Bailment Agreement
/ˈbeɪlmənt əˈɡriːmənt/
Definitions
- (n.) A contract whereby the owner of goods (bailor) delivers them to another party (bailee) for a specific purpose under the condition that they will be returned or otherwise disposed of according to the owner's instructions.
The parties entered into a bailment agreement for the safekeeping of valuable artwork.
Forms
- bailment agreement
- bailment agreements
Related terms
See also
Commentary
A bailment agreement must clearly specify the duties of the bailee and the terms of return to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.