Standard Loan agreement terms
Equipment and Purpose:
The Lender agrees to loan the following equipment to the Borrower for the purpose of demonstration and evaluation: [List of equipment]. The Borrower acknowledges receipt of the equipment in good condition.
Loan Terms:
a. Loan Period: The loaned equipment shall be in the possession of the Borrower for a period of [Loan Period] from the date of delivery.
b. Usage: The Borrower shall use the equipment solely for demonstration and evaluation purposes, in accordance with the manufacturer's guidelines and instructions.
None Return Fees:
If the Borrower decides to return the loaned equipment within 7 days from the date of receipt, the Borrower shall be responsible for paying a non-return fee. The non-return fee shall be calculated as the full price of the equipment plus 10% of the equipment's value.
Carriage and Insurance:
a. Return Carriage: The Borrower shall be responsible for arranging and bearing the costs associated with the return carriage of the loaned equipment to the Lender. The Borrower shall ensure that appropriate packaging and shipping methods are used to protect the equipment during transit.
b. Insurance: The Borrower shall be responsible for insuring the loaned equipment against loss or damage during transit. The Borrower shall provide proof of insurance coverage to the Lender before initiating the return.
Representations and Warranties:
a. Borrower's Representations: The Borrower represents and warrants that:
i. It has the legal authority and capacity to enter into this Agreement.
ii. It will use the loaned equipment solely for demonstration and evaluation purposes.
iii. It will exercise reasonable care in handling and using the equipment.
b. Lender's Representations: The Lender represents and warrants that:
i. It has the legal authority and capacity to enter into this Agreement.
ii. The loaned equipment is in good working condition at the time of delivery.
Default and Remedies:
a. Default: The Borrower shall be deemed in default if it fails to return the loaned equipment within [Loan Period] from the date of delivery or breaches any other material provision of this Agreement.
b. Remedies: In the event of default, the Lender may, at its discretion:
i. Charge the non-return fee as specified in Section 3.
ii. Exercise any other rights or remedies available under applicable laws.
Governing Law and Jurisdiction:
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
Entire Agreement:
This Agreement constitutes the entire agreement between the Parties and supersedes all prior oral or written agreements, understandings, or representations.
Severability:
If any provision of this Agreement is held to be invalid, illegal, or unenforceable under any applicable law, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.
The Lender agrees to loan the following equipment to the Borrower for the purpose of demonstration and evaluation: [List of equipment]. The Borrower acknowledges receipt of the equipment in good condition.
Loan Terms:
a. Loan Period: The loaned equipment shall be in the possession of the Borrower for a period of [Loan Period] from the date of delivery.
b. Usage: The Borrower shall use the equipment solely for demonstration and evaluation purposes, in accordance with the manufacturer's guidelines and instructions.
None Return Fees:
If the Borrower decides to return the loaned equipment within 7 days from the date of receipt, the Borrower shall be responsible for paying a non-return fee. The non-return fee shall be calculated as the full price of the equipment plus 10% of the equipment's value.
Carriage and Insurance:
a. Return Carriage: The Borrower shall be responsible for arranging and bearing the costs associated with the return carriage of the loaned equipment to the Lender. The Borrower shall ensure that appropriate packaging and shipping methods are used to protect the equipment during transit.
b. Insurance: The Borrower shall be responsible for insuring the loaned equipment against loss or damage during transit. The Borrower shall provide proof of insurance coverage to the Lender before initiating the return.
Representations and Warranties:
a. Borrower's Representations: The Borrower represents and warrants that:
i. It has the legal authority and capacity to enter into this Agreement.
ii. It will use the loaned equipment solely for demonstration and evaluation purposes.
iii. It will exercise reasonable care in handling and using the equipment.
b. Lender's Representations: The Lender represents and warrants that:
i. It has the legal authority and capacity to enter into this Agreement.
ii. The loaned equipment is in good working condition at the time of delivery.
Default and Remedies:
a. Default: The Borrower shall be deemed in default if it fails to return the loaned equipment within [Loan Period] from the date of delivery or breaches any other material provision of this Agreement.
b. Remedies: In the event of default, the Lender may, at its discretion:
i. Charge the non-return fee as specified in Section 3.
ii. Exercise any other rights or remedies available under applicable laws.
Governing Law and Jurisdiction:
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
Entire Agreement:
This Agreement constitutes the entire agreement between the Parties and supersedes all prior oral or written agreements, understandings, or representations.
Severability:
If any provision of this Agreement is held to be invalid, illegal, or unenforceable under any applicable law, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.
Updated on: 23/05/2023
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