Ex7: OSU-Owned Equipment Lease Agreement

Occasionally OSU leases OSU-owned equipment to outside organizations.  Equipment proposed for such lease agreements must be reviewed by the Property Manager to determine whether it is eligible for lease.  Once verbal approval is given for the lease, the form should be completed as indicated below and forwarded to Business Services for approval of the Contracts Office.  See PRO 702 Leased Equipment for more information on leasing OSU property.

Page 1

• LESSEE: Enter the complete name of the organization leasing the equipment from OSU.
• LESSEE agrees to provide OSU with the following compensation: Enter the money, goods or services the lessee is providing OSU in exchange for use of the equipment.
• LESSEE shall return . . . address: Enter the OSU address to which the property should be delivered at the conclusion of the agreement.
• OTHER: Enter any other terms desired for this particular agreement (subject to contract officer’s approval).

OSU-Owned Equipment Lease Agreement with sample data (page 1)

Page 2

To Be Completed By Lessee:

• Company Name: Enter name of company leasing the equipment.
• Street Address: Enter address of company leasing the equipment.
• City/State/ZIP: Enter City/State/Zip portion of lessee company address.
• Contact Person: Enter person responsible for the lease at the lessee company.
• Email: Enter email address of contact person at the lessee company.
• Telephone/Fax: Enter phone and fax number of the contact person at the lessee company.
• Date equipment will be picked up from OSU: Enter month, day and year.
• Date equipment will be returned to OSU: Enter month, day and year equipment will be returned (not to exceed two years from the date equipment is picked up from OSU).

To Be Completed By OSU:

• Department Name: Enter name of the OSU department responsible for the equipment being leased.
• Address: Enter department mailing address.
• Contact Person: Enter OSU employee in the owning department responsible for coordinating the lease.
• Email: Enter email address for the departmental contact.
• Telephone: Enter phone number of the OSU Contact Person.
• Department Head (Print): Enter name of Department head.
• Department Head Approval Signature: Enter signature of department head or chair approving lease.

List of Property on Lease

• OSU INV Number: Enter asset inventory number of the item being leased.  (If none, write “none”.)
• Description: Enter complete description of property on lease (i.e., common or generic noun, manufacturer, model number, serial number, etc.).
• Value: Enter replacement value of the item from the asset record.
• Receiving Inspection Date/Condition: Date the lessee inspected the property after receiving it, and condition of the property when inspected by the lessee.
• Examined for LESSEE by: Enter name of Lessee representative who examined the property, and date of examination.
• Returning Inspection Date/Condition: Enter date OSU inspected the property after its return, and condition of the property when inspected by OSU.
• Examined for OSU by: Enter name of OSU representative who examined the property, and date of examination.
• LESSEE: Enter signature of an authorized representative of the Lessee organization agreeing to the terms of the agreement, and date of the signature.
• OSU CONTRACT OFFICER: Leave blank. The Contracts Office will sign this agreement when approved.

OSU-Owned Equipment Lease Agreement with sample data (page 2)