Thermal Vision Research Ltd
EQUIPMENT LOAN AGREEMENT
This Equipment Loan Agreement (hereinafter referred to as the AGREEMENT) is made between The Macintosh ConsultancyLtd Ltd whose office for the purposes of this AGREEMENT is located at Moorland House 9 The Orchards Meare Somerset BA6 9PU, United Kingdom (hereinafter referred to as the LOANER)
And the client as shown on the hire invoice
(hereinafter referred to as the BORROWER)
1. LOAN PERIOD: as shown on the hire invoice
It is hereby agreed as follows:
2. REASONS FOR LOAN: as shown on the hire invoice.
3. COSTS AND OWNERSHIP
The BORROWER agrees to arrange and meet all costs of any packing and delivery of the Equipment to:
- a) The BORROWERS address or any other place or site, nominated by the Parties and subsequent return to the LOANERS address.
- b) To insure the Equipment to its full replacement value against all risks insurance policy and to provide the LOANER with evidence of such insurance upon request.
- c) Pay any reasonable costs and expenses incurred by the LOANER in respect of
i) repairing any damage caused to the Equipment during the term of the loan period and up to the time the Equipment is received back at the LOANERS premises. For the avoidance of doubt, the BORROWER will not be liable for the repair of any breakdown or malfunction unless directly resulting from misuse by t he BORROWER.
ii) replacement of any parts of the Equipment, to include all accessories, documentation and packing which are damaged beyond economic repair during the term of the loan period.
iii) Service to the Equipment during the term of the loan period
iv) Failure to return Equipment on agreed date. The LOANER will charge the BORROWER £250.00+ vat per day for each day the Equipment is held after the loan period has ceased (up to a maximum
chargeable period of 12 weeks).
This charge is redeemable against a purchase made by the BORROWER within 3 months of trial period.
Furthermore the BORROWER will:
- d) Keep the Equipment in good condition and in a secure place when not in use.
- e) Not purport to claim ownership of the Equipment to any party whilst the Equipment is on loan and in use by the BORROWER.
- f) Not sell, relocate the Equipment to an address other than that indicated in the AGREEMENT, re-loan for gain or otherwise, or treat the Equipment which is in anyway inconsistent with the LOANERS right to ownership.
- g) At all times the LOANER will retain ownership and title to the Equipment.
- h) Not remove or conceal the LOANERS identity on or to the Equipment, disassemble or modify the Equipment in anyway whatsoever.
- i) Ensure that the Equipment is always clearly identified at the BORROWERS site of operation as being the property of the LOANER.
4. BORROWERS RESPONSIBILITIES
4.1 – The BORROWER is to operate the Equipment in accordance with the LOANERS operating instructions.
4.2 – To immediately notify the LOANER of any loss or damage to the Equipment.
4.3 – To return the Equipment to the LOANER on the agreed date using the carrier specified by the LOANER. Should the LOANER wish to extend the loan period they are required to contact the BORROWER to negotiate a revised return date. Failure to obtain an agreed extension to the loan will incur a daily rental fee, as detailed in section 3. c) iv) of this agreement.
5.1 – The BORROWER shall indemnify the LOANER against all reasonable expenses, liability, costs, claims and or proceedings arising out of the misuse of the Equipment by the BORROWER in respect of personal injury or death to persons or loss of damage to property arising from the use of and possession of the Equipment but solely to the extent directly resulting from the BORROWER’S negligent act or omission or wilful misconduct. The BORROWER will maintain public liability insurance cover against such risks and upon request make available to the LOANER evidence of insurance. The BORROWER’S aggregate l iability howsoever arising out of this Agreement will not exceed £250,000 but this limit shall not apply to personal injury or death resulting from the BORROWER’S negligence.
5.2 – The LOANER shall not be liable for any direct or indirect consequential loss or damage of any kind resulting from the installation (if any) or use of the Equipment.
6. RETURN OF LOANED EQUIPMENT
To be signed off when equipment returned to LOANER Equipment as listed above.
The LOANER may terminate the AGREEMENT immediately if the BORROWER is in breach of any of the provisions of the Articles herein.
Terms last updated 10th May 2018