TERM & CONDITIONS

Terms and Conditions

(ALL HORSES HAVE SEPERERATE TERMS AND CONDITIONS AND CONTRACTS, HOWEVER PLEASE FIND OUR BASIC OVERVIEW) 

1. GENERAL

(a) Canter Banter Racing – run as a Syndicate formed in accordance with Rule 73A of the Rules of Racing.

(b) The Syndicate will comprise such number of fractional shares (“Shares”) as corresponds to the number of Shares successfully subscribed for and paid for. Each person who acquires a Share or Shares is referred to as “A Share Owner”. 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 purchase price has been paid.

(c) The Rules of Racing require that a Syndicator is appointed. Katie Croft has been appointed as the “Syndicator” to manage, administer and promote Canter Banter Racing.

(d) The Syndicator shall be jointly and severally liable for any sums due from the Owner under these rules; and will be subject to all liabilities, duties and privilege of ownership.

(e) No privilege of ownership shall attach to any participants in a Syndicate who is not a Syndicator, except for the privilege of running a horse under the name of a Syndicate.

(f) For the purposes of these Rules, a Syndicate may not take any steps in respect of a horse in its ownership unless they are taken by the Syndicator. 

(g) The Horse will race in the colours and name of Canter Banter Racing.

(h) Canter Banter Racing will sponsor or procure sponsorship for the Horse while in training in order that the partnership can register for VAT under the Sponsorship Framework for Racehorse Owners established by the British Racing Authority.

(h) The initial share price includes the training fees which carry from

To clarity the initial share price is made up as follows:

1. a) Training Fees
2. b) Duration over the stated period of time
3. c) Contingency
4. a) is non refundable

b and c will be treated in accordance with the provision of paragraph 7 which follows.

Each Purchase will be outlined with individual T&Cs stating the breakdown of the above.

2.CANCELLATION

If the Syndicator considers that insufficient Shares have been sold prior to the start date to make the Syndicate viable, then the Syndicator shall have the right to terminate this Agreement, whereupon monies paid by applicants for a Share or Shares will be refunded but without interest.

3.INFORMATION

The Syndicate, through the Syndicator, will keep the Share owners informed as the progress of the horse through training and the races for which it has been entered. The Syndicator will arrange the Share Owners to view the Horse on nominated days and to attend race meetings.

4.DEFAULT

If any instalment of the purchase price for a Share is not paid on the due date, the Company shall have the right to charge interest at the rate of 5% above the HSBC’s Base Rate on the sum outstanding until payment but, if payment has not been made within 30 days of its stated due , the Share Owner shall ( at the Company’s discretion, Canter Banter Racing Ltd.) cease to be entitled to any benefits which would otherwise accrue to it under these Conditions, the Company shall be entitled to retain all sums paid to it in respect of the relevant Share(s) and any sums thus retained by the Company shall confer upon the party who paid them no rights to a Share or receive any payment pursuant to these Conditions.

5.MANAGEMENT

The Syndicator (Katie Croft) shall have the sole discretion to decide upon all matters relating to the management and training of the horse (present and future).

6.LIMIT ON LIABILITY

The Company, and the Syndicator on its behalf, shall exercise normal care in carrying out their role under these Terms and Conditions but cannot be held responsible for matters beyond their immediate control. The Share Owners will not be liable to make any payments other than as specifically referred to in these Conditions and in the Application Form for a Share. No Share Owner shall have any claim against the Company, the Syndicator or any other member of the Syndicate in respect to any loss or injury sustained by the horse howsoever caused. The Horse will be insured by the Company against all risks of mortality only for such values as the Company, in its discretion, considers prudent.

7.ACCOUNTS AND DISTRIBUTION OF SYNDICATE FUNDS

The Company (Canter Banter Racing) shall, as soon as reasonably practicable after the Horse has been sold, prepare a set of wind-up accounts, independently reviewed by the Company’s auditors, showing:-

Income

7.1 All monies paid by the Share Owners in respect of their Shares;

• All prize money won by the Horse (but excluding any trophies or their value) and all sponsorship and appearance money received in the respect of the Horse.
• In the event of the horse being sold, the sale price of the horse.

Expenditure

• All expenses necessarily incurred in purchasing, transporting, keeping, training, racing and ( in the event of) selling the horse.

The expenditure which the Company will be entitled to deduct from the monies referred to in paragraphs 7.1 to 7.3 inclusive above shall include but shall not necessarily be limited to:-

• The purchase price of the horse, freight charges, commissions, keep charges, race-day expenses, purchase and sale expenses, together with the cost of financing the Syndicate by way of bank charges and any other like expenses;
• £1,250 ( plus Value Added Tax thereon) to represent the Company’s costs for the day to day administration and management of the Syndicate ( Management Fee).
• Purchase commission equal to 5% of the Purchase Price the Horse. In the event of the Horse going to public auction, a Sales Commission equal to 5% of the Sale Price of the Horse. In the case of the Horse sold in a currency other than pounds sterling, the Purchase Price or the Sales price shall be calculated by using the exchange rate prevailing at the date of its purchase or as the case may be, sale.
• In the case of the Horse’s sale Price being higher than its Purchase Price a 3 percent commission will be charged on the difference between the two prices and shall be shared equally between the trainer and the Horse’s Syndicator.
• All expenses necessarily incurred by the Company and/or the Syndicator in establishing, administering, promoting and winding up the Partnership including professional fees.
• In this Clause 7, the expressions “Purchase Price” and “Sale Price” shall mean the hammer or contract price at which the Horse is bought, or, as the case may be, sold, excluding VAT and ignoring any commissions payable to any auction company or other third party. The expression “Sale Price” shall include the proceeds of an insurance claim and the term “Sale” shall be construed accordingly.

 

The Resulting balance shall be distributed to the Share Owners rateably according to the number of Shares held by them. The Syndicate VAT is a VAT registered entity. Normally, therefore, any VAT paid by the Syndicate should be fully refundable.

 

• RULES OF RACING

Each participant in the Syndicate should be aware that they are bound by the Rules of Racing. Particular attention should be drawn to those Rules prohibiting the sharing of Inside Information (Rule (A) 36) and prohibiting the Lay Betting of owned horses ( Rules(E) 92 under the Rules of Racing).

The decision on the future of the Horse will be taken by the Syndicator at the end of the years training from the start date identified.

• ENJOYMENT

Each Share Owner acknowledges that participation in the Syndicate is for the purpose of sharing in the enjoyment of the Horse and not for investment.

• LAW

The law Governing these Conditions shall be English Law. Each Share Owner hereby irrevocably submits for all purposes connected with or arising from these Conditions to the exclusive jurisdiction of the English Courts.