This equipment loan agreement template has 5 pages and is a MS Word file type listed under our production & operations documents.
Sample of our equipment loan agreement template:
EQUIPMENT LOAN AGREEMENT This Equipment Loan Agreement (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Company"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Borrower"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Company wishes to loan the Equipment to the Borrower. WHEREAS the Borrower wishes to take the Equipment on loan and use it for the term; WHEREAS the Parties wish to evidence their contract in writing; NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: EQUIPMENT 1.1 Subject to all terms and conditions of this Agreement, the Company will loan to the Borrower the materials or equipment specified on the attached Exhibit A (the "Equipment"), which Exhibit A is included herein by reference as if fully set out. TERM The term ("Term") of this Agreement begins on [START DATE], and expires on [EXPIRY DATE], unless the Agreement is either sooner terminated or extended by mutual agreement in writing. PERMITTED USE The Equipment shall be used for the sole purpose of [DEFINE PURPOSE]. At the end of the Term, the Borrower shall return the Equipment in its original condition, ordinary wear and tear accepted. RESPONSIBILITY FOR LOSS OR DAMAGE The Borrower is responsible for any loss or damage to the Equipment from the time the Borrower takes possession of it until it is returned to the possession of the Company. INSURANCE 5.1 During possession of the Equipment, the Borrower shall maintain all-risk insurance coverage against loss or damage of the Equipment up to its fair market value of $ [MARKET VALUE PRICE]. OWNERSHIP OF TECHNOLOGY/RIGHTS IN INVENTION PATENTS, COPYRIGHTS AND TRADE SECRETS AND OTHER INTELLECTUAL PROPERTY Each Party shall own rights to any technology it independently develops or has already developed. Each Party shall mark all independently owned proprietary materials with the designation of "proprietary" prior to the release to either Party. PAYMENT The Equipment is being loaned for a total fee of $ [TOTAL FEE]. Payment shall be made through the following method: [PAYMENT METHOD]. Payment of the loan fee shall be paid immediately, and only thereafter will the Equipment be loaned. CONFIDENTIALITY AND NON-DISCLOSURE Non-Disclosure 8.1.1 Without the other Party's prior written consent, neither Party shall directly or indirectly disclose, make available, or communicate to anyone or any entity, other than its own employees, agents, and representatives, all or any part of any proprietary information shared by the other Party with it during the course of this Agreement, except as may be required by court order or overriding federal law. Each Party acknowledges and agrees that the other Party has valuable, proprietary rights in their information and agrees to keep the other Party's information strictly confidential and only disclose it to those of its employees, agents, or representatives who have a need to know. Before disclosure, each Party shall advise any such employees, agents, or representatives to whom such disclosure is made of this Agreement and require any such employees, agents, or representatives to agree to abide by the terms of this Agreement and keep all disclosed information confidential. This covenant of confidentiality and non-disclosure shall apply to written materials and information, and to information imparted verbally. Return of Written Materials The Parties acknowledge that any such information will be shared for the sole purpose of determining if there is a basis for agreement between the Parties. Neither Party is hereby granting the other any right or license with respect to any shared information. If the Parties fail to reach agreement, each Party shall return to the other any written materials or information given to it (and copies made by it) or affix in writing that such materials or information has been destroyed. If agreement is not reached, any Party shall not use in any way for its benefit or any other person's or entity's benefit any such information or materials shared with it without the other Party's written consent. INDEMNIFICATION 9.1 The Borrower accepts all risks to itself and to any third parties that may result or arise out of the possession or use of the Equipment and agrees to indemnify and hold harmless the Company, its officers, agents, and employees from all loss, cost and expense arising out of any liability or claim of liability for damages to person or property arising out of its possession or use of the Equipment. SEVERABILITY AND CONSTRUCTION
