These are our usual terms for a Futurity Partnership. We are flexible if you prefer other arrangements. Give us a call and we can discuss it.
Contract - All terms of the partnership will be detailed in a written contract signed by all partners.
Risk - The purpose of the partnership is to enter specific racing pigeon futurity race(s) with specifically designated bird(s). The goal is to place in the money for the race(s), but there are of course no guarantees that this will happen. Indeed, the very concept of a futurity race means that most birds (and their respective owners) will not win anything. Further, not all birds that are shipped to a futurity race will actually compete. Some die, some are killed by hawks and some get injured or lost during training. The intent of the Futurity Partnership is to share the rewards in proportion to the risks undertaken by the partners.
Upfront Money - The rules for most futurities require that perch fees and entry fees be paid up front either before or at the time the birds are delivered to the futurity race loft. The rules do vary somewhat, but in most futurities, birds that die or are lost prior to race day forfeit all perch and entry fees. Some futurities allow for backup or replacement birds up to a particular date. In some cases, entrants who lose all of their birds are afforded a reduced entry fee for the following year. In other cases, there are NO carry forward benefits. The specifics are detailed in the rules for each Futurity and will define the options available to the partnership.
All partnership money will be managed by Shewmaker Genetics. All perch and entry fees must be received by Shewmaker Genetics two weeks before the entry birds are shipped to the Futurity.
Payouts - All payouts received by the Partnership will be distributed by Shewmaker Genetics to the partners within two weeks of receipt by Shewmaker Genetics from the sponsoring Futurity. In the event of fraud or fiscal mismanagement by the Futurity, no partner will be liable to the partnership for moneys owed, but not paid, to the Partnership by the Futurity.
Entry Decisions - All aspects of the Futurity entry will be decided by the partnership. This will include the specific birds shipped to the futurity, the number of backup birds to be sent (when allowed), the number of backup birds that will be activated if not needed for backup, pools, Calcutta’s, buy backs, etc. In the event a partner does not respond in a timely manner to a partnership decision, the decision will be made by those partners who do respond.
Ownership of the Bird - In order for a partnership to legally compete in a futurity, the partnership must own the bird. Unless otherwise disposed of in accordance with the Partnership agreement or the Futurity rules, any birds remaining the property of the partnership at the conclusion of the Futurity will be individually auctioned off to the partners. The opening bid for each bird will be $50. The full value of the winning bid will be paid to the partner giving up their ownership rights of the bird.
IRS - All money received by the partnership and distributed to the partners will be appropriately reported to the Internal Revenue Service as required by law. As such all partners will be required to provide a SSN or Federal Tax ID at the time the partnership is formed.