Free Equipment Use Agreement

This Equipment Use Agreement ("Agreement") is made and entered into on [Date], by and between [Your Name], a company organized and existing under the laws of [State/Country], with its principal place of business located at [Your Company Address], hereinafter referred to as the "Owner", and [Client's Name], a company organized and existing under the laws of [State/Country], with its principal place of business located at [Client's Address], hereinafter referred to as the "User".

1. Equipment Description

1.1 The person who owns the equipment explicitly agrees to provide the listed items, hereby referred to as "Equipment". On the other side, the person who is going to utilize this equipment, referred to as the "User", gives their full consent to effectively use said equipment as stated in this agreement.

• Description of Equipment: Two Dell Latitude E7450 Laptops

• Serial Numbers: ABC123456, DEF789012

• Quantity: 2

• Additional Accessories (if any): Each laptop comes with a charging cable and a protective carrying case.

2. Duration of Use

2.1 The individual, who is known as the User in this agreement, is hereby granted explicit permission to make use of the Equipment. This permission extends for three months. The start date for this usage period is April 5, 2055, and the end date will be on July 5, 2055. However, it’s important to note that this usage period could be terminated earlier than the stated end date. This could occur if certain conditions are met that are outlined and stipulated within the terms and conditions of this Agreement.

3. Conditions of Use

3.1 The User is required to utilize the Equipment in a method that demonstrates carefulness and appropriateness. They need to ensure that the usage aligns with the designated purpose of the Equipment. Further, they should make it a point to use the Equipment solely for its intended purposes and not for anything beyond its design and function. It is their responsibility to guarantee that the usage of the Equipment does not deviate from its original intent of creation.

3.2 The User is strictly forbidden from engaging in any form of modifications, adjustments, or even the slightest form of tampering with the Equipment unless they have been authorized to do so by the Owner. But such authorization is not just a verbal one – it must be explicitly stated by the Owner in written form, specifying that the User is indeed permitted to make such changes.

3.3 The individual or entity referred to as "The User" in this agreement has been given the responsibility for the proper maintenance and upkeep of the equipment, as outlined in this contractual setup, during the entirety of the agreement's term. The duties encompass regular cleaning and thorough inspection of the equipment to ensure it remains in the best possible condition throughout this agreement.

4. Payment

4.1 As part of the agreement for the utilization of the equipment, the individual or party using the equipment, henceforth referred to as the User, is required to provide compensation to the equipment's owner. This compensation is a monetary sum amounting to Five Hundred Dollars ($500). To ensure clarity and prevent any misunderstandings, it is essential to mention that these payments should be carried out in an ahead-of-time manner every month.

5. Liability and Insurance

5.1 The User shall take on and accept responsibility for all risks that arise from the utilization of the Equipment. Furthermore, the User is obligated to provide indemnification and ensure that the Owner is not held accountable or subjected to harm resulting from any claims, damages, or liabilities. These claims, damages, or liabilities should be those that emerge from or are associated with the User's application of the Equipment.

5.2 The individual or entity who is referred to as 'the User' is required to uphold an insurance coverage that falls under comprehensive general liability. This coverage must have a minimum limit of One Million Dollars ($1,000,000) for each incident that may occur. Additionally, the aggregate, or total limit for all incidents combined, should be no less than Two Million Dollars ($2,000,000).

6. Termination

6.1 Either the first party or the second party has the permission to bring this Agreement to an end. This can be done by providing a written notice, which should be given a minimum of 30 days before the actual termination date. It's also worth noting that the termination of the agreement does not necessarily have to be based on a specific reason. It could be due to any reason that either party deems fit, or it could also be for no significant reason at all.

7. Governing Law

7.1 The stipulations and conditions of this Agreement will be subject to, guided by, and interpreted according to the existing laws in effect within the jurisdiction of [State/Country].

IN WITNESS WHEREOF, the parties hereto have executed this Equipment Use Agreement as of the date first above written.

[Your Name] (Owner)

[Date Signed]

[Client's Name] (User)

[Date Signed]

Agreement Templates @ Template.net