IT Equipment Loan Agreement
This Loan Agreement is entered into on 12 December 2024, between:
Autotech Training Limited, t/a Autotech Connect, with its principal place of business at Libra Building, Sunrise Parkway, Linford Wood Business Park, Milton Keynes, MK14 6PH, (herinafter referred to as the "Lender"),
and
Andrew Oversby, with it's principal place of business whose registered office is at Unit C, Stephenson Way, Wakefield 41 Industrial Park, Wakefield, WF2 0XH (herinafter referred to as the "Borrower")
- Loan Details:
- The Lender agrees to loan the following IT equipment to the Borrower:
- Loan Period:
- The loan period shall commence on 12 December 2024 and terminate on 3 January 2025, unless otherwise extended or terminated in accordance with this Agreement.
- Conditions of Loan:
- The Borrower agrees to the following conditions:
- The equipment shall be used solely for the purposes agreed upon by both parties.
- The Borrower shall exercise reasonable care in handling and using the equipment.
- The Borrower agrees to the following conditions:
- Responsibility for Loss or Damage:
- The Borrower shall be liable for any loss or damage to the equipment that occurs during the loan period.
- In the event of loss or damage to the equipment, the Borrower agrees to compensate the Lender for the full value of the equipment as determined by the current market value at the time of loss or damage.
- Insurance:
- The Borrower may choose to obtain insurance coverage for the equipment at their own expense. However, such insurance coverage shall not relieve the Borrower of their obligations under this Agreement.
- Return of Equipment:
- Upon the expiration or termination of this Agreement, the Borrower shall return the equipment to the Lender in the same condition as it was received, reasonable wear and tear expected.
- Where these items loaned are not returned in person, the Borrower will ensure that they are returned using a tracked, insured courier service, with adequate insurance to cover the value of the shipped items.
- The Borrower understands they will be invoiced for the full value (plus VAT) if they fail to return the equipment within the agreed timeframe.
- Governing Law:
- This Agreement shall be governed by and construed in accordance with the laws of England and Wales, and/or Scotland.
- Entire Agreement:
- This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to such subject matter.
| Equipment Description | Serial Number | Insurable Value |
|---|---|---|
| Nav 520 Thermal Headset | MPA6P804D2721722 | £2500 |
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
Autotech Connect
We work with the leading hardware, software, training and IT solution providers to deliver technology driven solutions that ensure automotive businesses and workshops are ready to address the challenges of future, today.
