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 New Mexico Agreement to Loan Automobile to University Athletic Department for Promotional Purposes is a legally binding document that outlines the terms and conditions for loaning a vehicle to a university's athletic department for promotional activities. This agreement is a valuable tool for both the automobile owner and the university, as it sets forth the responsibilities, liabilities, and general expectations involved in such a loan. The purpose of this agreement is to facilitate the use of a vehicle by the university's athletic department to promote various events, fundraisers, and initiatives. The loaned automobile can be a car, SUV, or any other suitable vehicle that aligns with the department's promotional objectives. By entering into this agreement, both parties acknowledge the importance of using the vehicle effectively to enhance the university's athletic program visibility and generate positive publicity. The New Mexico Agreement to Loan Automobile to University Athletic Department for Promotional Purposes typically includes the following key components: 1. Identification of Parties: The agreement clearly identifies the automobile owner, typically an individual or a business entity, and the university's athletic department as the borrower. 2. Vehicle Description: The document specifies the make, model, year, and other relevant details of the loaned automobile. 3. Loan Purpose: This section outlines the specific promotional activities for which the vehicle will be utilized. It may include transportation for athletes, display at promotional events, parades, charity drives, or any other marketing initiatives deemed appropriate. 4. Duration of Loan: The agreement specifies the start and end dates of the loan period, ensuring that the vehicle is returned on a specified date or at the request of the owner. 5. Insurance and Liability: This section addresses the insurance coverage requirements during the loan period. It outlines the level of insurance needed and clarifies which party is responsible for maintaining the coverage. Additionally, it may include a waiver of liability clause to protect the automobile owner from any damages or incidents that may occur during the loan period. 6. Maintenance and Repairs: The agreement may outline the borrower's responsibilities for maintaining the vehicle's condition during the loan period, including regular servicing and repair costs, if applicable. 7. Indemnification: This section establishes that the borrower will be solely responsible for any legal claims, damages, or losses arising from the use of the loaned automobile. It may allocate costs related to accidents, traffic violations, or negligent usage to the borrower. 8. Return of Vehicle: The agreement specifies the condition in which the vehicle must be returned at the end of the loan period. It may include details regarding cleanliness, gas levels, and any damages that would be considered excessive wear and tear. 9. Termination of Agreement: This section outlines the circumstances under which either party can terminate the agreement before the agreed-upon end date. 10. Governing Law: The agreement states that it is governed by the laws of the state of New Mexico, ensuring legal compliance and jurisdiction. Different types of the New Mexico Agreement to Loan Automobile to University Athletic Department for Promotional Purposes may exist based on variations in the specific terms and conditions tailored to meet the needs of individual automobile owners and university athletic departments. Therefore, it is important to carefully review any additional provisions, appendices, or amendments that may accompany the agreement template to ensure a comprehensive and customized understanding of the loan arrangement.
