Fill and Sign the Bailment 497331649 Form

Bailment Contract involving a Loan of Fine Art to an Institution Bailment agreement made ________________ (date) , between, _________________________ (Name of Institution) , a nonprofit corporation organized and existing under the laws of the state of ______________, with its principal office located at _________________________________________________________ ___________________ (street address, city, state, zip code) , referred to herein as Institution , and ____________________ (Name of Owner) of ____________________ ____________________________________________________ (street address, city, state, zip code) , referred to herein Owner . 1. Subject Matter of Loan The object described below is received by the Institution for the purpose of exhibition, and for no other purpose. The object (the Loaned Property) received by the Institution is described as follows: (insert detailed description) __________________ ______________________________________________________________________ _____________________________________________________________________. 2. Duration of Loan The Loaned Property shall remain in the possession of the Institution for a period of _____ (e.g., months) from the day of this Agreement, but may be withdrawn from the exhibition at any time by the ________________ (e.g., director) of the Institution. The Loaned Property may not be removed from the Institution by the Owner during the above-described period without the written consent of the ______________ (e.g., director) of the Institution. 3. Surrender of Property The Loaned Property will be returned only to Owner or to Owner's authorized agent or representative, or, in the event of the death of Owner, to the authorized legal representative of the estate of Owner. 4. Care of Property The Institution will exercise the care in respect to the Loaned Property as the Institution does in safeguarding its own property, but the Institution does not accept responsibility for any object exhibited or stored in buildings belonging to the Institution against loss or damage unless the object is insured. If Owner elects to maintain Owner's own insurance, the Institution can accept no responsibility for any error or deficiency in information furnished to or by Owner's insurers nor for lapses in coverage, and the Institution must receive either a certificate of insurance naming the Institution as additional insured, or a waiver of subrogation executed by the Owner. 5. Condition of Property at Time of Loan The absence of any notation on this Agreement as to the condition of the Loaned Property at the time it was received by the Institution shall not mean it was in good condition on receipt. Attributions, data, valuations or price, and other information shown on Exhibit A , attached to this Agreement, are as given by Owner unless otherwise specified. 6. Request for Removal by Institution The Institution may request removal of the Loaned Property at any time by sending written notice by certified mail to Owner at the address of Owner as shown in this Agreement (or to the last change of address sent by Owner to the Institution). If Owner shall not withdraw such Property within _____ (e.g., days) from the date of such notice, then the Institution shall have the absolute right to dispose of such Property in any manner the Institution may elect and, if the Institution stores such Property, to charge storage fees and to have and enforce a lien for such fees. If after ______ (e.g., months) the Loaned Property still shall not have been withdrawn by Owner, and in consideration for its storage and safeguarding during this period, the Loaned Property shall be deemed an unrestricted gift to the Institution. 7. Change of Address It is incumbent on Owner to notify the Institution of any change of address. In case of death of Owner, the legal representative of Owner is requested to notify the ______________ (e.g., director) of the Institution in writing within ____ days of the death of Owner, with information as to whom and where notices should be sent. 8. Public Display Acceptance of the loan of the Loaned Property by the Institution does not imply that the objects listed will be on extended public display by the Institution. 9. Photographs of Property Unless the Institution is notified in writing to the contrary, it is understood that the Loaned Property may be photographed and reproduced in the Institution's publications and for publicity purposes connected with any exhibition, and that photographic slides may be made and distributed for educational use. 10. Severability The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 11. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 12. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of __________. 13. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 14. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 15. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 16. Counterparts This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 17. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. __________________________ (Name of Institution) ________________________ By:_________________________ (P rinted Name of Owner) _________________________ ________________________ (P rinted Name & Office in Corporation) (Signature of Employee) __________________________ (Signature of Officer)