This is a fairly common arrangement at Universities who are members of Division I of the NCAA. 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.
Title: South Dakota Agreement to Loan Automobile to University Athletic Department for Promotional Purposes Description: The South Dakota Agreement to Loan Automobile to University Athletic Department for Promotional Purposes is a legal document that outlines the terms and conditions for lending an automobile to a university athletic department for promotional purposes. This agreement serves as a formal arrangement between two parties, outlining the responsibilities, restrictions, and liabilities associated with the loan of the vehicle. Key Elements of the Agreement: 1. Identification of Parties: The agreement starts by clearly identifying the parties involved, which includes the owner of the vehicle and the university athletic department. 2. Loan Details: The agreement outlines the specific details regarding the vehicle to be loaned, including make, model, year, license plate number, and vehicle identification number (VIN). 3. Duration of Loan: It specifies the duration of the loan, including the start and end dates. This ensures that both parties are aware of the loan term. 4. Restrictions and Use of the Automobile: The agreement sets forth detailed instructions on how the automobile can and cannot be used. This may include limitations on mileage, locations where it can be driven, and any specific restrictions related to promotional activities. 5. Maintenance and Insurance: The agreement outlines the responsibility for maintaining the vehicle and securing appropriate insurance coverage during the loan period. It may require the university athletic department to cover any repair costs or damage incurred during their possession. 6. Return Condition: The agreement specifies that the automobile must be returned to the owner in the same condition as it was received, aside from regular wear and tear. 7. Liability and Indemnification: The agreement establishes the responsibilities and liabilities of both parties in case of accidents, damages, or injuries occurring during the loan period. It may outline insurance coverage requirements and indemnification clauses to protect both parties' interests. Types of South Dakota Agreements to Loan Automobile to University Athletic Department for Promotional Purposes: 1. Short-term Loan Agreement: This type of agreement is used for short-duration loans, typically ranging from a few days to a couple of weeks. These could involve specific events, game days, or promotional campaigns. 2. Long-term Loan Agreement: Long-term agreements are suitable when the university athletic department requires the automobile for an extended period, such as a sports season or an academic year. These agreements typically cover several months and may involve complex terms. 3. Brand Partnership Agreement: In some instances, universities may enter into brand partnership agreements with automobile manufacturers. These agreements can offer long-term loans of vehicles to the athletic department, allowing both the university and the brand to benefit from promotional activities. In conclusion, the South Dakota Agreement to Loan Automobile to University Athletic Department for Promotional Purposes is a vital legal document that governs the terms of lending an automobile to a university athletic department. By establishing clear guidelines, this agreement helps protect the interests of both parties involved in the loan transaction.
