Free Equipment Loan Agreement Template
Equipment Loan Agreement
This Equipment Loan Agreement ("Agreement") is made and entered into as of January 15, 2050, by and between:
Lender:
Name: [Your Company Name]
Address: [Your Company Address]
Phone Number: [Your Company Number]
Email: [Your Company Email]
Borrower:
Name: Innovative Robotics LLC
Address: 5678 Innovation Way, Palo Alto, CA 94301
Phone Number: (650) 555-6789
Email: info@innovativerobotics.com
RECITALS
The Lender agrees to loan certain equipment to the Borrower, and the Borrower agrees to comply with the terms and conditions outlined in this Agreement.
1. Description of Equipment
The Lender agrees to loan the following equipment (the “Equipment”):
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Robotic Arm Model X10
Serial Number: RA-X10-2548
Quantity: 5 units -
Virtual Reality Interface System V2
Serial Number: VRI-V2-7895
Quantity: 2 systems
2. Term of Loan
The loan period will begin on January 15, 2050, and will end on January 15, 2051, unless terminated earlier as provided in this Agreement.
3. Use of Equipment
The Borrower agrees to use the Equipment solely for the development and testing of robotic systems and virtual reality interfaces. The Equipment will not be used for any other purpose without the prior written consent of the Lender.
4. Responsibilities of the Borrower
The Borrower agrees to:
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Maintain the Equipment in good working condition.
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Not modify or alter the Equipment without prior consent from the Lender.
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Ensure that the Equipment is only used by trained personnel.
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Notify the Lender immediately in the event of damage, malfunction, or loss of Equipment.
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Return the Equipment to the Lender at the end of the loan term in the same condition (except for normal wear and tear).
5. Insurance and Liability
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The Borrower is responsible for ensuring the Equipment against loss, theft, or damage during the loan period. The Borrower shall provide proof of insurance coverage to the Lender upon request.
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The Borrower agrees to indemnify and hold harmless the Lender from any claims, damages, or losses arising from the use of the Equipment during the loan period.
6. Maintenance and Repairs
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The Borrower agrees to perform routine maintenance and ensure the Equipment is in good working order.
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In the event of significant damage or malfunction of the Equipment, the Borrower must contact the Lender to obtain approval for repairs or replacement.
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The Lender is responsible for the cost of repairs caused by manufacturing defects, but the Borrower will cover the cost of repairs resulting from misuse.
7. Return of Equipment
The Borrower agrees to return the Equipment by January 15, 2051, or earlier if the loan is terminated. The Equipment must be returned to the following address:
[Your Company Address]
8. Late Return
If the Borrower fails to return the Equipment by the agreed-upon date, a late fee of $100 per day will be charged until the Equipment is returned.
9. Ownership
The Equipment remains the property of the Lender at all times. The Borrower has no ownership rights to the Equipment, and this Agreement does not grant the Borrower any right to purchase the Equipment.
10. Default
In the event the Borrower fails to comply with the terms of this Agreement (including failure to return the Equipment on time or improper use), the Lender has the right to demand immediate return of the Equipment and pursue legal remedies to recover any damages or losses.
11. Governing Law
This Agreement shall be governed by and construed by the laws of the State of California, United States of America.
12. Miscellaneous
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Entire Agreement: This Agreement represents the entire understanding between the parties and supersedes any prior agreements or discussions related to the loan of the Equipment.
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Amendments: Any amendments to this Agreement must be in writing and signed by both parties.
Signatures
[Your Name]
[Your Company Name]
[Date]
David Turner
Innovative Robotics LLC
[Date]
