Equipment Loan Form
Edit forms in a single click. Customize equipment loan forms with intuitive drag-and-drop tools. Collect eSignatures and payments in real-time.
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Who should offer an equipment loan form?
Any organization that intends to loan equipment out regularly can benefit from using an equipment loan form.
Because these forms offer legal security, they are crucial to keeping your lending program intact. They ensure that you get your loans back in a timely fashion and give you legal recourse against anyone who breaches the contract.
These types of documents are also useful for groups that want to formalize existing lending programs. If you’re already lending items regularly, adding an equipment loan form to your organization can make your program more official.
A selection of organizations that may benefit from equipment lending forms include:
Libraries with expanded lending programs
Companies that allow employees to borrow tools
Community support programs
Resorts and hotels near recreational areas
What should an equipment loan form include?
Every loan agreement form will vary depending on what the loaning party wants to protect. However, most borrowing forms tend to include similar fields.
Here’s an overview of the most common types of information an equipment loan document will include:
Descriptionof the item: Describe the item so it’s clear what the person is borrowing. Include identifying information like serial numbers, unique markings, and anything else that sets your equipment apart.
Loan start and end dates:This section describes when the loan is officially considered to begin and when the borrower needs to return it. It helps to be specific to avoid complications if the item is damaged.
Personal details:Collecting the borrower’s name and contact information allows you to get in touch if something comes up. Personal details like their phone number, email address, and home address allow you to reach out if they’re late returning the item.
Terms of the loan:This is where you list any restrictions you have on the item and how you expect the borrower to treat it while they’re in possession. For example, you might require them to return a gas-powered piece of equipment with a full tank. You can also include elements like liability waivers to protect your organization in case someone uses the equipment in a dangerous way and gets hurt.
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