A bailee is a person who receives possession of a property or goods through a contract of bailment. Unlike a contract of sale, the bailee has to return the goods or property to the bailor, under a contract of bailment. A bailee is responsible for the safekeeping and return of the property to the bailor or otherwise disposing it off according to the contract of bailment.
A bailor is a person who transfers possession of property or goods to the custody of another (bailee), usually under a contract of bailment. A bailment is an act of transferring/placing property or goods in the custody and control of another. A bailment is created by the voluntary taking into custody or possession of goods or property which belongs to another.
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 Oregon Waiver and Release for Furniture and Related Personal Property Stored by Bailee is a legal document that outlines the terms and conditions under which an individual or business (referred to as the bailee) can store furniture and other personal property on behalf of another person or entity (the sailor). The purpose of this document is to protect both parties involved and specify their respective rights, responsibilities, and liability limits. One type of Oregon Waiver and Release for Furniture and Related Personal Property Stored by Bailee is the Standard Storage Agreement. This agreement comprehensively covers the terms of storage, including fees, duration, regulations, and potential risks associated with storing the furniture or personal property. It ensures that the sailor understands their responsibility for the items stored and releases the bailee from any liability for damage, loss, theft, or other issues that may arise during storage. Another type is the Limited Liability Storage Agreement. This agreement limits the bailee's liability even further, typically to a specified amount or based on a pre-determined formula. This type of waiver and release is often used when storing high-value furniture or personal property and provides an added layer of protection for the bailee. Sailors should carefully assess the value of their belongings before choosing this option. The Oregon Waiver and Release for Furniture and Related Personal Property Stored by Bailee typically includes key provisions: 1. Identification of the parties: The agreement should clearly state the names and contact information of the sailor and bailee. 2. Description of the property: A detailed list of the furniture and personal property being stored. 3. Storage fees and payment terms: Specifies the cost of storage, payment schedule, and any penalty fees for late payments or non-payment. 4. Duration of storage: Indicates the agreed-upon start and end dates of the storage period. 5. Release of liability: Outlines the bailee's limited liability for loss, damage, theft, or other unforeseen circumstances. 6. Indemnification: Specifies that the sailor will indemnify and hold the bailee harmless in the event that a third party makes a claim against the bailee related to the stored property. 7. Insurance requirements: May include a provision requiring the sailor to maintain adequate insurance coverage on the stored property. 8. Termination: States the conditions under which either party can terminate the storage agreement. It is important to consult with an attorney when drafting or reviewing an Oregon Waiver and Release for Furniture and Related Personal Property Stored by Bailee to ensure compliance with state laws and to address any specific concerns or unique circumstances.
