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Bailment refers to the unique legal relationship created when a bailer give control over personal property to a bailee, with the express or implied agreement that the property would be returned on request.
The relationship of the bailee with the personal property is of particular interest in such arrangement as there needs to be a clearer manner in which to determine who would be responsible for the property.
In bailment arrangements, the bailee would only be responsible for carrying out the terms of the contract, failing which would constitute to a breach.
This means means that by default, bailees are not liable for losses from theft or vandalism unless specifically stated in the contract of service.
As such the bailer, who is the owner of the personal property, would have to purchase insurance for protection.
The most common examples of baliment are warehousing facilities where the assets, inventory, or personal property of others are stored.
Upon request or the expiry of the bailment’s purpose, the personal property would be returned to the bailor.