Loan Agreement for Equipment - Template (DOC) Loan Agreements
The Template Equipment Loan Agreement is to be used when a college department agrees to lend equipment to a third party off campus and there is no other service contract with the borrower, i.e., the entire transaction is the loan. This is a complete contract, needing only to have the generic text (in red) replaced with the actual contract details. If the borrower wishes to have the Equipment Loan Agreement changed in any way, Risk Management or the Director of Purchasing should be consulted before any changes are agreed. A contract MUST be used for all equipment loans, even if there is no charge to the other party for the loan, as the "consideration" for the contract includes the indemnification agreement. If the loan of the equipment is in support of a service contract, the Addendum form (see below) must be used.
From time to time, the college may agree to permit a service provider/vendor to use equipment owned by the college on the college's premises in order to complete a service contract. The template addendum posted above is NOT a complete contract - it may only be used as an Addendum to the complete contract for services. The college will only lend equipment to the vendor/service provider under these terms and conditions, as these are the same conditions that the college is required to comply with if the college rents the equipment from another party. The college may choose to lend certain equipment under the following conditions:
- It has or owns the equipment
- The equipment is readily available and not needed for other projects
- the contract cost will be meaningfully reduced as a consequence of the loan of the equipment
- the contract manager is reasonably satisfied with the competency and reliability of the contractor
The Addendum form is configured in anticipation of a Facilities Management service contract. However, the form can be modified for as an addendum to a Facilities Use agreement. Please consult with Risk Management for assistance.