"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.

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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