"Equipment Loan Template"

Equipment Loan Agreement: What Is it?

An Equipment Loan Agreement is used in organizations to loan out specific equipment to colleagues in various departments.

Alternate Name:

  • Employee Equipment Loan Agreement.

In order to successfully complete a job, an employee may need to borrow a specific piece of equipment. As a business, it is important to keep track of who has what piece of equipment and such agreements also help delegate responsibilities. After filling in an Equipment Loan Agreement Form, it becomes clear who is responsible for the care of the equipment and names the individual that should bring it back in the exact way that they received it.

If it so happens that the equipment is lost or damaged and requires to be repaired, it will be easy to establish the individual that holds financial responsibility in terms of repairing the equipment. If this agreement is not in place it will be difficult to prove that:

  • Any equipment was given out at all;
  • Equipment was given to individual A and not individual B;
  • Individual A is responsible for paying for repairs - after all, they can just deny the allegations.

An Equipment Loan Agreement template can be downloaded by clicking the link below.

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Equipment Loan Agreement: How to Make?

Making a simple Equipment Loan Agreement is not a time-consuming process and is relatively simple, particularly if you use the tips and hints that we have collected below to ensure that no important details will be missed off from the agreement:

  • Ensure your document has an appropriate title;
  • Name the piece of equipment that was handed out including the make and model;
  • If any accessories (such as chargers, cables or cases) were handed out along with the equipment, details of this should also be included;
  • Clearly state the reason why the piece of equipment was requested and for what it will be used for;
  • State the place where the equipment will be used for most of the time;
  • The following section needs to clearly detail which employee the equipment was given to. This should include their full name, contact details (including telephone number and email) as well as their position and the department that they work under;
  • It would also be a wise idea to implement some sort of deadline by which the equipment should be returned by. Firstly, this may be because other employees will need the equipment at a slightly later date. Secondly, it would allow you to press for financial compensation if the equipment is not returned. If there are no deadlines then it would be difficult to prove that the employee has committed a violation;
  • The date and time that the equipment was handed out should be recorded clearly;
  • The date and time that the equipment needs to be returned by should also be outlined;
  • At the end of the document there needs to be a short disclaimer explaining the conditions and responsibilities that the employee is agreeing to. After doing so, the employee should sign the form and print their name along with the relevant date.

If the equipment already has some damage prior to handing it out to an employee, the acquired damage should be described.


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Equipment Loan
This Equipment Loan (hereinafter referred to as the “Agreement”) is entered into as of
______________________, by and between _________________________________, with
a mailing address of _________________________________________________________
________________ (hereinafter referred to as the “Lender”) and _____________________
_____________________, with a mailing address of _______________________________
_______________________________________ (hereinafter referred to as the “Borrower”),
collectively referred to as the “Parties,” both of whom agree to be bound by this Agreement.
1. Equipment Description.
_______________________________
_______________________________
PPE Tag
Acquired Cost
_______________________________
_______________________________
Manufacturer
Serial Number
_______________________________
_______________________________
Model
Description
Used for (purpose): _________________________________________________________
__________________________________________________________________________
The above-described equipment will hereinafter be referred to as the “Equipment”.
2. Cost. The Equipment is loaned on a cost recovery basis of $_________________.
3. Loan Period. From ________________________ to ____________________________.
4. Borrower Responsibilities. This Agreement and the responsibilities as outlined
hereunder are not transferable without the written approval of Lender. By executing this
Agreement, the Borrower agrees to comply with the terms set forth below:
A. Insurance. The Borrower is responsible for the full cost of repair or replacement of
any or all of the Equipment that is damaged, lost, confiscated, or stolen from the
time Borrower assumes custody until it is returned to Lender. If the Equipment is
lost, stolen, or damaged, Borrower agrees to promptly notify the Lender
Representative designated above.
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TEMPLATEROLLER.COM
Equipment Loan
This Equipment Loan (hereinafter referred to as the “Agreement”) is entered into as of
______________________, by and between _________________________________, with
a mailing address of _________________________________________________________
________________ (hereinafter referred to as the “Lender”) and _____________________
_____________________, with a mailing address of _______________________________
_______________________________________ (hereinafter referred to as the “Borrower”),
collectively referred to as the “Parties,” both of whom agree to be bound by this Agreement.
1. Equipment Description.
_______________________________
_______________________________
PPE Tag
Acquired Cost
_______________________________
_______________________________
Manufacturer
Serial Number
_______________________________
_______________________________
Model
Description
Used for (purpose): _________________________________________________________
__________________________________________________________________________
The above-described equipment will hereinafter be referred to as the “Equipment”.
2. Cost. The Equipment is loaned on a cost recovery basis of $_________________.
3. Loan Period. From ________________________ to ____________________________.
4. Borrower Responsibilities. This Agreement and the responsibilities as outlined
hereunder are not transferable without the written approval of Lender. By executing this
Agreement, the Borrower agrees to comply with the terms set forth below:
A. Insurance. The Borrower is responsible for the full cost of repair or replacement of
any or all of the Equipment that is damaged, lost, confiscated, or stolen from the
time Borrower assumes custody until it is returned to Lender. If the Equipment is
lost, stolen, or damaged, Borrower agrees to promptly notify the Lender
Representative designated above.
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TEMPLATEROLLER.COM
B. Use/Disclaimer. The Borrower shall be responsible for the proper use and
deployment of the Equipment. The Borrower shall be responsible for training
anyone using the Equipment on the proper use of the Equipment in accordance with
any Equipment use procedures.
Lender disclaims all representations and warranties associated with the Equipment
and any use thereof, including any warranty of fitness for a particular purpose.
C. Delivery and Return of Equipment. Title to the Equipment the subject of this
Agreement shall remain with Lender. The Borrower shall be responsible for the safe
packaging, proper import, export, shipping, and receiving of the Equipment. The
Equipment shall be returned within a reasonable amount of time after the Loan
Period end date identified in Section 3.
The Equipment shall be returned to: ______________________________________
_______________________________________________________ (address).
D. Maintenance and Repair. Equipment shall be returned to Lender in as good a
condition as when received by the Borrower, except for reasonable wear and tear.
During the Loan Period and prior to return, the Borrower agrees to assume all
responsibility for maintenance and repair.
E. Compliance with Laws. Borrower shall comply with all country, federal, state,
county, and municipal laws, ordinances, and regulations, if any, applicable to the
transportation and use of the Equipment. Borrower shall secure all local, state, and
country licenses or permits required to use the Equipment, pay all taxes and fees and
comply with all export laws. It is the Borrower's responsibility to ensure that the
Equipment has cleared customs before departing the place or country of use and is
in transit to Lender.
F. Indemnification. In consideration for the Equipment loan, the Borrower agrees to
indemnify, defend and hold the Lender harmless from any and all damages, losses,
claims, causes of actions, expenses, and liability of any nature whatsoever
associated with its use of the Equipment while under the care, custody, and control
of Borrower unless due to the negligence of Lender. The indemnification and hold
harmless obligations of Borrower are enforceable only to the extent permitted by the
Constitution and laws of the State of Texas and without waiver of sovereign
immunity by Borrower.
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G. Intellectual Property. Any intellectual property developed by Borrower utilizing the
Equipment shall be the sole and exclusive property of Borrower.
H. Force Majeure. The Borrower is not responsible to the Lender for any loss, damage,
or failure to perform if occasioned by fire, flood, explosion, windstorm, riot, war,
transportation difficulty, or any other cause beyond the reasonable control of the
Borrower.
5. Amendment/Modification. This Agreement cannot be amended or modified except
by an instrument in writing signed by both parties. Any attempt to do so except in
accordance with this paragraph shall be void.
6. Severability. In the event that any provision of this Agreement is deemed invalid or
unenforceable, in whole or in part, that part shall be severed from the remainder of the
Agreement and all other provisions should continue in full force and effect as valid and
enforceable.
7. Legal and Binding Agreement. This Agreement is legal and binding between the
Parties as stated above. The Parties each represent that they have the authority to enter
into this Agreement.
8. Governing Law. The Parties agree that this Agreement shall be governed by the laws of
_____________________.
State
The Parties agree to the terms and conditions set forth above as demonstrated by their
signatures as follows:
_________________________________
_________________________________
Lender’s Printed Name
Borrower’s Printed Name
_________________________________
_________________________________
Lender’s Signature
Borrower’s Signature
_________________________________
_________________________________
Date
Date
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