first year of life after being separated from its Dam.
- “Yearling”, a colt, filly or gelding in its second calendar year of life.
- “Two Year Old”, a colt, filly or gelding in its third calendar year of life.
- “Filly” A female horse under four years of age
- “Colt” An entire male horse under four years of age.
- “Gelding”, a male horse with both testicles removed. Horses are gelded to prevent them becoming too heavy and to moderate their behaviour.
- “Classifications/ratings”, a system used to compare top class horses between countries and years. A handicapping panel assesses horses that have finished in the first six in a Group 1 race, or the first four in a Group 2 or 3 race and allocate weights for those horses in the categories of sprint, middle-distance, intermediate and staying.
- Force Majeure, an unexpected and disruptive event that may operate to excuse a party from a contract.