Loan agreement is a contract in which all parties are entered into the terms of loan. This agreement is about loans of cash but sometimes securities are also used as loan instead of cash. Loan agreements are in written forms but it is not a legal obligation to have these agreements in writing because these can be made orally. It is better to have loan agreement in written form in order to prevent from any conflict or misunderstanding. Loan agreement forms are now in use instead of other formal agreements. Loan agreement forms are pre-designed as per the needs of users. I have designed a sample loan agreement form. You can use it to get any kind of loan because it is absolutely free from any cost.
Property Loaned by ABC to an Outside Organization or Person
PROPERTY LOAN AGREEMENT:
ABC Corporation (Lender)
|1. ABC Loan # of ___(SU Property Use Only.)||2. Loan Period:From: _______ To:_______||3. Inventory Report||4. Page ___ of ___|
|5. Name-Address-Phone No. (ABC Dept.):Contact Name (PI):||6. Name-Address-Phone No. (Borrower):Contact Name:|
|7. Purpose of loan and location where property will be used:|
|8. a. Reference/contractual documentation/shipping information when applicable: (please attach)b. Sponsor’s or approver’s name:|
|9.Item No.Acq. Cost||10. SU ID No.||11. Manufacturer||12. Name/Description||13. Model No||14. Serial No.||15. Acq. Cost $|
|16.Yr. Mfg.||17. Condition||18. Dept. ID If more that one item is loaned, check here and attach a listing.|
Borrower will:TERMS AND CONDITIONS OF LOAN
- Assume all costs involved in preparation, handling, loading, disconnecting, transportation and shipping insurance from and to Lender;
- Use the loan property only for the purposes specified in this loan agreement;
- Maintain and calibrate equipment in accordance with manufacturing specifications;
- Return the loaned item(s) in like condition as received from Lender, normal wear and tear excepted, and free of contamination, n or before the expiration date, unless the loan period is formally extended or the loan is terminated before the due date;
- Provide Lender evidence of liability insurance with limits not less than $1,000,000 and/or evidence of property insurance for loss or damage with Lender to be included as an additional insured under both policies (property insurance not required on government loans). The certificate(s) insurance are to be mailed to: Department of Risk Management, ABC Corporation 651 Serra Street, Rm. 250,ABC,CA 94305-6207.
- In case of loss or damage of the property loaned, report such loss and reimburse Lender at the current price of replacement of repair (including cost of loss of use), and
- Agree to defend, indemnify and hold harmless Lender (ABCUniversity) and its officers, employees and agents against any and all liability, loss, damages, claims and costs arising from Borrower’s use or possession of the loaned property.
- The above property shall not be modified, loaned, or transferred to a third party without the written permission of ABC Corporation.
- Borrower will verify in writing to the ABC Corporation department loaning equipment the custody, use and condition of equipment annually and permit periodic inspection of loaned property by Lender or its designee upon request.
- Borrower will immediately report to ABC Corporation Risk Management any incidents of loss, damage or destruction of loaned equipment.
- ABC Corporation will pass on all FLOW DOWN responsibility to borrower. Title to the property will rest with ABC or its Sponsor in accordance with the prime agreement. Lender reserves the right to cancel the loan and to recall the loaned property upon a 10 (ten) day notice.
Agreed to by Lender: _______________________________ Date: _______________
ABC Representative: _______________________________ Date: _______________