Chapters may choose to loan out equipment to individuals or other organizations for a number of reasons. When doing so, please understand that the party loaning the equipment may still take on some risk for equipment that is faulty or poorly maintained prior to the loan. Therefore, equipment should always be thoroughly inspected for wear and tear, and proper maintenance should be completed prior to equipment being loaned.
In addition to proper inspection, it is recommended that both parties enter into a loan agreement. Although it is not mandatory, an equipment loan agreement outlines the terms of the loan and affords some protection for the loaner and the borrower.
The loan agreement should (at minimum) state the following:
- Length of loan
- Equipment delivery stipulations
- Compensation (if any) for loaned equipment
- Understanding of risk responsibility
- Equipment upkeep responsibility
- Equipment insurance/replacement requirements
Chapters may view a Sample Equipment Loan Agreement Form. The agreement can be modified to fit the exact needs of the chapter.
Once the equipment has been returned, both parties should conduct an equipment inspection post-loan. View a Sample Equipment Inspection Post-Loan Form.
The loan equipment agreement, and return equipment inspection form should be kept on hand for a minimum of one (1) year post-loan period.