Common use of Condition of the Equipment Clause in Contracts

Condition of the Equipment. THE BORROWER agrees that it will return the Equipment in the same condition that it was in when it left the GIMC, ordinary wear and tear not excepted. If THE BORROWER needs to repair or replace any equipment during the course of its use, it will contact the GIMC immediately, and will return the Equipment to the GIMC. The GIMC will not guarantee replacement EQUIPMENT. If the GIMC determines that the Equipment is not in the same or better condition that it was when it left the GIMC as a result of neglect, it may repair or replace any piece or part of the Equipment and THE BORROWER will pay the cost upon receipt of a bone fide invoice.