COMMODATUM AGREEMENT Clause Samples
A commodatum agreement is a legal contract in which one party (the lender) temporarily lends an item or property to another party (the borrower) for use without any payment. Typically, the borrower is required to return the exact same item in its original condition after a specified period or upon request. This type of agreement is commonly used for lending items such as equipment, vehicles, or tools for personal or business use. The core function of a commodatum agreement is to formalize the terms of a gratuitous loan, ensuring both parties understand their rights and obligations, and to protect the lender by providing a legal basis for the return of the property.
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COMMODATUM AGREEMENT. ALIGN will, contemporaneously with the execution of this Agreement, execute a Commodatum Agreement, (hereinafter, the "Commodatum Agreement") a copy of which is attached hereto (Exhibit "C") and made a part hereof. The Commodatum Agreement will address, more specifically, the custody and care of Equipment and shall include: (i) an Equipment Use Agreement, attached thereto as Annex 1; and (ii) an equipment list, attached thereto as Annex 2, describing all Equipment which list thereafter will be supplemented and amended from time to time to reflect any additions to or deletions to such Equipment. The parties will meet (i) monthly during the first three months after the Effective Date of the Agreement and (ii) and quarterly thereafter to update the equipment list. IMS/ALIGN Shelter Agreement December 22, 2005
COMMODATUM AGREEMENT. It is a condition subsequent to this Agreement that, before any Inventory is to be delivered to the Facility, that the parties shall have executed and ratified the Commodatum Agreement before a Mexican Public Notary in a form reasonably acceptable to the parties hereto. In the event of a conflict between the Commodatum Agreement and this Agreement, the Commodatum shall control.