Equipment Loan Agreement
Department
Table of Contents
| Section | |
|---|---|
| 1 | Purpose |
| 2 | Conditions of Use |
| 3 | Responsibility & Liability |
| 4 | Return of Equipment |
| 5 | Data Security & Privacy |
| 6 | General |
| 7 | Acknowledgment |
Purpose
This Agreement is made between Kiluth LTD. (“Company”) and the undersigned employee (“Borrower”).
The Company agrees to loan certain equipment (listed in the Assets section of this form) to the Borrower for the sole purpose of performing work duties. The Borrower accepts the equipment on a temporary basis under the terms of this Agreement.
Conditions of Use
| Condition | |
|---|---|
| 1 | Use the equipment solely for Company business and in accordance with Company policies. |
| 2 | Do not sell, transfer, lend, pledge, lease, or grant any rights in the equipment to third parties. |
| 3 | Do not modify hardware or install unlawful, unlicensed, or unapproved software. Follow IT security guidelines at all times. |
| 4 | Exercise reasonable care; do not undertake actions likely to damage, compromise, or disable the equipment. |
Responsibility & Liability
The Borrower is responsible for any loss, theft, or damage resulting from misuse, negligence, or failure to exercise reasonable care.
In case of malfunction, loss, or incident, notify the Company (IT/HR) immediately and follow the incident reporting process.
The Company may recover the actual repair or replacement cost. Where lawful, such cost may be offset against salary or other amounts payable after written notice.
Examples of negligence include (without limitation):
| Examples of negligence include (without limitation): | |
|---|---|
| 1 | Placing liquids near the device causing spills or moisture damage. |
| 2 | Drops or impacts due to improper storage or handling. |
| 3 | Leaving equipment unattended or unlocked leading to loss or theft. |
| 4 | Downloading/installing unverified or unlawful software that causes malware, data breach, or system damage. |
| 5 | Using incompatible or non-standard peripherals/power supplies that damage the device. |
Return of Equipment
| Return of Equipment | |
|---|---|
| 1 | The Borrower must return all items upon request, upon reassignment, or upon termination of employment. |
| 2 | Items must be returned in substantially the same condition as issued, normal wear and tear excepted. The Company will verify condition upon return. |
| 3 | Failure to return items when due may be treated as misappropriation and may result in disciplinary and/or legal action. |
| 4 | If the device is locked, inaccessible, or otherwise rendered unable to be wiped or reset due to the Borrower’s actions or omissions (including failure to remove passwords, accounts, encryption, or device management locks), such device shall be deemed damaged. The Borrower shall be responsible for the actual cost of repair, data recovery, or replacement, as determined by the Company. |
Data Security & Privacy
| Data Security & Privacy | |
|---|---|
| 1 | Store Company data only in approved locations (e.g., Company cloud, encrypted drives) and comply with access controls. |
| 2 | Immediately report suspected compromise, loss, or unauthorized access to IT. |
| 3 | Upon return, the Company may wipe or reimage the device to remove Company data. |
General
| General | |
|---|---|
| 1 | This Agreement is effective from the date the Borrower accepts it (submits the equipment loan agreement form on our company portal). |
| 2 | In case of dispute, the courts having jurisdiction over the Company’s registered head office shall have jurisdiction, unless otherwise required by law. |
| 3 | If any provision is found invalid, the remaining provisions remain in full force. |
Acknowledgment
| Acknowledgment | |
|---|---|
| 1 | By checking “I agree to the terms” and submitting the equipment loan agreement form, I confirm that I have read and understood this Equipment Loan Agreement, and I agree to comply with all terms above. |