This Equipment Loan Agreement (“Agreement”) is entered into on 24 November 2023 between [Lender’s Name and Address], hereafter referred to as the “Lender,” and [Borrower’s Name and Address], hereafter referred to as the “Borrower.”
The Lender agrees to loan the following equipment to the Borrower:
[Describe the equipment in detail, including any serial numbers or unique identifiers.]
The Borrower acknowledges the receipt of the loaned equipment in good condition.
The loan period shall commence on [Start Date] and terminate on [End Date], unless otherwise agreed upon in writing by both parties.
The Borrower agrees to return the loaned equipment to the Lender by the end of the loan period in the same condition as received, reasonable wear and tear excepted.
Purpose of Loan
The Borrower agrees to use the loaned equipment only for the purpose of [Specify the purpose or project for which the equipment is being borrowed.]
Care and Maintenance
The Borrower is responsible for the care and maintenance of the loaned equipment during the loan period.
Any damage caused by misuse or negligence will be the responsibility of the Borrower, and repair costs will be charged accordingly.
The Borrower agrees to obtain and maintain insurance coverage for the loaned equipment for the duration of the loan period.
The insurance policy shall be in an amount sufficient to cover the replacement value of the equipment.
The Borrower agrees to indemnify and hold the Lender harmless from any claims, liabilities, or expenses arising from the use or possession of the loaned equipment.
Termination of Agreement
The Lender reserves the right to terminate this agreement at any time if the Borrower breaches any terms or if the loaned equipment is used unlawfully.
This agreement is governed by the laws of England and Wales.
Any disputes arising from this agreement will be subject to the exclusive jurisdiction of the courts of England and Wales.
IN WITNESS WHEREOF, the parties hereto have executed this Equipment Loan Agreement as of the date first above written.