There is no grace period for the return of equipment loaned by UTLC. Equipment is expected to be returned on or before the due date. Adjustments or extensions of the due date must be negotiated with the UTLC in advance, as equipment may already be reserved by another borrower.
Equipment not returned by the due date will be assessed overdue fees of $1.00 per day. If necessary, additional charges for repair or replacement of equipment will be included, at fair market rate, as determined by UTLC should equipment become lost, stolen, or damaged. Refer to the Equipment Loan Liability Policy. Stolen equipment must be verified by providing UTLC with an official copy of a police report.
This policy in effect as of: 12/19/08
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