When a piece of equipment is loaned to the University, an Equipment Loan Agreement form must be completed. Failure to complete the agreement may result in the department being held responsible for loss or damage to the equipment.
Short Term Equipment Loan Guidelines
Direct communications between faculty and staff and vendors is encouraged. In some circumstances it may be desirable to have a vendor demonstrate a piece of equipment prior to initiating budgetary and purchasing action. Please bear in mind the following guidelines:
- A demonstration is a short-term event. It is completed within a few hours (no more than eight), does not include training of university employees, and the equipment leaves campus after the demonstration. There should be no cost or obligation to the university associated with a demonstration.
- Equipment left in the custody of the university is considered to be on loan. If equipment remains on campus for evaluation after a demonstration, it is required that there be a written agreement regarding the loan of the equipment before acceptance. This agreement should include a full description of the equipment including the value of the equipment and information about the length of the loan. Loaned equipment for evaluation purposes for purchase should not be left on campus longer than 30 days.
- Do not agree to, or sign, any documents related to the demonstration or loan without prior review of the Purchasing Office.
- Demonstration or loaned equipment cannot be purchased as "used" equipment unless it was previously owned or leased by another party.
- If a decision is made to purchase the type of equipment demonstrated or loaned, university Purchasing will solicit competitive bids or proposals.
If there are any questions regarding the Short Term Loan Agreement contact the Purchasing Office.
Long Term Equipment Loan Guidelines
Long Term Equipment Loan Agreements must be used when an outside agency or individual, or an employee loans equipment to the University for the University's benefits for a period longer than 30 days. This could include:
- Equipment loaned to the university for purposes of instruction, demonstration, experimentation, or research.
- As a loan until a purchased piece of equipment arrives.
- Equipment loaned to the university to help defray expenses. For example, a personal computer or a piece of technology equipment.
If there are any questions regarding the Long Term Loan Agreement contact Business Services and Contracts.