Stallion syndications are contractual agreements where multiple parties combine their financial resources to purchase a stallion for breeding purposes. Each contributor or "owner" owns a "fractional interest" in the stallion, typically entitling them to one breeding right per breeding season. The farm or individual syndicating the stallion will generally retain multiple fractional interests. The arrangement provides for lowered costs and a more diverse breeding for the stallion.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Chicago, Illinois Horse or Stallion Syndication Agreement is an essential legal document that outlines the terms and conditions involving the syndication of a horse or stallion in the vibrant city of Chicago, Illinois. This agreement serves as a contract between the horse or stallion owner (the "Syndicate Manager") and multiple individuals or entities (the "Syndicate Members") who collectively invest in the horse or stallion for breeding, racing, or other related purposes. Key terms included in the Chicago, Illinois Horse or Stallion Syndication Agreement: 1. Syndicate Purpose: This section defines the primary objectives of the syndicate, such as racing, breeding, or both. It outlines the Syndicate Manager's responsibilities and authority to manage the horse or stallion's career in line with the agreed-upon purpose. 2. Syndicate Term: The agreement specifies the duration of the syndicate's existence, which can range from a specific number of years to the life of the horse or stallion, subject to termination clauses. 3. Ownership and Shares: The agreement details the percentage of shares owned by each Syndicate Member, indicating their proportional ownership of the horse or stallion. It outlines the Syndicate Manager's responsibilities to maintain accurate ownership records. 4. Syndicate Expenses and Contributions: This section establishes how expenses related to the horse or stallion, including veterinarian fees, training costs, insurance, and other maintenance expenses, will be allocated among the Syndicate Members. It also defines the contribution required from each Syndicate Member, either as a lump-sum payment or periodic installments. 5. Decision-Making: The agreement outlines the decision-making process, which can include voting rights, for matters relating to racing schedules, breeding decisions, and major financial transactions. It may stipulate specific thresholds or conditions for certain decisions to be made. 6. Income Distribution and Profit Sharing: This section governs the distribution of income generated by the horse or stallion, such as winnings and stud fees. The agreement specifies how profits will be shared among Syndicate Members and the Syndicate Manager, clarifying any fees or commissions payable to the Manager. 7. Dissolution or Disposal: The agreement includes provisions for the dissolution of the syndicate or the sale/disposal of the horse or stallion. It details the process, including the method for determining the sale price and the priority of distributions to Syndicate Members upon dissolution. Types of Chicago, Illinois Horse or Stallion Syndication Agreements: 1. Racing Syndication Agreement: Designed for syndicates focused primarily on racing, this type of agreement emphasizes race planning, training, and competition-related decisions. 2. Breeding Syndication Agreement: Tailored for syndicates primarily interested in breeding, this type of agreement highlights stallion management, mare selection, and stud service arrangements. 3. Dual-Purpose Syndication Agreement: This comprehensive agreement covers both racing and breeding aspects, allowing Syndicate Members to participate in both activities and enjoy the benefits derived from both spheres. In conclusion, the Chicago, Illinois Horse or Stallion Syndication Agreement is a crucial legal framework that governs the syndication of horses or stallions within the city. It provides clarity and protection to Syndicate Members and the Syndicate Manager by accurately defining rights, responsibilities, and financial arrangements throughout the horse or stallion's career.Chicago, Illinois Horse or Stallion Syndication Agreement is an essential legal document that outlines the terms and conditions involving the syndication of a horse or stallion in the vibrant city of Chicago, Illinois. This agreement serves as a contract between the horse or stallion owner (the "Syndicate Manager") and multiple individuals or entities (the "Syndicate Members") who collectively invest in the horse or stallion for breeding, racing, or other related purposes. Key terms included in the Chicago, Illinois Horse or Stallion Syndication Agreement: 1. Syndicate Purpose: This section defines the primary objectives of the syndicate, such as racing, breeding, or both. It outlines the Syndicate Manager's responsibilities and authority to manage the horse or stallion's career in line with the agreed-upon purpose. 2. Syndicate Term: The agreement specifies the duration of the syndicate's existence, which can range from a specific number of years to the life of the horse or stallion, subject to termination clauses. 3. Ownership and Shares: The agreement details the percentage of shares owned by each Syndicate Member, indicating their proportional ownership of the horse or stallion. It outlines the Syndicate Manager's responsibilities to maintain accurate ownership records. 4. Syndicate Expenses and Contributions: This section establishes how expenses related to the horse or stallion, including veterinarian fees, training costs, insurance, and other maintenance expenses, will be allocated among the Syndicate Members. It also defines the contribution required from each Syndicate Member, either as a lump-sum payment or periodic installments. 5. Decision-Making: The agreement outlines the decision-making process, which can include voting rights, for matters relating to racing schedules, breeding decisions, and major financial transactions. It may stipulate specific thresholds or conditions for certain decisions to be made. 6. Income Distribution and Profit Sharing: This section governs the distribution of income generated by the horse or stallion, such as winnings and stud fees. The agreement specifies how profits will be shared among Syndicate Members and the Syndicate Manager, clarifying any fees or commissions payable to the Manager. 7. Dissolution or Disposal: The agreement includes provisions for the dissolution of the syndicate or the sale/disposal of the horse or stallion. It details the process, including the method for determining the sale price and the priority of distributions to Syndicate Members upon dissolution. Types of Chicago, Illinois Horse or Stallion Syndication Agreements: 1. Racing Syndication Agreement: Designed for syndicates focused primarily on racing, this type of agreement emphasizes race planning, training, and competition-related decisions. 2. Breeding Syndication Agreement: Tailored for syndicates primarily interested in breeding, this type of agreement highlights stallion management, mare selection, and stud service arrangements. 3. Dual-Purpose Syndication Agreement: This comprehensive agreement covers both racing and breeding aspects, allowing Syndicate Members to participate in both activities and enjoy the benefits derived from both spheres. In conclusion, the Chicago, Illinois Horse or Stallion Syndication Agreement is a crucial legal framework that governs the syndication of horses or stallions within the city. It provides clarity and protection to Syndicate Members and the Syndicate Manager by accurately defining rights, responsibilities, and financial arrangements throughout the horse or stallion's career.
