LOAN OF EQUIPMENT AGREEMENT
Summary A Loan of Equipment Contract may be used if you run a business where customers or other persons need to borrow electronic and computer equipment from you on a temporary basis. Particularly if your business operates in the IT or electronics industry, you may from time to time need to lend computers, hardware, electronics or accessories to a customer, contractor or business associate on a courtesy basis. An agreement may be used to govern the conditions of the loan.
Why do I need a Loan of Equipment Agreement? You might from time to time lend a customer, contractor or third party equipment. Eg. your customer might need to trial your product, you may be running a pilot, or your subcontractor may need the equipment to perform services. A contract for lending out equipment and hardware sets out the terms of your lending the equipment. This may include computers, electronic equipment, accessories, machinery, cables, battery packs, etc. The agreement sets out the receiving party’s obligations of caring for the equipment, the parameters of their use, and also specifies the return date for the equipment.
Note that this agreement does not cater for a rental charge to be levied on the loan. The agreement contemplates a loan on a courtesy basis.
What does the hardware loan agreement say? The document consists of: Receiver’s details; Hardware details; Terms of loan.
What does the template look like? The template document can be printed onto one page.
What do you need to do to use a Loan of Equipment Contract?
- Read the contract example to ensure that it suits your requirements. Make changes as required.
- Complete all details, including the details of the equipment and hardware.
- Give the form to the receiver to sign.
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