Bailment Agreement for Product Evaluation

Prepare a Bailment Agreement for products that will be sent to another party for evaluation with this easy downloadable template.

What does "bailment" mean?

The term "bailment" means the transfer of possession of certain goods by the owner (the bailor) to another person (the bailee) for a specific purpose, on the condition that they will be returned to or reclaimed by the owner after the purpose is accomplished. The bailee does not acquire any ownership or title to the goods.

When would this Bailment Agreement be applicable?

This contract form can be used for situations where a third party evaluator needs to take possession of software, hardware, equipment or other products in order to evaluate them.

Key Provisions of the Agreement

• The bailor (owner) retains full title and ownership of the goods being bailed. The bailee (evaluator) agrees not to sell, transfer, encumber or subject the bailed property to any legal process.
• The bailor agrees that if any part of the bailed goods installed on the bailee's property would cause damage to that property if removed, title to that portion of the bailed goods will pass to the bailee.
• The bailed goods are provided "as is" and without any warranty of any kind, including warranties of merchantability or fitness for a particular purpose.
• The bailee is under no obligation to purchase any goods from, or have any future business dealings, with the bailor.

Confidentiality

The bailee and its employees, contractors and agents are bound by confidentiality provisions to protect the bailor's intellectual property and confidential information.

Format and Scope of Agreement

This Bailment Agreement is available as a downloadable MS Word file. It is customizable and reusable, making it flexible and cost-effective.

This is a generic legal contract template which does not contain references to the laws of any specific country or region. It can be used almost anywhere.