Whether you prepare the contract or have one sent to you to sign, a thorough understanding of the terms is essential. You are not done thinking about legal issues once you have a breeding contract. Other contracts may be necessary. If you own a stallion being stood at another farm, you should also have a stallion management contract. You might think about insurance with respect to limiting liability or satisfying contractual requirements.
Legal issues can crop up in some unexpected places.
For example, as a stallion owner, you may have been advertising your stallions for months already. Sure, it is an extra expense. . . . By March you are welcoming mares at your farm. By the end of the season, none are settled. You may as well get ready for the lawsuits involving false advertising, fraud, and breach of contract.