Free Accounting Equipment Loan Agreement

This Accounting Equipment Loan Agreement ("Agreement") is entered into on [Month Day, Year] ("Effective Date") by and between:

[Your Company Name], a corporation organized and existing under the laws of the State of [State], with its principal office located at [Your Company Address] ("Lender"),

AND

[Borrower Name], an individual/corporation organized and existing under the laws of the State of [State], with its principal office/residential address at [Borrower Address] ("Borrower").

The Lender and the Borrower may be referred to individually as a "Party" or collectively as the "Parties."

RECITALS

WHEREAS, the Lender owns certain accounting equipment and desires to loan said equipment to the Borrower for the Borrower's use in its operations;

WHEREAS, the Borrower desires to borrow the equipment from the Lender under the terms and conditions set forth in this Agreement;

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties agree as follows:

1. LOAN OF EQUIPMENT

1.1 Equipment Description

The Lender agrees to loan the following accounting equipment to the Borrower ("Equipment"):

• Item Description: High-Performance Desktop Computer

• Make/Model: Dell OptiPlex 7090

• Serial Number: ABCD123456789

• Condition: Excellent condition, fully functional with no visible damage. Includes pre-installed accounting software (QuickBooks Pro 2054).

• Item Description: Multifunction Laser Printer

• Make/Model: Brother MFC-L8900CDW

• Serial Number: XYZ987654321

• Condition: Good condition, minor wear on exterior casing, fully operational.

• Item Description: Accounting Software License

• Make/Model: QuickBooks Pro 2024

• Serial Number: QB2024-12345-XYZ

• Condition: Brand new license, activated on [Month Day, Year], valid for one user.

1.2 Loan Period

The Equipment shall be loaned to the Borrower for a period commencing on [Month Day, Year] and ending on [Month Day, Year] ("Loan Period"). The Loan Period may be extended by mutual written agreement of the Parties.

1.3 Purpose

The Borrower shall use the Equipment solely for accounting and related business purposes in accordance with this Agreement.

2. PAYMENT AND FEES

2.1 Loan Fee

The Borrower agrees to pay a loan fee of $[0] per [month] for the use of the Equipment during the Loan Period. Payment shall be made in advance on the first day of each [month].

2.2 Security Deposit

The Borrower shall pay a security deposit of $[0] to the Lender upon execution of this Agreement. The security deposit shall be refundable upon the return of the Equipment in good condition, subject to any deductions for damages or unpaid fees as outlined in Section 4.4.

3. DELIVERY AND RETURN

3.1 Delivery of Equipment

The Lender shall deliver the Equipment to the Borrower's address at [Borrower Address] on or before [Month Day, Year]. Delivery costs shall be borne by [Lender/Borrower].

3.2 Inspection Upon Delivery

Upon receipt of the Equipment, the Borrower shall inspect the Equipment and notify the Lender within [0] business days of any defects or discrepancies. If no notice is provided within this period, the Equipment shall be deemed to be in good working condition.

3.3 Return of Equipment

The Borrower shall return the Equipment to the Lender at [Lender Address] on or before [Month Day, Year]. The Equipment shall be returned in the same condition as when it was received, normal wear and tear excepted.

4. MAINTENANCE, REPAIR, AND LIABILITY

4.1 Maintenance and Care

The Borrower shall use the Equipment in a careful and proper manner and in compliance with all applicable laws, regulations, and manufacturer's instructions. The Borrower shall be responsible for any damage to the Equipment resulting from misuse, negligence, or unauthorized alterations.

4.2 Repair Costs

In the event that the Equipment requires repairs during the Loan Period due to causes other than normal wear and tear, the Borrower shall be responsible for the cost of such repairs. The Borrower shall promptly notify the Lender of any necessary repairs and shall not undertake any repairs without the Lender's prior written consent.

4.3 Loss or Theft

In the event of loss or theft of the Equipment, the Borrower shall immediately notify the Lender and shall be responsible for the replacement cost of the Equipment.

4.4 Liability for Damages

The Borrower shall be liable for any damage to the Equipment, other than normal wear and tear, that occurs during the Loan Period. The Lender may deduct the cost of repairs or replacement from the security deposit or seek reimbursement from the Borrower for any costs exceeding the security deposit.

5. INSURANCE

5.1 Insurance Coverage

The Borrower agrees to maintain adequate insurance coverage for the Equipment against loss, theft, or damage during the Loan Period. The insurance policy shall name the Lender as an additional insured or loss payee. Proof of insurance shall be provided to the Lender upon request.

6. TITLE AND OWNERSHIP

6.1 Title

Title to the Equipment shall remain with the Lender at all times. The Borrower shall have no right, title, or interest in the Equipment except as provided in this Agreement.

6.2 Prohibition Against Transfer

The Borrower shall not assign, transfer, pledge, or otherwise encumber the Equipment or this Agreement without the prior written consent of the Lender.

7. INDEMNIFICATION

7.1 Indemnity

The Borrower agrees to indemnify, defend, and hold harmless the Lender, its officers, directors, employees, and agents from and against any and all claims, losses, damages, liabilities, and expenses (including reasonable attorneys' fees) arising out of or in connection with the Borrower's use, possession, or operation of the Equipment.

8. DEFAULT AND TERMINATION

8.1 Events of Default

The following shall constitute events of default under this Agreement:

• Failure to pay any amount due under this Agreement when due.

• Failure to comply with any term or condition of this Agreement.

• The filing of a petition in bankruptcy by or against the Borrower.

• The appointment of a receiver or trustee for the Borrower.

8.2 Remedies Upon Default

In the event of a default by the Borrower, the Lender may, at its option, terminate this Agreement, retake possession of the Equipment, and pursue any other remedies available at law or in equity. The Borrower shall be responsible for any costs incurred by the Lender in enforcing its rights under this Agreement, including reasonable attorneys' fees.

9. MISCELLANEOUS

9.1 Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflict of law principles.

9.2 Entire Agreement

This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and representations, whether oral or written.

9.3 Amendments

This Agreement may be amended only by a written instrument executed by both Parties.

9.4 Severability

If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

9.5 Notices

Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed given when delivered personally, sent by certified mail, return receipt requested, or sent by a nationally recognized overnight courier service to the addresses of the Parties set forth in this Agreement or to such other address as a Party may designate in writing.

9.6 Waiver

No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent, or subsequent breach of the same or any other provisions hereof, and no waiver shall be effective unless made in writing and signed by an authorized representative of the waiving Party.

9.7 Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

9.8 Force Majeure

Neither Party shall be liable for any delay or failure to perform its obligations under this Agreement due to causes beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, labor disputes, or governmental actions.

IN WITNESS WHEREOF, the Parties have executed this Accounting Equipment Loan Agreement as of the Effective Date.

[Your Company Name]

By:

[Your Name]

[Title]

[Month Day, Year]

[Borrower Name]

By:

[Full Name]

[Title]

[Month Day, Year]

Accounting Templates @ Template.net