[From: Free Document Downloads at TheSmallBusinessOwnersManual.com]
This document should be used when your Small Business lends
equipment to an employee (e.g., laptop computers,
telephones devices, office equipment, inventory,
demonstration equipment, etc.) This provides protection in
case the equipment is lost, stolen, or is otherwise
unaccounted for by employee.
The following text of this document should be reviewed and
edited to fit your purposes.
[Find, then fill-in, or delete text in brackets like this: “[NNN]”
If there are dates in this document, they will automatically change to today’s date.
For additional assistance mailto:LegalHelp@TheSmallBusinessOwnersManual.com or
Otherwise the following text should be reviewed and edited as needed:
EMPLOYEE EQUIPMENT LOAN PROMISSORY NOTE
Principal Amount: $5,000
FOR VALUE RECEIVED, [EMPLOYEE NAME] (“Employee'') hereby promises to pay
to the order of [COMPANY NAME] (“Company”) upon demand the sum of the Principal
Amount shown above if certain Company equipment (the “Equipment”) listed below
provided by Company to Employee is not returned to Company within two business days
after written request of Company to Employee for any reason. The Equipment must be in
good working condition less normal wear and tear.
The Equipment shall be returned to Employee’s manager. Employee’s manager shall
evidence return of the Equipment by providing a signed receipt to Employee upon return
of the Equipment, and Employee’s Manager shall sign and provide a “voided by
company” copy of this Promissory Note to Employee.
1 Compleq Desktop Computer System, serial number 123456789, including
100GB hard drive, 512MB Memory, CDROM,
2 Nookey KX222 Cell telephone
3 Dual Accusynx 19” LCD computer monitors
Employee agrees to take reasonable care of the Equipment at all times.
Employee shall obtain insurance coverage for the Equipment under Employee's
homeowner's insurance policy. Company shall replace or repair any malfunctioning
Equipment provided Employee has taken reasonable care of Equipment.
In the event of default Employee agrees to pay all of Employer’s reasonable attorney's
fees and costs of collection including finance charges at the lesser of (i) 18% per annum
or (ii) the highest rate permissible by law.
This Promissory Note shall survive termination of any employment agreement or other
agreements between Employee and Company. If any portion of this agreement is deemed
to be unenforceable, this shall not invalidate the other portions of this agreement. This
Note shall take effect as a sealed instrument and shall be construed, governed and
enforced in accordance with the laws of the state of [STATE].
Agreed and Accepted:
For Company: Employee:
(Please sign above and print name and (Please sign above and print name and
title here) title here)
Date: January 11, 2011 Date: January 11, 2011