A bailee is a person who receives possession of a property or goods through a contract of bailment. Unlike a contract of sale, the bailee has to return the goods or property to the bailor, under a contract of bailment. A bailee is responsible for the safekeeping and return of the property to the bailor or otherwise disposing it off according to the contract of bailment.
A bailor is a person who transfers possession of property or goods to the custody of another (bailee), usually under a contract of bailment. A bailment is an act of transferring/placing property or goods in the custody and control of another. A bailment is created by the voluntary taking into custody or possession of goods or property which belongs to another.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Kentucky Waiver and Release for Furniture and Related Personal Property Stored by Bailee: A Kentucky Waiver and Release for Furniture and Related Personal Property Stored by Bailee is a legal document used in the state of Kentucky that outlines the terms and conditions under which a bailee (the party storing the property) can release themselves from liability for any damage, loss, or theft that may occur to furniture and related personal property while in their possession. This waiver and release form serves as a contract between the bailee and the owner of the stored property, ensuring both parties understand their rights and responsibilities. By signing this document, the owner acknowledges and agrees to waive their right to claim compensation for any potential harm that may come to their furniture or related personal belongings. The Kentucky Waiver and Release for Furniture and Related Personal Property Stored by Bailee typically includes the following key components: 1. Identification: The form starts by identifying the bailee and the owner of the property, including their contact information and the location where the property is stored. 2. Description of property: A detailed description of the furniture and related personal property being stored is included, such as the type of furniture, its condition, and any unique features. 3. Duration of storage: The document specifies the beginning and ending dates of the storage period, highlighting the time during which the bailee bears responsibility for the property. 4. Liability release: The waiver clearly states that the owner voluntarily releases the bailee from any liability or responsibility for any loss, damage, or theft that may occur during the storage period. It emphasizes that the owner accepts the risks associated with storing their furniture and personal property. 5. Indemnification: The form may also contain an indemnification clause, which states that the owner agrees to indemnify and hold the bailee harmless from any claims, demands, or actions arising from the storage of their property. Types of Kentucky Waiver and Release for Furniture and Related Personal Property Stored by Bailee: 1. Short-term storage waiver: This type of waiver is used for temporary storage arrangements, such as when someone stores their furniture during a renovation project or while moving. 2. Long-term storage waiver: This waiver is utilized for extended storage contracts, such as when someone stores their furniture for an extended period, such as months or even years. 3. Commercial storage waiver: This type of waiver is specifically designed for businesses that offer storage services, such as furniture storage facilities or moving companies providing storage options. 4. Residential storage waiver: This waiver is tailored for homeowners or individuals who provide storage services to others, such as leasing a spare room or garage for furniture storage.
