Terms & Conditions
Example of a contract with Deva Racing
1.1 In these Terms and Conditions.
1.1.1 'the Company': means Deva Racing Group Limited whose registered office is at 33a Himbleton Road Worcester WR2 6BA.
1.1.2 ‘the Horse’: means the 2015 racehorse by Muhaymin (USA) out of Griffyn (FR) owned by the Nominated Partners for the benefit of the Partnership.
1.1.3 ‘the Nominated Partners’: means Ryan Tongue and Nicholas Tongue.
1.1.4 ‘the syndicate’: means the racing partnership formed in accordance with rule 47C of the Rules of Racing and entitled ‘Deva Racing Maxenchop’.
1.1.5 ‘the Rules of Racing’: means the Orders and Rules of Racing of the British Horseracing Authority from time to time in force.
1.1.6 ‘Share’: means each equal fractional 1/12th beneficial interest in the syndicate held by the Nominated Partners upon trust for each Share Owner in accordance with the terms of this agreement.
1.1.7 ‘the Share Owner’: means (a) Ryan Tongue and (b) Nicholas Tongue and (c) the individual whose name appears on the application form attached to this agreement and whose application for membership of the syndicate has been accepted and who has paid the full amount of the Subscription due from time to time.
1.1.8 'the Initial Subscription’: means the sum of £2999 payable on application for the Share if paid prior to 30th November 2019.
1.1.9 ‘the Subscription’: means the Initial Subscription and £270.00 exclusive of VAT per month per Share payable on 11th November 2019 and on the 1st day of each subsequent month during the Term.
1.1.10 ‘the Term’: means November 2019 to end of October 2021 or until the death or sale of the Horse, if earlier.
2.1 There will be no more than 12 Shares.
2.2 An applicant for one or more Shares will become a Share Owner only when his/her application for any Shares has been accepted and the full amount of the Subscription due from time to time has been paid.
2.3 The Nominated Partners shall be the nominated partners for the syndicate in accordance with the Rules of Racing. The Nominated Partners shall both be allocated a Share without payment of the Subscription (or any part thereof) but neither of them shall be entitled to any payment pursuant to clause 6 in connection
with those Shares, nor shall they be liable to contribute towards any shortfall.
2.4 A bloodstock agent may in their absolute discretion (and without being liable for any loss) be appointed by the Nominated Partners on such terms as they in their discretion deem fit to assist with the purchase of the Horse for the benefit of the syndicate.
2.5 For the purpose of the Rules of Racing and in accordance with those Rules, the Horse will be owned by the Nominated Partners and held for the benefit of the syndicate. The Horse will race in the name of the syndicate and the colours of one of the Nominated Partners.
2.6 The Company will use reasonable endeavours to procure sponsorship for the Horse if trained in England in order that the syndicate can register for VAT under the Sponsorship Framework for Racehorse Owners established by the British Horseracing Board.
2.7 The Nominated Partners shall hold each Share upon trust for each Share Owner, the beneficial interest of the Share Owner being that of a tenant in common of an interest in the Horse.
2.8 Save as aforesaid each Share Owner shall have a prospective entitlement to participate rateably in the net proceeds of sale of and any net income earned by the Horse after deduction of all costs and expenses as referred to below in this agreement.