This is a fairly common arrangement at Universities who are members of Division I of the NCAA. 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.
The Michigan Agreement to Loan Automobile to University Athletic Department for Promotional Purposes is a legally binding document that outlines the terms and conditions of lending vehicles from various sources to a university's athletic department. This agreement serves as a means to support the promotional activities of the department and enhance its visibility through the use of automobiles. This agreement encompasses different types of loan arrangements, including long-term loans, short-term loans, and seasonal loans. Each type may have specific conditions and durations, which are based on the requirements and availability of the athletic department. The primary purpose of this agreement is to grant the university athletic department temporary possession and usage of an automobile, while retaining legal ownership with the lending party. The vehicles provided through this agreement can range from cars to vans, depending on the specific needs of the department. The agreement explicitly mentions the terms under which the vehicle will be used by the athletic department, such as for promotional events, official visits, or transportation of athletes, coaches, and staff. It also specifies that the vehicles will not be used for personal or non-official purposes, ensuring the proper utilization of the loaned automobiles. The agreement highlights the responsibilities of both the university and the lending party. The university agrees to take care of the vehicle, ensuring it remains in good condition throughout the loan period. This includes regular maintenance, keeping it clean, and adhering to any additional conditions outlined in the agreement. The lending party, on the other hand, expects the university to cover expenses related to fuel, insurance, and any damages caused during the loan period. It may also require the university to provide proof of insurance coverage to safeguard against potential risks. An essential component of this agreement is the requirement for the university to indemnify the lending party against any liability arising from the use of the loaned vehicle. This provision protects the lending party in case of accidents, damages, or misuse of the automobile during the loan period. Overall, the Michigan Agreement to Loan Automobile to University Athletic Department for Promotional Purposes facilitates a mutually beneficial arrangement between the university and the lending party. It allows the athletic department to enhance its promotional efforts through the usage of automobiles while safeguarding the interests of the lending party. The different types of loan arrangements mentioned earlier provide flexibility to accommodate various schedules and requirements of the university.
