Gift Agreement with Institution
What is this form?
The Gift Agreement with Institution is a legal document that formalizes the transfer of ownership of a collection from a donor to a nonprofit institution. This agreement not only details the items being donated but also outlines the rights and responsibilities of both the donor and the institution. It serves to protect both parties by clarifying the terms of the gift, ensuring that the donor's wishes are honored, and that the institution can manage the collection appropriately. Unlike simple donation forms, this agreement includes provisions for intellectual property rights and the potential return of materials to the donor.
Key parts of this document
- Name and contact information of the donor.
- Name and details of the institution receiving the gift.
- Description of the collection being donated, including an attached inventory.
- Warranties provided by the donor regarding ownership and clear title to the collection.
- Conditions for the donor's access to the collection after the donation.
- Provisions for potential disposal of items from the collection.
- Governing law under which the agreement is construed.
When this form is needed
This form should be used when a donor wishes to officially transfer ownership of a collection to a nonprofit institution. It is applicable in various scenarios, such as when donating art, historical documents, or other significant items that the donor wishes to be preserved and maintained by an institution. The agreement is especially important when the donor wants to retain certain rights regarding the use or access to the donated materials or when there are specific conditions under which the items may be returned or disposed of.
Who this form is for
- Individuals or entities who intend to donate a collection of items to a nonprofit institution.
- Donors who seek to retain certain rights regarding the use and access to the donated materials.
- Nonprofit institutions that wish to establish formal agreements for receiving donations.
Instructions for completing this form
- Identify and fill in the full name and contact information of the donor.
- Provide the name and details of the institution receiving the donation.
- Clearly describe the collection being donated and attach an inventory list.
- Include any warranties regarding ownership that the donor is making.
- Specify any conditions regarding the donor's access to the collection.
- Ensure both parties sign and date the agreement for it to be valid.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to provide a detailed description of the collection, which can lead to misunderstandings.
- Not including warranties concerning ownership, leaving liability issues unresolved.
- Ignoring specific conditions related to donor access, potentially creating conflicts later.
- Forgetting to have both parties sign and date the agreement, which may affect its enforceability.
Benefits of completing this form online
- Convenience: Access and complete the form from anywhere at any time.
- Editability: Easily make corrections or modifications before finalizing.
- Reliability: Ensure the use of a legally vetted form drafted by licensed attorneys.
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FAQ
It is a unilateral promise without consideration. California Civil Code Section 1146 defines a gift as follows: A gift is a transfer of personal property, made voluntarily, and without consideration. Section 1147 says that a verbal gift is generally unenforceable unless the means of obtaining possession and control
Enforceable Contracts A legally binding agreement is any contract with agreed upon terms which include actions that are required or prohibited. Traditionally, contracts address providing goods and services in exchange for payment, although they can also reflect barter situations that trade services or goods.
In California, a pledge is enforceable as a binding contract only if there is consideration.So the law remains the way California judges have ruled on this issue consistently over the years: There must be a legally sufficient amount of consideration.
It is a unilateral promise without consideration. California Civil Code Section 1146 defines a gift as follows: A gift is a transfer of personal property, made voluntarily, and without consideration. Section 1147 says that a verbal gift is generally unenforceable unless the means of obtaining possession and control
2.1. A gift is a contract without valid consideration, and, to be valid, must be executed. A valid gift is therefore a contract executed.
Gift agreements are completed and signed to prevent misunderstandings, and show your donor that you care and that they are valued and important. As a nonprofit organization must keep accurate records on donations received, so must a donor keep records of donations they've made especially when it comes to tax time.