Loan Agreements
Loan Agreements jbarber32 Tue, 07/17/2012 - 09:37Loan Agreements - Non State-Owned Property
Loan Agreements - Non State-Owned PropertyThese agreements are contracts which must be prepared jointly by the loaner and loanee whenever property is physically transferred to Georgia Tech without a title change.
A copy of the contract must be sent to Georgia Tech Insurance & Claims Management when applying for an All Risk Certificate.
Department of Administrative Services (DOAS)
The administrative branch of State government which includes the Office of Risk Management. This office has fiscal and administrative cognizance over all insurance and associated claims and appeals.
- At the request of the GT Cost Center interested in the loaned property to conduct Institute business, Georgia Tech Procurement and Business Services will prepare a loan agreement identical to or similar to the loan agreement accessible from the Georgia Tech Procurement and Business Services webpage ( www.procurement.gatech.edu/purchasing/forms).
Both the Loaner and a Georgia Tech Procurement and Business Services Procurement Officer must sign the agreement for it to be a valid loan agreement. - A copy of the executed loan agreement form along with a completed Non-GT Owned Equipment Form ( www.procurement.gatech.edu/insurance-claims/forms ) needs to be sent to Georgia Tech Insurance & Claims Mgt. prior to receiving the loaned property if insuring it under an All Risk Certificate
- All Risk Certificate of insurance can be issued to the GT Dept. as evidence of coverage on the loaned equipment.
Loan Agreements - State-Owned Property
Loan Agreements - State-Owned PropertyThese agreements are contracts which must be signed by the employee and the employee's Department Head/Lab Director whenever property is transferred temporarily outside of its normal location in a building.
Loan Agreements are the responsibility of Capital Assets Accounting. This agreement is to show Capital Assets Accounting that certain State equipment has been temporarily moved to a non-permanent location. The original agreement is sent to Capital Assets Accounting and a copy is sent to Risk Management.
Department of Administrative Services (DOAS)
The administrative branch of State government which includes the Office of Risk Management. This office has fiscal and administrative cognizance over all insurance and associated claims and appeals.
Consignment
Property in care, custody and control of Institute, but for specific reasons. Consigned property usually a sales or marketing ploy.
- The basis for all insurance covering State property on loan to an employee of the Institute is the Loan Agreement. Risk Management, upon receiving an application for insurance, will ensure that it involves a loan agreement if covered under the Risk Management procedure entitled "Application for All Risk Coverage".
- In the event that the applicant has not included a Loan Agreement, a copy will be provided for completion by Risk Management. In the interim, Risk Management will underwrite the insurance until applicant has complied with request.