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Tool Loan Agreement
"Need a Tool Loan Agreement under Singapore law for lending specialized construction equipment worth SGD 50,000 to a contractor for 6 months starting January 2025, with strict safety protocols and insurance requirements."
1. Parties: Identifies and defines the lender and borrower of the tools
2. Background: Context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the agreement including 'Tools', 'Loan Period', 'Security Deposit'
4. Tool Description: Detailed description of tools being loaned including make, model, serial numbers and condition
5. Loan Period: Duration of the loan, start and end dates, and any extension provisions
6. Responsibilities: Maintenance, usage obligations, and proper care requirements for the borrowed tools
7. Return Conditions: Requirements for tool return including condition, timing, and inspection procedures
8. Liability: Allocation of risk and responsibility for damage, loss, or injury
9. Termination: Circumstances under which the agreement can be terminated and consequences
10. Governing Law: Specification that Singapore law governs the agreement and jurisdiction details
1. Insurance: Insurance requirements for valuable tools, including coverage types and amounts
2. Training Requirements: Safety training specifications and certifications needed before tool use
3. Security Deposit: Terms regarding deposit amount, holding, and conditions for return
4. Sublending Prohibition: Explicit prohibition on lending tools to third parties
5. Fees and Charges: Any applicable rental fees, late return charges, or maintenance costs
1. Schedule 1 - Tool Inventory: Detailed list of tools with conditions, serial numbers, and values
2. Schedule 2 - Maintenance Schedule: Required maintenance procedures and timeline for each tool
3. Schedule 3 - Safety Guidelines: Operating procedures and safety requirements for tool usage
4. Schedule 4 - Condition Report: Documentation of tool condition before and after loan with photographs
5. Schedule 5 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
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