Equipment Loan Agreement Template

For kit you lend outside your company: demo units, test devices and loaner laptops for customers, partners or pilot sites. One page that records what went out, what it's worth, when it comes back, and who pays if it doesn't.

Download .docx templateFree. No email required.

The Template

EQUIPMENT LOAN AGREEMENT

Lender: [Company Name]                 Borrower: [Company / Person]
Lender contact: ______________          Borrower contact: ______________
Date: ______________                    Purpose of loan: ______________

EQUIPMENT ON LOAN

Item                Serial number       Condition out      Replacement value
1. ______________   ______________      ______________     ______________
2. ______________   ______________      ______________     ______________
3. ______________   ______________      ______________     ______________

(List chargers, cables, cases and accessories too.)

LOAN PERIOD

Start date: ______________   Return by: ______________
The Lender may agree in writing (email is fine) to extend the loan.

TERMS

1. Ownership. The equipment stays the property of the Lender. The Borrower
   may use it only for the purpose above.

2. Use and care. The Borrower will use the equipment as intended, keep it
   secure, and not modify, open or repair it.

3. No lending on. The Borrower will not lend, rent or hand the equipment
   to anyone outside their own organisation without the Lender's written
   permission.

4. Loss and damage. [Choose one and delete the other]

   Option A: The Borrower pays for repair or the replacement value listed
   above if the equipment is lost, stolen or damaged beyond normal wear.

   Option B: The Lender covers accidental damage. The Borrower pays only
   for loss, theft or damage caused by misuse or negligence.

5. Insurance. [The Borrower's / The Lender's] insurance covers the
   equipment while it is on loan.

6. Problems. The Borrower tells the Lender within [2] business days if
   the equipment is lost, stolen, damaged or stops working.

7. Return. The Borrower returns all equipment and accessories by the
   return date, in the condition it went out, minus normal wear.
   [The Lender / The Borrower] pays for shipping.

8. Data. The Borrower removes their own data before returning the
   equipment. The Lender may wipe it on return.

9. Not returned. If the equipment is not returned within [10] business
   days of the return date, the Lender may invoice the Borrower for the
   replacement value listed above.

SIGNATURES

Signed for the Lender: ____________________  Date: ____________
Name: ____________________

Signed for the Borrower: __________________  Date: ____________
Name: ____________________

What to Customise

Names and purpose. Fill in both companies, a contact on each side, and what the equipment is for, such as a pilot, a demo or a repair loan.
Replacement value. Put a value on each item. It's the amount you invoice if it doesn't come back, so agree it up front.
Loss and damage. Option A puts the risk on the borrower. Option B is friendlier for a pilot with a customer you want to keep. Delete the one you don't use.
Insurance and shipping. Pick who covers each, and delete the other name.
Deadlines. 2 business days to report a problem and 10 to return after the due date are starting points. Change them to suit.
Legal review. This is a template, not legal advice. Have a lawyer look at it before you rely on it, especially for expensive equipment or loans abroad.

When to Use It

Pilots and trials. Sensors, trackers or robots placed at a customer site while they evaluate.
Demo units. Kit a sales team leaves with a prospect.
Partner loans. Test devices sent to a partner, reseller or research group.
Loaner devices. A replacement laptop or phone while the customer's own is being repaired.

For equipment you give to your own staff, use the employee equipment agreement instead. To log who has borrowed shared kit day to day, the equipment sign-out sheet is simpler.

Track every loan in AssetJay

Add customers and partners as external borrowers, set a return date, and AssetJay reminds them before it's due and shows you what's overdue. Keep the signed agreement on the asset.

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