Common use of LOANS OF EQUIPMENT Clause in Contracts

LOANS OF EQUIPMENT. Use of equipment, such as construction equipment, vehicles, tools, pumps and generators, shall be at LENDER'S current equipment rate and subject to the following conditions: (a) At the option of LENDER, loaned equipment may be loaned with an operator. (b) Loaned equipment shall be returned to LENDER within 24 hours after receipt of an oral or written request. (c) BORROWER shall, at its own expense, supply all fuel, lubrication and maintenance for loaned equipment. (d) LENDER'S cost related to the transportation, handling and loading/unloading of equipment shall be chargeable to BORROWER. (e) In the event loaned equipment is damaged while being dispatched to BORROWER, or while in the custody and use of BORROWER, BORROWER shall reimburse LENDER for the reasonable cost of repairing said damaged equipment. If the equipment cannot be repaired, then BORROWER shall reimburse LENDER for the cost of replacing such equipment with equipment that is of at least equal capability. If LENDER must lease a piece of equipment while LENDER'S equipment is being repaired or replaced, BORROWER shall reimburse LENDER for such lease costs.

LOANS OF EQUIPMENT. Use of equipment, such as construction equipment, vehicles, tools, pumps and generators, shall be at LENDER'S current equipment rate and subject to the following conditions: (a) At the option of LENDER, loaned equipment may be loaned with an operator. (b) Loaned equipment shall be returned to LENDER within 24 hours after receipt of an oral or written request. (c) BORROWER shall, at its own expense, supply all fuel, lubrication and maintenance for loaned equipment. (d) LENDERXXXXXX'S cost related to the transportation, handling and loading/unloading of equipment shall be chargeable to BORROWER. (e) In the event loaned equipment is damaged while being dispatched to BORROWER, or while in the custody and use of BORROWER, BORROWER shall reimburse LENDER for the reasonable cost of repairing said damaged equipment. If the equipment cannot be repaired, then BORROWER shall reimburse LENDER for the cost of replacing such equipment with equipment that is of at least equal capability. If LENDER must lease a piece of equipment while LENDER'S equipment is being repaired or replaced, BORROWER shall reimburse LENDER for such lease costs.