You maintain your car, your tools, and other personal possessions to ensure proper working order. They’re there when you need them today and you take care of them to make sure they’re in good condition when you need them later. How you maintain your possessions, however, may not be how others will treat them if you lend them out. Here are some guidelines to follow if someone asks to borrow something of yours, and you’re willing to lend it.
- Have a plan in case that item is damaged or destroyed. The person borrowing something from you may have no intention of harming that item, but accidents do happen. Who is responsible for repairing or replacing that item? Discuss that possibility with the individual and make it clear that he or she is responsible for anything that happens to it until it’s returned to you. That includes theft of the item or someone else borrowing it from that individual and breaking it.
- Take pictures of the item before lending it to the individual. If the item isn’t returned in the same condition it left your possession, the photos are your proof that the item was in the condition you said it was in. For an item with a motorized operation, take a video of it in action. That will prove that the item was in operating condition when you lent it to the individual.
- Define the duration the item will remain in that person’s possession and make sure he or she agrees to it. By defining the lending duration, you’ll know when to expect the item back and make it easier for you to ask for its return if that person fails to do so by the agreed time.
- Make sure you have the contact information for that individual, including the person’s full name, address and phone number. Co-workers quit. Acquaintances at a bar can stop showing up. A fellow student might drop out. You need to make sure that you can contact the person who borrowed your item even if that person drops off the radar. You might also consider using the camera on your cell phone to take a photo of the person’s driver’s license. It will make sure you receive accurate contact information from the person.
- If the item has a high value such as a vehicle or an expensive toolset, consider a written agreement. In the agreement, state what the item is, the condition of the item, who you’re lending the item to, the duration in which the item is to remain in that person’s possession, and that person’s responsibility while the item is in his or her possession.
When lending an item to someone, it’s your responsibility to ensure the transaction goes smoothly. To avoid hurt feelings, broken friendships, and a damaged bank account for any repairs or replacement costs, define the terms of the agreement before handing over possession of an item, and make sure that other person agrees to them. By clarifying the situation ahead of time, there won’t be any question as to what happens next if an item is lost, damaged or destroyed.