A bailment is the act of placing property in the custody and control of another, usually by agreement in which the holder (the bailee) is responsible for the safekeeping and return of the property. Ownership or title to the property remains in the bailor.
Bailment Contract between Owner of Equipment - Bailor and Prospective Purchaser - Bailee in Order to Allow Prospective Purchaser to Test Property
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Bailee And Bailor Form popularity
Bailment Agreement Other Form Names
Bailor And Bailee
What Is Bailment
Bailor Bailee
Between Owner Bailor Prospective Bailee
Bailor Afterward Bail
Contract Equipment Form
Define Bailment
Bailment Meaning In Law FAQ
A 'bailment' is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them. The person delivering the goods is called the 'bailor'.
There are three types of bailments: (1) for the benefit of the bailor and bailee; (2) for the sole benefit of the bailor; and (3) for the sole benefit of the bailee. A bailment for the mutual benefit of the parties is created when there is an exchange of performances between the parties.
In general, the purpose of a bailment agreement is to establish the relationship and responsibilities of the parties, both the person temporarily handing over possession of his property and the person receiving it.
A bailment is created when a parking garage attendant, the bailee, is given the keys to a motor vehicle by its owner, the bailor. The owner, in addition to renting the space, has transferred possession and control of the vehicle by relinquishing its keys to the attendant.
In general, Bailment means the delivery of goods of a person to whom permission is given to have the goods of another person. The contracts of bailment come under a special class of contract and are dealt under Sections 148 to 181 of the Indian Contract Act, 1872.
Bailment represents a legal relationship wherein the physical possession of a chattel or personal property is transferred from one individual to another individual who will subsequently get the property's possession but not the entire ownership.
A Bailment that Benefits Both the Bailor and Bailee: An example of this would be parking your car in a paid parking lot. You would get the benefit of parking your car and the owner of the lot would get the benefit of the fee that is paid. A bailee can face liability for damaging the bailed items if they were negligent.
Gratuitous Bailment. Non-Gratuitous Bailment: Bailment for the Benefit of the Bailor. Bailment for the exclusive Benefit of the Bailee. Bailment for the Benefit of the Bailor and Bailee.