The Loan for Use Agreement serves as a critical legal instrument in Indian business and personal transactions where temporary possession of property is transferred without compensation or transfer of ownership. This document type is essential when organizations or individuals need to formalize arrangements for sharing resources, equipment, or facilities while maintaining clear ownership rights. The agreement draws its legal framework from the Indian Contract Act, 1872, and related legislation, making it enforceable in Indian courts. It's particularly valuable in situations requiring detailed documentation of the condition of loaned items, specific usage parameters, and clear responsibilities for maintenance and return. Common applications include equipment sharing between businesses, research collaboration arrangements, and temporary facility usage agreements.
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1. Parties: Identification and details of the lender and borrower
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Subject Matter: Description of the property being loaned for use
5. Term of Loan: Duration of the loan and any provisions for extension
6. Purpose of Use: Specified permitted uses of the loaned property
7. Borrower's Obligations: Responsibilities including maintenance, care, and proper use of the property
8. Return of Property: Conditions and timing for returning the property
9. Risk and Insurance: Allocation of risk and insurance requirements
10. Representations and Warranties: Statements of fact and promises by both parties
11. Termination: Circumstances under which the agreement can be terminated
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Security Deposit: Include when a deposit is required to secure the loan
2. Maintenance Schedule: Include for items requiring regular maintenance or servicing
3. Sub-lending Prohibition: Include when explicitly prohibiting the borrower from lending the item to third parties
4. Intellectual Property Rights: Include when the loaned item involves intellectual property
5. Export Control: Include when the item has export restrictions or controls
6. Force Majeure: Include when protection against unforeseen circumstances is needed
7. Assignment: Include when transfer of rights needs to be addressed
8. Indemnification: Include when specific indemnity provisions are required
1. Schedule 1 - Property Description: Detailed description of the loaned property including condition, serial numbers, and photographs
2. Schedule 2 - Delivery and Return Details: Specific logistics for delivery and return of the property
3. Schedule 3 - Usage Guidelines: Detailed instructions for proper use and maintenance
4. Schedule 4 - Condition Report: Detailed report of the property's condition at the time of lending
5. Appendix A - Insurance Requirements: Specific insurance requirements and coverage details
6. Appendix B - Maintenance Schedule: Detailed maintenance requirements and schedule if applicable
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