(1) Every equine or livestock activity sponsor and every equine or livestock professional shall post and maintain signs which contain the warning notice specified in subsection (2) of this section. Such signs shall be placed in a clearly visible location on or near stables, corrals or arenas where the equine or livestock activity sponsor or the equine or livestock professional conducts equine activities or livestock shows. The warning notice specified in subsection (2) of this section shall appear on the sign in black letters, with each letter to be a minimum of one (1) inch in height. Every written contract entered into by an equine or livestock professional or by an equine or livestock activity sponsor for the providing of professional services, instruction or the rental of equipment or tack, or an equine or livestock participant, whether or not the contract involves equine activities or livestock shows on or off the location or site of the equine or livestock activity sponsor’s or the equine or livestock professional’s business, shall contain in clearly readable print the warning notice specified in subsection (2) of this section.

(2) The signs and contracts described in subsection (1) of this section shall contain the following warning notice:

(3) Failure to comply with the requirements concerning warning signs and notices provided in this section shall prevent an equine or livestock activity sponsor or equine or livestock professional from invoking the privileges of immunity provided by this chapter.