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EQUIPMENT LOAN AGREEMENT
THIS EQUIPMENT LOAN AGREEMENT (this “Agreement”) dated this Date
BETWEEN
Transitional Work Solutions
2090 Hwy 317, #277
Suwanee, GA 30024
(the "Loaner")
-AND-
(the "Loanee")
IN CONSIDERATION OF the mutual covenants and promises of this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Loaner loans the Equipment to the Loanee, and the Loanee borrows the Equipment from the Loaner on the following terms:
Definitions
1.
The following definitions are used but not otherwise defined in this Agreement:
a.
“Casualty Value” means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.
b.
“Equipment” means Samsung Tablet, Case, Keyboard, Mouse and Headset which has an approximate value of $1,200.00
i.
Samsung Tablet Serial Number:
ii.
Wireless Keyboard Serial Number:
iii.
Wireless Mouse Serial Number:
iv.
Headset Serial Number:
c.
“Total Loss” means any loss or damage that is not repairable or that would cost more to repair than the market value of the equipment.
Loan Agreement
2.
The Loaner agrees to loan the Equipment to the Loanee, and the Loanee agrees to borrow the Equipment from the Loaner in accordance with the terms set out in this Agreement.
Term
3.
The Agreement commences on
and will continue on a month-to-month basis (the “Term”).
Delivery of Equipment
4.
The Loaner will, at the Loaner’s own expense and risk, deliver the Equipment to the Loanee at: [[formData.employeeAddress]], [[formData.employeeCityStateZip]].
Use of Equipment
5.
The Equipment cannot be used for personal projects. It will only be used for assigned tasks during the scheduled workday.
Warranties
6.
The Equipment will be in good working order and good condition upon delivery
7.
The Equipment is of merchantable quality and is fit for the purposes it is ordinarily used.
Loss and Damage
8.
To the extent permitted by law, the Loanee will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause.
9.
If the Equipment is lost or damaged, the Loanee will provide the Loaner with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance and condition.
10.
In the event of Total Loss of the Equipment, the Loanee will provide the loaner with prompt written notice of such loss and will pay to the Loaner the Casualty Value of the Equipment, at which point the ownership of the Equipment passes to the Loanee.
Ownership, Right to Loan and Quiet Enjoyment
11.
The Equipment is the property of the Loaner and will remain the property of the Loaner.
12.
The Loanee will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
13.
The Loaner warrants that the Loaner has the right to loan the Equipment according to the terms of this Agreement.
14.
The Loaner warrants that as long as no Event of Default has occurred, the Loaner will not disturb the Loanees quiet and peaceful possession of the Equipment or the Loanee’s unrestricted use of the Equipment for the purpose for which the Equipment was designed.
Surrender
15.
At the end of the Term or upon earlier termination of this Agreement, The Loanee will return the Equipment at the Loaner’s cost, expense, and risk to the Loaner by delivering the Equipment to Transitional Work Solutions at 2090A Highway 317, #277 Suwanee, GA 30024. Equipment will be returned no later than 14 days from the last day of program participation or upon termination of the Agreement. Shipping materials will be provided to Loanee for this purpose. If the Loanee fails to return the Equipment to the Loaner at the end of the Term or any earlier termination of this Agreement, the Loanee will pay to the Loaner the Casualty Value of the Equipment plus 10% of the Casualty Value, at which point ownership of the Equipment will pass to the Loanee.
Insurance
16.
No insurance coverage for the Equipment is required under this Agreement.
Indemnity
17.
The Loanee will indemnify and hold harmless the Loaner against any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney’s fees and costs, arising out of or related to the Loanee’s use of the Equipment.
Default
18.
The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
a.
The Loanee breaches their above defined obligations under this Agreement
b.
The Loanee becomes insolvent or makes an assignment of rights or property for the benefit of creditors or files for or has bankruptcy proceedings instituted against it under the Federal bankruptcy law of the United States or another competent jurisdiction.
c.
A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
Remedies
19.
On the occurrence of an Event of Default, the Loaner will be entitled to pursue any one or more of the following remedies (the “Remedies”):
a.
Declare the entire amount of the Casualty Value of the Equipment immediately due and payable without notice or demand to the Loanee.
b.
Commence legal proceedings to recover obligations accrued before and after the Event of Default.
c.
Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other process of law. The Loanee waives any and all damage occasioned by such taking of possession.
d.
Terminate this Agreement immediately upon written notice to the Loanee.
e.
Pursue any other remedy available in law or equity.
Entire Agreement
20.
This Agreement will constitute the entire agreement between the Parties. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either Party except to the extent incorporated in this Agreement.
Address for Notice
21.
Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
Loaner:
Transitional Work Solutions 2090A Highway 317 #277
Suwanee, GA 30024
Suwanee, GA 30024
Loanee:
[[formData.employeeName]]
[[formData.employeeAddress]]
[[formData.employeeCityStateZip]]
[[formData.employeeAddress]]
[[formData.employeeCityStateZip]]
Interpretation
22.
Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
Governing Law
23.
It is the intention of the Parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings under this Agreement, be construe in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of Georgia (the “State”), without regard to the jurisdiction in which any action or special proceeding may be instituted.
Severability
24.
If there is a conflict between any provision of this Agreement and the applicable legislation of the State of Georgia (the “Act”), the Act will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the Act. Further, any provisions that are required by the Act are incorporated into this Agreement.
25.
In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, those provisions to the extent enforceable and all other provisions will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement and the remaining provisions had been executed by both Parties subsequent to the expungement of the invalid provision.
General Terms
26.
This Agreement may be executed in counterparts. Facsimile and Electronic signatures are binding and are considered to be original signatures.
27.
Time is of the essence in this Agreement.
28.
This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party to this Agreement.
29.
Neither Party will be liable in damages or have the right to terminate this Agreement for any delay or default in performance if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods and/or any other cause beyond the reasonable control of the Party whose performance is affected.
Notice to Loanee
30.
NOTICE TO THE LOANEE: This is a loan. You are not buying the Equipment. Do not sign this Agreement before you read it. You are entitled to a completed copy of this Agreement when you sign it.
IN WITNESS WHEREOF Participant has duly affixed its signature under hand and seal and Transitional Work Solutions has affixed its signature by a duly authorized officer under seal on this day of [[formData.startDate]].
Transitional Work Solutions
Per: ____________________________________
[[formData.employeeName]]
____________________________________