Gift Agreement Example

• 01 December 2021
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When giving a gift, it is important to have a gift agreement in place. This document outlines the terms and conditions of the gift, ensuring that both the giver and the receiver are on the same page. In this article, we will provide an example of a gift agreement to help guide you in creating your own.

Gift Agreement Example

This gift agreement (“Agreement”) is made on [insert date] between [insert name of giver] (“Giver”) and [insert name of receiver] (“Receiver”).

1. Description of Gift

Giver hereby gifts [insert description of gift] (“Gift”) to Receiver.

2. Terms and Conditions of Gift

(a) Receiver accepts the Gift in its current state and condition and agrees to use the Gift in accordance with its intended purpose.

(b) Giver warrants that they are the rightful owner of the Gift and have the legal right to transfer ownership of the Gift to Receiver.

(c) Receiver agrees to indemnify and hold harmless Giver from any and all claims, damages, or liabilities arising from the use of the Gift.

(d) Receiver agrees to pay any applicable taxes, fees, or other charges associated with the Gift.

3. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [insert applicable state].

4. Entire Agreement

This Agreement contains the entire agreement between the parties and supersedes all prior agreements or understandings, whether written or oral, relating to the Gift.

5. Amendments

This Agreement may be amended only by written instrument executed by both Giver and Receiver.

6. Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

[insert signature of Giver] [insert signature of Receiver] [insert printed name of Giver] [insert printed name of Receiver]

Conclusion

A gift agreement is an essential document that protects both the giver and the receiver. By clearly outlining the terms and conditions of the gift, this agreement ensures that there is no confusion or misunderstanding between the parties. The example provided above can serve as a helpful guide in creating your own gift agreement. Remember to consult with a legal professional if you have any questions or concerns.