Goods on loan agreement

Goods on loan agreement

Equipment or goods loaned to the other party at no charge. Contract template contains limitations on the borrower's scope of using the loaned goods; provides an allocation of responsibilities, including regarding usage, maintenance and insurance.

Weagree model contract template for loaned goods, equipment or product. Defines the responsibilities of the borrowing party (duty of care and skill in using the goods and in permitting its employees to use the goods), an obligation to insure the loaned goods, a prohibition to make the goods available to third parties (competitors of the lending party).

Contains an express prohibition to copy, re-engineer or otherwise analyse the loaned equipment, or vest security rights (pledge) in the goods. Lender may terminate the goods on loan agreement on short notice, and is entitled to inspect/audit usage of the equipment at any time.

Assumes the existence of a commercial relationship (in connection with which the equipment is loaned). If that is not the case, remove the references to “Principal Agreement”. Allows extension of the agreement to goods or equipment loaned at a subsequent stage.

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