About this document:
It is sometimes due to the exigency of the business that it becomes necessary to loan a machine or equipment to a vendor for supplementing the available capacities to meet a deadline or specific needs;
The format is fit to be used to address peculiar situations where mostly commercial use machineries and equipments are given in loan.
There are no specific legal provisions that govern a legal document of this nature; you still have the liberty to make alterations and additions that exactly suit your situation or the case. With very small changes the document can be altered to use in completely different circumstances even in jurisdictions outside India.
Who will use this document?
Any business or individual, giving or taking machinery / equipment on loan to / from other for various reasons including for temporarily supplementing the capacities;
The document also holds good use for the parties who own machines and are engaged in the business of giving machines and equipments on loan;
Key features:
· very flexible to suit the requirements of either or both parties;
· provides a complete framework;
· protects both sides;
· indemnity of the borrower;
· detailed explanatory notes that help appropriate use and execution;
· practical terms that protect parties from future disputes
This document includes provisions for:
· appropriate legal provisions - warranties, exclusions, indemnities, etc.
· Placement of equipment;
· Duration and termination;
· Limitation on use;
· Maintenance of equipment;
· Representations of parties;
· jurisdiction;
· Owner’s right to inspection;
· Disclaimer
