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.
The Tennessee Agreement to Loan Automobile to University Athletic Department for Promotional Purposes is a legal document that outlines the terms and conditions of lending vehicles to the university's athletic department for promotional activities. This agreement is crucial for defining the rights and responsibilities of both parties involved, ensuring a smooth and mutually beneficial arrangement. Key terms and conditions covered within the Tennessee Agreement to Loan Automobile to University Athletic Department for Promotional Purposes may include: 1. Parties involved: Clearly state the names and contact information of both the lending party (usually an automotive dealership or company) and the university's athletic department, along with any other relevant parties. 2. Description of the automobile: Detailed information about the vehicle being loaned, including the make, model, year, VIN (Vehicle Identification Number), current mileage, and any additional features or accessories. 3. Loan duration: Specify the start and end dates of the loan agreement. Depending on the purpose of the loan, it may range from a few days to several weeks or months. 4. Purpose: Clearly define the intended use of the loaned vehicle, which is for promotional purposes in this case. This could involve transportation for athletic team members, staff, or promotional events to enhance the university's branding and public visibility. 5. Location restrictions: State whether the vehicle is permitted to leave specific geographical boundaries set by the lending party. This helps protect the vehicle and ensures compliance with insurance coverage limitations. 6. Insurance coverage: Establish the required insurance coverage for the vehicle during the loan period. The university's athletic department might need to provide comprehensive insurance coverage, covering liability, damages, theft, or accidents. 7. Maintenance and condition: Outline the responsibilities for routine maintenance, repairs, and keeping the vehicle in good condition. The agreement should specify whether the university's athletic department is responsible for any associated costs or if the lending party will cover such expenses. 8. Return condition: Define the expectations for returning the vehicle by detailing any specific cleaning, fueling, or inspection requirements. This section may also include a provision for penalties in case of damages or excessive wear and tear. Types of Tennessee Agreement to Loan Automobiles to University Athletic Department for Promotional Purposes: 1. Short-term loan agreement: This type of agreement covers loan periods ranging from a few days to a few weeks, often used for specific events, such as homecoming games or sponsorship-related promotional activities. 2. Long-term loan agreement: In some cases, the lending party might provide a vehicle for an entire sports season or for a specific duration, such as a year, to support ongoing promotional efforts. 3. Multiple vehicle loan agreement: If the university's athletic department requires more than one vehicle for their promotional activities, this type of agreement covers the loaning of multiple automobiles simultaneously. Ultimately, the Tennessee Agreement to Loan Automobile to University Athletic Department for Promotional Purposes protects both parties' interests by ensuring a clear understanding of loan terms, vehicle handling, and responsibilities. It serves as a valuable tool for any university athletic department seeking to supplement their transportation needs while boosting their promotional efforts.
