Docstoc

Vehicle Lending Agreement by Employer

Document Sample
Vehicle Lending Agreement by Employer Powered By Docstoc
					This is an agreement between a company and an employee for the loan of a vehicle
when no money is exchanged. The agreement contains both standard clauses and
opportunities for the use of optional terms and conditions making it fully customizable to
fit the needs of the contracting parties. Under the agreement, the employee asserts that
he or she will not allow anybody else to drive the vehicle and promise to protect the
vehicle by exercising care. This agreement can be used by small businesses or other
entities that want to loan a vehicle to their employees.
                 Vehicle Lending Agreement (non-financial) Employer/Employee
       Made this ________ day of _______________, _____ [Instruction: Insert date.] by and
between _____ [Instruction: Insert vehicle Owner name.] (hereinafter “Owner”), and
________________ [Instruction: Insert vehicle Borrower name.] (hereinafter designated as
"Borrower”). The anticipated period of loan for the Vehicle shall be from ____ to ____.
[Instruction: Insert dates when vehicle will be borrowed.]
       For and in consideration of the loan of that certain vehicle (more specifically hereinafter
described) by Owner to Borrower, it is mutually agreed as follows:
    1. The subject Vehicle is _____ [Instruction: Insert vehicle information, including but
       not limited to make, model, VIN number, color.] (hereinafter the “Vehicle”).
    2. Optional language: Borrower is an employee of Owner, and as a function of
       Borrower’s performance of his duties as Owner’s employee, Borrower is required to
       use, and is being provided the Vehicle for business purposes.
    3. Optional language: Borrower has been informed and understands that Owner is
       NOT responsible for inspection, safety, maintenance, and/or repairs of said Vehicle
       and Owner does NOT warrant and/or guarantee the mechanical condition and/or
       safety of the Vehicle.
    4. Borrower agrees that he/she will examine and inspect the Vehicle prior to taking
       possession of it during the loan period. Borrower agrees that he/she will report in detail
       any problems and/or concerns with the Vehicle immediately upon such inspection. In
       the event Borrower fails to report any such problems and/or concerns, it shall be agreed
       herein and deemed that no such problems and/or concerns exist.
    5. Borrower uses the Vehicle in this condition at his/her own risk and agrees to advise
       passengers, if any are permitted pursuant to this agreement, to do the same.
    6. Optional language: Borrower understands, acknowledges and agrees that the
       Vehicle will only be used for business purposes of Owner, and shall not be used for
       Borrower’s personal use. Any use of the Vehicle other than this usage shall be
       considered unauthorized, and in such event, this agreement may be deemed void in
       Owner’s sole discretion, and Borrower shall immediately return the Vehicle to
       Owner upon Owner’s request. [Comment: Parties may wish to revise this to reflect
       whether the vehicle is for any other usages.]
    7. Optional language: Depending on agreement of the parties, and whether or not
       usage of Vehicle is being provided as part of the Borrower’s job duties, parties may
       wish to consider including language regarding whether the use of the Vehicle is
       deemed to constitute a portion of Borrower’s compensation, and also whether or not
       usage of the Vehicle is subject to Borrower continuing to hold current position and
       necessity of use of Vehicle to perform the job description.
    8. Borrower understands, acknowledges and agrees that his permitted use of the Vehicle
       shall terminate upon the termination of Borrower’s employment relationship with Owner.
    9. Borrower agrees that he/she will NOT cause or allow the subject Vehicle to be loaned,
       rented, or driven by any person other than Borrower or a person who has signed a


© Copyright 2011 Docstoc Inc.                                                           2
        Borrowed Vehicle Agreement and been approved by Owner. [Comment: If any other
        person shall be permitted to operate the Vehicle, including Borrower’s spouse
        and/or other persons employed by the Owner, please revise this language to state
        same.]
    10. Borrower has been informed and agrees that if the Vehicle becomes inoperable through
        no fault of the Borrower, Owner will take reasonable steps to have the Vehicle repaired,
        but makes no such guarantees of any ability to repair the Vehicle or provide the use of a
        substitute vehicle.
    11. Borrower agrees that while this Agreement is in force he/she will preserve and protect the
        subject Vehicle from loss and/or damage. Borrower agrees to be liable for all costs of
        repairs to the Vehicle that is not directly caused by Owner. Borrower assures Owner that
        Borrower has confirmed that his own automobile insurance coverage will provide for
        payment of loss in the event of any accident and will submit proof of such coverage with
        this agreement. Borrower agrees that he/she will take no action during the duration of
        this Agreement that could or would reduce, cancel and/or terminate the Borrower's
        insurance coverage.
    12. Borrower has been informed that use of the Vehicle is subject to all Federal, State and
        Local laws, ordinances and regulations pertaining to the operation and handling of motor
        vehicles. Borrower agrees that he/she will NOT use said Vehicle, cause or permit the
        same to be used (including by any permitted passenger), in any manner whatsoever in
        violation or contravention of any Federal, State and Local laws, ordinance or regulation,
        including but not limited to seatbelt and cell phone usage as well as consumption of
        alcoholic beverages and illegal substance laws.
    13. Borrower shall be responsible to pay all fines, parking tickets, and other assessments for
        any violations of traffic laws, ordinances or regulations imposed upon him, and any such
        fines, tickets or other assessments shall not be reimbursed by Owner.
    14. Borrower understands, acknowledges and agrees that in the event Borrower is found to be
        in violation of any such Federal, State and/or Local laws, ordinances and/or regulations
        pertaining to the operation and handling of motor vehicles may be subject to potential
        disciplinary action by Owner up to and including termination.
    15. Borrower agrees that in the event of any accident involving the Vehicle he/she will,
        within one (1) hour following such accident, furnish to Owner a full and complete report
        thereof, and will report such accident within the time and in the manner prescribed under
        the provision of applicable state statute, or, in the event of loss or destruction of said
        Vehicle or any of its accessories or of loss of possession thereof or inability to return
        same to Owner on demand for any reason, whatsoever, Borrower will pay Owner the
        market value of the Vehicle and reasonable market value for loss of accessories unless
        otherwise specified in writing signed by all parties. Borrower further agrees it will
        follow any and all additional requirements imposed by Owner regarding any such
        accident.
    16. Borrower agrees that all expenses incident to the maintenance of the subject Vehicle
        which are caused by and/or related to Borrower's use of the Vehicle shall be borne solely
        by Borrower, and Borrower further expressly agrees to hold harmless and indemnify
        Owner against all claims and demand arising or resulting from Borrower’s use, storage


© Copyright 2011 Docstoc Inc.                                                          3
        and/or repairs of and to the subject Vehicle during the period of this Agreement
        including, but NOT limited to, gasoline, towing charges, mechanics liens and parking
        tickets. Borrower shall not be responsible for maintenance and/or repair costs which
        were not caused directly by Borrower.
    17. Borrower shall follow any and all rules set forth by Owner with respect to the usage of
        such Vehicle, and hereby acknowledges and agrees that such rules are subject to change
        at any time, in Owner’s sole discretion.
    18. Borrower covenants and agrees with the Owner that he/she will forever hold harmless
        and indemnify said Owner from any and all claims, demands, causes of action, attorneys’
        fees and expenses of any nature arising or alleged to arise from the use, operation,
        maintenance and ownership of the subject Vehicle while this Agreement remains in force
        and effect, and to reimburse Owner for any loss or damage during said period, except as
        otherwise set forth by applicable statute. Borrower agrees to pay to Agent and/or Owner
        upon demand any and all reasonable sums expended by it for attorneys’ fees and court
        costs in the event Owner files any action to recover possession of, the value of, and/or the
        cost of repairing said Vehicle; or in the event Owner employs an attorney to defend it in
        any sanction filed by Borrower, or anyone claiming for personal injuries, or property
        damage, arising out of the use of the subject Vehicle while in the actual or constructive
        possession of Borrower.
    19. Borrower agrees that he/she will, at his sole risk and expense, maintain Bodily Injury and
        Property Damage Liability Insurance covering the use of Vehicle during the time it is in
        his/her possession and until it is returned to the Owner. Owner shall NOT be required to
        carry or provide Bodily Injury or Property Damage Liability Insurance during said period
        of time. [Comment: Parties may revise this language to reflect applicable insurance
        coverage, if other than as set forth above.]
    20. Borrower agrees that the use of the Vehicle is complimentary. Borrower agrees this
        privilege can be revoked without notice and/or warning by Owner, in his sole discretion,
        for any violation of this Agreement.
    21. Borrower represents that he/she currently has a valid license to operate a motor vehicle.
        Borrower agrees to notify Owner immediately if, for any reason, Borrower's license to
        operate a motor vehicle is suspended or revoked for any period of the time covered by
        this Agreement. Borrower represents the following information to be true and correct:
            a. Borrower’s Full Name (please print) ___________________________________
            b. Borrower's Driver's License Number _______________ State: _______
               Expiration Date: ___________
            c. Borrower's Insurance Company: _________________________________
            d. Borrower's Insurance Policy No.: _________________
            e. Expiration Date of Insurance Policy: ____________________
            f. Insurance Agent's Name and telephone Number: _________________________
               _________________________________
    22. Borrower agrees that this Agreement is entered into in the State of _____ [Instruction:
        Insert state.] and any disputes arising therefrom shall be interpreted and governed by


© Copyright 2011 Docstoc Inc.                                                           4
        _____ [Instruction: Insert applicable state.] law. Borrower agrees to submit to the
        jurisdiction of the _____ [Instruction: Insert applicable information.] for any
        litigation, arbitration and/or mediation regarding this Agreement.
        It is further expressly agreed by and between the Parties hereto that the foregoing
constitutes the sole Agreement between the parties covering the loan of the subject Vehicle by
Owner to Borrower. Any changes and/or amendments to the terms of this Agreement must be in
writing and signed by both parties.
____________________
Signature of Borrower
____________________
Signature of Owner




© Copyright 2011 Docstoc Inc.                                                        5
INFORMATION AND FORMS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND
INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS
FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL DOCSTOC, INC., OR ITS AGENTS, OFFICERS, ATTORNEYS,
ETC., BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF
PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE
THE MATERIALS, EVEN IF DOCSTOC
				
DOCUMENT INFO
Shared By:
Tags:
Stats:
views:146
posted:12/21/2011
language:simple
pages:6
Description: This is an agreement between a company and an employee for the loan of a vehicle when no money is exchanged. The agreement contains both standard clauses and opportunities for the use of optional terms and conditions making it fully customizable to fit the needs of the contracting parties. Under the agreement, the employee asserts that he or she will not allow anybody else to drive the vehicle and promise to protect the vehicle by exercising care. This agreement can be used by small businesses or other entities that want to loan a vehicle to their employees.