Agreement for Use of University Equipment
University Equipment______
(type / description)
______
Serial / Identification No.______
Responsible Individual______
Borrower (entity)______
BorrowerAddress______
Check Out Date: ______Due Date: ______
Purpose for Use: ______
TERMS AND CONDITIONS
THE UNIVERSITY MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE MERCHANTABILITY OF THE EQUIPMENT OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. THERE IS NO WARRANTY THAT THE EQUIPMENT IS SUITED FOR BORROWER’S INTENDED USE, OR THAT IT IS FREE FROM DEFECTS. THE UNIVERSITY DISCLAIMS ALL WARRANTIES, EITHER EXPRESS OR IMPLIED, IN CONNECTION WITH THE EQUIPMENT.
This Agreement is not a contract for sale and title to the Equipment shall at all times remain with the University. Borrower shall keep the Equipment free and clear of all mechanics and other liens and encumbrances.
Borrower shall not rent, lease, assign, or loan the Equipment to any individual or entity without first obtaining the written consent and permission of the University and any such action by Borrower without the University’s consent shall be void.
Borrower shall not use or allow anyone to use the Equipment: (a) for any illegal purpose or in an illegal manner; (b) without a license, if required under applicable law; or (c) who is not qualified to operate the Equipment.
Should the Equipment be involved in an accident, become unsafe, malfunction, or require repair Borrower shall immediately cease using the Equipment and immediately notify the University.
In no event shall the University be responsible to Borrower or any other party for any loss, damage or injury caused by, resulting from, or in any way connected with the Equipment, its operation or its use. Borrower acknowledges and assumes all risks inherent in the operation, use and possession of the Equipment from the time the Equipment is delivered until the time it is returned and will take all necessary precautions to protect all persons and property from injury or damage from the Equipment.
TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AGREES TO INDEMNIFY, DEFEND AND HOLD THE UNIVERSITY HARMLESS FROM AND AGAINST ANY AND ALL LIABILITY, CLAIM, LOSS, DAMAGE OR COSTS (INCLUDING, BUT NOT LIMITED TO, ATTORNEYS’ FEES, LOSS OF PROFIT, BUSINESS INTERUPTION OR OTHER SPECIAL OR CONSEQUENTIAL DAMAGES, DAMAGES RELATING TO BODILY INJURY OR WRONGFUL DEATH) CAUSED BY OR IN ANY WAY ARISING OUT OF OR RELATED TO THE OPERATION, USE, MAINTENANCE, INSTRUCTION, POSSESSION, TRANSPORTATION, OWNERSHIP OR LOAN OF THE EQUIPMENT INCLUDING, BUT NOT LIMITED TO, WHENEVER SUCH LIABILITY, CLAIM, LOSS, DAMAGE OR COST IS FOUNDED IN WHOLE OR IN PART UPON ANY NEGLIGENT OR GROSSLY NEGLIGENT ACT OR OMMISSION BY THE UNIVERSITY OR THE PROVISION OF ANY ALLEGEDLY DEFECTIVE PRODUCT BY THE UNIVERSITY. THIS PROVISION APPLIES TO ANY CLAIMS ASSERTED AGAINST THE UNIVERSITY BASED UPON STRICT OR PRODUCT LIABILITY CAUSES OF ACTION, BREACH OF WARRANTY, OR UNDER ANY OTHER THEORY OF LAW.
Borrower shall return the Equipment to the University during regular business hours on or before the Due Date, such Equipment to be in the condition and repair as when delivered to Borrower. Borrower shall be liable for all damages to or loss of the Equipment from the time the Equipment is delivered until the Equipment is returned, including any damage occurring in transit. In the case of the loss or destruction of any Equipment, or the inability or failure to return the Equipment to the University for any reason whatsoever, Borrower shall pay the University the then full replacement list value of the Equipment. If the Equipment is returned in a damaged or worn condition, Borrower shall pay the University the reasonable cost of repair.
This Agreement represents the entire agreement between the University and the Borrower with respect to the Equipment and there are no other representations or agreements not set forth herein. This Agreement may be amended only by a written instrument designated expressly as an amendment to this Agreement and executed by the signatories to this Agreement or their successors or assigns. Accordingly, no course of dealing shall be effective to amend or modify any provision of this Agreement, nor shall any waiver of any breach or default under this Agreement be deemed a waiver of any subsequent breach or default under this Agreement.
Borrower agrees to pay any and all reasonable costs of collection, court, attorneys’ fees and any other expenses that may be incurred by the University in connection with enforcement of this Agreement.
The Responsible Individual signing below acknowledges and agrees that s/he: (1) has read and understands this Agreement; (2) has actual authority to execute this Agreement on behalf of the Borrower; and (3) has inspected the Equipment before taking possession, finds it in good working order and repair, is fully familiar with its operation and use, and suitable for the intended purpose of the use.
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Responsible Individual – DateUniversity Administrative Head / Manager – Date
______
Executive Vice President & COO – Date