THIS CONTRACT of LOAN ONLY AGREEMENT Is Entered Into Between

THIS CONTRACT of LOAN ONLY AGREEMENT Is Entered Into Between

THIS CONTRACT of LOAN ONLY AGREEMENT is entered into between

______

(Name)

______

(Address)

(hereinafter called lender), and Texas A&M University-Corpus Christi (hereinafter called the University) , for the purpose of allowing the University to borrow ______work(s) of art in the possession of or belonging to ______, under the following conditions:

  1. The University will borrow the following work(s) of art (attach list if necessary):

a) Title b) Dimensions c) Medium d) Date of Work e) Value

For the period of ______through______.

  1. The University will exercise the same care with respect to the work(s) of art listed above as it does in safekeeping of comparable property of its own.
  2. The work(s) described herein shall remain in the possession of the University, to whom it has been loaned, for the time specified, but may be withdrawn from exhibition at any time by the University. The work(s) will be returned only to the owner or lender at the address from which borrowed unless otherwise agreed to in writing by both parties. If legal ownership of the work(s) shall change during the pendency of this loan, whether by reason of death, sale, insolvency, gift or otherwise, the new owner may, prior to its return, be required to establish his legal right to receive the work(s) on the University premises or at the place from which borrowed, by proof satisfactory to the University.
  3. The University will insure the work(s) wall-to-wall for the appraised value established by certified appraisers and/or at values agreed to in writing by both parties. The insurance will cover all risks of physical loss or damage from any external cause while in transit and on location during the period of this loan; provided, however, that if the work(s) shall have been industrially fabricated and can be replaced to the artist’s specifications, the amount of such insurance shall be limited to the cost of such replacement. If no amount shall have been specified by the lender or appraiser, the University will insure the work(s) at its own estimated valuation. The University policy contains the usual exclusions for loss or damage due to war, invasion, hostilities, rebellion, insurrection, confiscation by order of any government or public authority, risks of contraband or illegal transportation and/or trade, nuclear damage, wear and tear, gradual deterioration, moths, vermin and inherent vice, and for damage sustained due to and resulting from any repairing, restoration or retouching process unless caused by fire and/ or explosion. The lender agrees that, in the event of loss or damage, recovery shall be limited to such amount if any, as may be paid by the insurer, hereby releasing the University, and the employees of the University from liability for any and all claims arising out of such damage or loss.
  4. If the lender chooses to maintain his/her own insurance, the University must be supplied with a certificate of insurance naming the University as an additional assured or waiving subrogation against the University. If the lender shall fail to supply the University with such a certificate, this loan agreement shall constitute a release of the University from any liability in connection with the work(s). The University cannot accept responsibility for any error or deficiency in information furnished to the lender’s insurer or for any lapses in coverage.
  5. The University assumes the right, unless specifically denied by the lender, to examine the work(s) by all modern photographic means available. Information thus gathered will remain confidential and will not be published without the written consent of the lender. It is understood that the University will not clean, restore, or otherwise alter the work(s) without the consent of the lender.
  6. The University’s right to return the work(s) shall accrue absolutely at the termination of the loan. If the University, after making all reasonable efforts and through no fault of its own, shall be unable to return the work(s) within sixty days after such termination, then the University shall have the absolute right to place the work(s) in storage, to charge regular storage fees and the cost of insurance therefore, and to have and enforce a lien for such fees and cost. If, after one year, the work(s) shall not have been reclaimed, then, and in consideration for its, storage, insurance and safeguarding during such period, the work(s) shall be deemed an unrestricted gift to the University.
  7. The parties agree that the Conditions Report attached herein is made a part of this contract and is hereby incorporated by reference.
  8. “The dispute resolution process provided for in Chapter 2260 of the Government Code shall be used, as further described herein, by Texas A&M University-Corpus Christi and to attempt to resolve any claim for breach of contract made by the contractor.

A claim for breach of this contract that the parties cannot resolve in the ordinary course of business shall be submitted to the negotiation process provided in Chapter 2260, subchapter B, of the Government Code. To initiate the process, the contractor shall submit written notice, as required by subchapter B, to the Director of Contracts. Said notice shall specifically state that the provisions of Chapter 2260, subchapter B, are being invoked. A copy of the notice shall also be given to all other representatives of Texas A&M University-Corpus Christi and the contractor otherwise entitled to notice under the parties’ contract. Compliance by the contractor with subchapter B is a condition precedent to the filing of a contested case proceeding under Chapter 2260, subchapter C, of the Government Code.

The contested case process provided in Chapter 2260, subchapter C, of the Government Code is the contractor’s sole and exclusive process for seeking a remedy for any and all alleged breaches of contract by Texas A&M University-Corpus Christi if the parties are unable to resolve their disputes under subparagraph (A) of this paragraph.

Compliance with the contested case process provided in subchapter C is a condition precedent to seeking consent to sue from the Legislature under Chapter 107 of the Civil Practices and Remedies Code. Neither the execution of this contract by Texas A&M University-Corpus Christi nor any other conduct of any representative of Texas A&M University-Corpus Christi relating to the contract shall be considered a waiver of sovereign immunity to suit.

The submission, processing and resolution of the contractor’s claim is governed by the published rules adopted, by the Attorney General pursuant to Chapter 2260, as currently effective, hereafter enacted or subsequently amended.

Neither the occurrence of an event nor the pendency of a claim constitutes grounds for the suspension of performance by the contractor, in whole or in part.

The designated individual responsible on behalf of Texas A&M University-Corpus Christi for examining any claim or counterclaim and conducting any negotiations related thereto as required under §2260.052 of H.B. of the 76th Texas Legislature shall be John Casey, Director of Contracts.

ArtistTexas A&M University-Corpus Christi

By: ______By: ______

Title: ArtistTitle: ______

Dated______Dated:______

E-mail:______

Telephone:______

(5/9/17-5/8/20)

1

Top View