An equipment loan agreement, also termed a bailment agreement, is a legal contract that allows one party to temporarily transfer the possession and use of their property or equipment to another party. The agreement generally outlines the equipment’s description, value, loan duration, use description, any associated fees, and shipping provisions. Important terms, such as insurance requirements, maintenance responsibilities, and liability for damage or loss, are also addressed.
 
Equipment loan agreements are particularly useful for short-term needs, allowing the Institute access to essential equipment without permanent acquisition. When such needs arise,  the loan agreement may require coordination between the requesting Georgia Tech department, Legal Affairs, Procurement, Insurance & Claims, and Property Control to accept, use, track, and return the loaned equipment. 
 
Note: If equipment must be imported into or exported out of the United States, the Export Control & Trade team within the Office of the General Counsel (OGC) will need to conduct an export and/or import control compliance review.

To Initiate an Equipment Loan to Georgia Tech: Please contact GT Procurement & Business Services via a ServiceNow request submission: https://gatech.service-now.com/financials or email Legal Affairs at asklegal@gatech.edu.

Note: Please make certain to have all relevant details of the proposed equipment loan for GT Procurement or Legal Affairs.

For Loan of Georgia Tech Equipment to Third Parties and General Inquiries: Please contact Legal Affairs directly at asklegal@gatech.edu.

Note: All loans of Georgia Tech Equipment must be related to a specific purpose and fall within Georgia Tech’s mission.