BAILMENT AGREEMENT
BETWEEN
LOCKHEED MARTIN CORPORATION
LOCKHEED MARTIN AERONAUTICS-PALMDALE
AND
________________________
THIS BAILMENT AGREEMENT (hereafter referred to as "Agreement") is entered into as of _____, _____,
by and between Lockheed Martin Corporation, acting by and through its Lockheed Martin Aeronautics
Company-Palmdale, (hereafter referred to as "Bailee") and _____, (hereafter referred to as "Bailor"). In
recognition of the mutual promises, and other good and valuable consideration, receipt of which is hereby
acknowledged, Bailor agrees to deliver and Bailee agrees to accept the bailment of certain of Bailor's
property, at no cost to Bailee, as described hereinbelow.
1. DESCRIPTION OF BAILED PROPERTY
Bailor shall bail to the Bailee property (hereinafter "Property") identified as: [describe here the exact
property, and all of it, being bailed.] _____
2.
VALUE OF PROPERTY
The value of the Property at the time of bailment to Bailee is: [here itemize the value of each piece of
property being bailed and then the total dollar value of the Property]. _____
3.
PLACE OF DELIVERY
The Property shall be delivered to Bailee at _____, on or before _____,
4.
PLACE OF RETURN
The Property shall be returned by the Bailee to the Bailor at [specify where Property is to be returned]
_____ on or before _____, with transportation paid by Bailee. This period of bailment may be extended by
the parties.
5.
PURPOSE
Bailee shall use the Property only for the purpose of [insert purpose here] _____. Bailee's use shall comply
with all applicable laws and regulations, and with applicable requirements and instructions so long as those
applicable requirements and/or instructions are provided in writing by Bailor to Bailee.
6.
POINT OF CONTACT
The individuals serving as points of contact for the Property are:
Bailor
__________________
Bailor
__________________
7.
Phone # __________________
Phone # __________________
Fax #
__________________
Fax #
__________________
TITLE AND TRANSFER OF PROPERTY
Title to the Property furnished pursuant to this Agreement shall remain with Bailor and Bailee shall not sell,
transfer, lease, mortgage, borrow against, pledge or otherwise create a legal or equitable interest by any
third party in the Property.
8. WARRANTY
Bailor warrants that the Property shall be delivered to Bailee in good operating conditions and capable of
performing its intended use. BAILOR MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, AS TO
THE PROPERTY'S CONDITION, MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE.
9. LIABILITY FOR LOSS OF PROPERTY
Bailee assumes the risk of , and shall be responsible for, any loss or damage to the Property while the
Property is in Bailee's possession or control. Bailee shall return the Property in as good a condition as
possible, except for reasonable wear and tear thereof..
10. LIMITATIONS OF LIABILITY
In no event shall either Bailee or Bailor be liable to the other for special, incidental, or consequential
damages arising out of or connected in any way with the bailment, use, or operation of this Property
11. APPLICABLE LAW
This Agreement shall be construed and interpreted in accordance with the laws of the state of California,
without resort to said state's Conflicts of Laws rules. If any provision is found to be illegal or otherwise
unenforceable by any court or other judicial or administrative body, the other provisions shall not be affected
thereby and shall remain in full force and effect.
12. ASSIGNMENT
Neither party shall assign any of its rights or obligations under this Agreement without the prior written
consent of the other party.
13. APPLICABLE LAW
This Agreement is not intended by the parties to constitute or create a joint venture, pooling arrangement,
partnership, or formal business organization of any kind, and the rights and obligations of the parties shall be
only those expressly set forth herein. Neither party shall have the authority to bind the other except to the
extent authorized herein
14. COMPLETE AGREEMENT
This Agreement constitutes the complete and final Agreement between the parties and supersedes all prior
representations and agreements of the parties with respect to the subject matter hereof.
BAILOR
_____________________________
Signature
BAILEE
LOCKHEED MARTIN CORPORATION
Lockheed Martin Aeronautics Company Palmdale
_____________________________
Signature
_____________________________
Typed Name
_____________________________
Typed Name
_____________________________
Title
_____________________________
Title
_____________________________
Date
_____________________________
Date