1. The Art Museum of the University of Memphis (AMUM) will give the same care and respect to the loaned objects as is given to comparable objects in the permanent collection. It is understood that AMUM will not clean, restore, frame, or otherwise alter objects covered by this Agreement without written consent of the Lender except when the safety of the object makes such action imperative. The Lender agrees that the object(s) can withstand the ordinary stress and strain of packing, transportation, exhibit, and handling.
2. Objects lent to AMUM shall remain in its possession for the entire duration of the exhibition unless arrangements are made in writing for the extension of the loan. Loans will be returned only to the Lender, or a duly authorized agent, unless AMUM is notified in writing by the Lender to the contrary. If legal ownership has changed during the term of this loan, whether by reason of death, sale, insolvency, gift or otherwise, the new owner shall, prior to its return, be required to establish his/her/its legal right to receive the object(s) by proof of ownership satisfactory to AMUM.
3. Unless otherwise instructed in writing, AMUM will insure objects under its fine arts policy, for the replacement value specified by the Lender, against all risks of physical loss or damage from any external cause while on location, during the period of the loan. If no amount has been specified by the Lender, there is no guarantee of insurance coverage by AMUM. It is the responsibility of the Lender to notify AMUM of updated insurance valuations.
The policy referred to contains the usual exclusions of loss or damage to objects considered inherently fragile in material or construction and thereby vulnerable to damage, unless the object can be exhibited in a manner deemed suitably secure by AMUM. Also excluded is loss or damage resulting from wear and tear, gradual deterioration, moths, vermin, inherent vice causing loss, or damage sustained due to, or resulting from, any repairing, restoration or retouching process, gradual deterioration, nuclear damage, hostile or warlike action in time of peace or war, acts of domestic or international terrorism, or any action by governmental authority in hindering such action, seizure or destruction under quarantine or customs regulations, confiscation by order of government or public authority under laws regarding contraband or illegal transportation and/or trade. The Lender agrees to abide by the terms of the insurance carrier’s arbitration clause. The Lender agrees that in the event of loss or damage, recovery shall be limited to such amount, if any, as may be payable by insurance secured in accordance with this Agreement and Lender hereby waives all other remedies with respect thereto.
AMUM shall not be liable and AMUM’s insurance policy shall not be in effect while an object is in the care, custody and control of the Lender, including, but not limited to, those times when the Lender is transporting the object. If the Lender chooses to maintain his/her own insurance, AMUM must be supplied with a certificate of insurance, waiving subrogation against AMUM. If the Lender fails to supply AMUM with such a certificate, this Agreement shall constitute a release of AMUM from any liability in connection with the loaned item(s). AMUM shall not be responsible for any error or deficiency in information furnished by the Lender to the Lender’s insurer or for any lapses in coverage.
5. Unless otherwise stated, objects may be photographed and reproduced for educational, or publicity purposes, catalogs, or other Museum projects. Lender agrees that AMUM may allow its visitors to photograph the Works for their personal, non-commercial use.
6. If, after making all reasonable efforts, AMUM is unable to return the loaned object(s) within thirty (30) days after the termination of this Agreement, AMUM shall have the right to retain or dispose of the object(s) at its discretion. Objects retained shall become the property of the Art Museum of the University of Memphis.
7. The construction, interpretation, and enforcement of this Agreement shall be governed by the laws of the State of Tennessee. The Tennessee Claims Commission shall have jurisdiction over any claim against the University of Memphis or AMUM arising under this Agreement. This Agreement sets forth the entire understanding of the parties hereto and supersedes all prior agreements, whether written or oral, regarding the subject matter hereof. Damages recoverable against the AMUM shall be limited expressly to claims paid by the Claims Commission pursuant to T.C.A., Section 9-8-301 et seq.