And Subject to the Following Terms and Conditions

AGREEMENT

This AGREEMENT, entered into as of this <date> day of <month, year>, by and between <borrower>, <address>, hereinafter referred to as the “BORROWER”; and the UNIVERSITY OF HAWAII, hereinafter referred to as the “UNIVERSITY.”

W I T N E S S E T H:

WHEREAS, the UNIVERSITY has agreed to loan BORROWER equipment (hereinafter referred to as “EQUIPMENT”) as detailed below:

Decal Number Description Cost

<UH decal #> <description> <cost>

And subject to the following terms and conditions:

The period of loan shall be <from date> to <end date>. Any extension shall be requested in writing 45 days prior to the end of the loan period, and must be approved by the UNIVERSITY in writing.

As a condition of the loan of EQUIPMENT, the BORROWER agrees to provide a contact person for all communications and claims. The contact person for the BORROWER for all communications and claims is <name>, and whose address is <address>. If the loan period exceeds one year, the BORROWER’s contact person or designee shall conduct an annual inventory of the equipment in the possession of the BORROWER.

Each EQUIPMENT shall at all times be given due care to protect it against loss, damage or deterioration. If the EQUIPMENT suffers in any way, the UNIVERSITY shall be informed immediately. EQUIPMENT lent by the UNIVERSITY shall remain in the condition in which it is received and adequately maintained to keep the EQUIPMENT in good working condition. The BORROWER shall be responsible for paying all costs necessary to repair and maintain the EQUIPMENT while in the possession of the BORROWER.

All packing and transportation shall be arranged by the BORROWER, and all costs thereof shall be paid in full by the BORROWER. The UNIVERSITY may elect to have EQUIPMENT packed on its own premises at the BORROWER’s expense. The BORROWER shall reimburse the UNIVERSITY for any costs incurred for safety precautions made by the loan.

The two succeeding paragraph’s regarding insurance are discretionary.>

The BORROWER shall insure each EQUIPMENT with any insurance company acceptable to the UN IVERSITY for the amount specified in this agreement. The insurance shall cover all risks from the time the EQUIPMENT leaves the UNIVERSITY until it is returned and shall guarantee payment of claims for loss or damage, in United States currency. A Certificate of Insurance from the BORROWER’S insurer will be required before the EQUIPMENT is released by the UNIVERSITY. A copy of the policy will be provided to the UNIVERSITY.

If the insurance company rejects any claims, the BORROWER agrees to assume all costs including but not limited to loss or damage and other related costs, in United States currency.

The two preceding paragraphs regarding insurance are discretionary.>

The UNIVERSITY reserves the right to withdraw loaned EQUIPMENT at any time should the EQUIPMENT be required for its own purposes.

The BORROWER shall defend, indemnify, and hold harmless the UNIVERSITY, the State of Hawaii and their officers, employees, agents or any person acting on their behalf from and against all liability, loss, damage, cost, and expense, including all attorneys’ fees, and all claims, suits, and demands therefore, arising out of or resulting from acts or omissions of the BORROWER or the BORROWER’s employees, officers, agents, or subcontractors connected with the performance of this loan agreement.

This agreement is subject to the laws of the State of Hawaii.

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

UNIVERSITY OF HAWAII BORROWER

Approved by______By______

University of Hawaii

Department Head

By______

Gilbert K. Kuroda

Fiscal Accounting Specialist

Property and Fund Management Office