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Equipment Rental Contract

Equipment Rental Contract

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Published by Catherine Onyango
Equipment rental contract
Equipment rental contract

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Published by: Catherine Onyango on Nov 25, 2013
Copyright:Attribution Non-commercial


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This Equipment Rental (this "Rental") is made effective as of June 15 1999, between nte!national ndust!ies nco!po!ated th!ou"h its wholl# owned subsidia!# RE$T %&R inco!po!ated (the "'ompan#"), ()* nnovation +!ive, +avid Ta#lo! Resea!ch 'ente!, &nnapolis, %a!#land ,1(),, and ------------------------- (the "'ustome!"), -------------------------, -------------------------, --- ----------, and states the a"!eement of the pa!ties as follows. RENTAL EQUIPMENT SUBJECT TO THIS CONTRACT. The 'ompan# shall !ent the equipment listed on the attached E/hibit "&"0 PAYMENT TERMS. The !ental pa#ments shall be due whethe! o! not the 'ustome! has !eceived notice of a pa#ment0 The pa#ment te!ms of the !ental a!e defined in E12 3 T 30 SERVICE CHARGE. f an# Rental installment is not paid within , da#(s) afte! the due date, the 'ustome! shall pa# to the 'ompan# a su!cha!"e cha!"e of 14 of monies ove!due pe! da#0 &t this time the Rental will cease and the equipment shall be !etu!ned immediatel# to the Rente! NON-SUFFICIENT FUNDS. The 'ustome! shall be cha!"ed 5,5)0)) fo! each chec6 that is !etu!ned to the 'ompan# fo! lac6 of sufficient funds0 SECURITY DEPOSIT. The 'ustome! shall pa# a secu!it# deposit of 1)4 of the estimated value of the !ental at the time that this Rental is si"ned0 This deposit will be !etu!ned to the 'ustome! at the te!mination of this Rental, sub7ect to the option of the 'ompan# to appl# it a"ainst Rental cha!"es and dama"es0 &n# amounts !efundable to the 'ustome! shall be paid at the time this Rental is te!minated0 The secu!it# deposit shall not bea! inte!est0 RISK OF LOSS OR DAMAGE. The 'ustome! assumes all !is6s of loss o! dama"e to the equipment f!om an# cause, and a"!ees to !etu!n it to the 'ompan# in the condition !eceived f!om the 'ompan#, with the e/ception of no!mal wea! and tea!0 The 'ompan# o! thei! appointed a"ent will dete!mine no!mal wea! and tea!0 &ll dete!minations made b# the 'ompan# a!e final0 INSURANCE AND INSURANCE CERTIFICATE. The 'ustome! shall insu!e the equipment fo! its full !eplacement value as stated in &ppendi/ & unde! an &88 R 9:9 ;<8 '=0 & cop# of the insu!ance ce!tificate shall be p!ovided to the 'ompan# p!io! to

The equipment ma# onl# be used and ope!ated in a ca!eful and p!ope! manne!0 ts use must compl# with all laws. f the 'ustome! is not in default upon the e/pi!ation of this !ental.the commencement of the Rental0 The sole beneficia!# of the insu!ance will be stated on the ce!tificate as nte!national ndust!ies nco!po!ated ()* nnovation +!ive. +avid Ta#lo! Resea!ch 'ente!. o!dinances. o! maintenance of the equipment. The 'ustome! shall inspect each item of equipment delive!ed pu!suant to this Rental0 The 'ustome! shall immediatel# notif# the . &nnapolis.0 >ailu!e of the insu!ance compan# to hono! a claim in no wa# chan"es the obli"ation of the 'ustome! to compensate The 'ompan# fo! the full new !eplacement value of the equipment0 The minimum paid up te!m of the nsu!ance must be fo! the initial pe!iod of the Rental plus one?month0 RENTAL TERM. pa!ts. +A$9 $umbe! B Th!ee t!ade !efe!ences whe!e the value of !ecent c!edit histo!# with those is of the same o!de! of ma"nitude as is bein" !equested b# the 'ustome!0 CARE AND OPERATION OF EQUIPMENT. and simila! items0 COMPANY'S RIGHT OF INSPECTION. mate!ial. The 'ompan# shall have the !i"ht to inspect the equipment du!in" 'ustome!Ds no!mal business hou!s0 RETURN OF EQUIPMENT. the 'ustome! shall be obli"ated to !etu!n the equipment to the 'ompan# at the 'ustome!Ds e/pense0 &n# f!ei"ht. insu!ance o! customs cha!"es !elated to the !ented equipment incu!!ed du!in" o! at the end of the !ental will be billed to the 'ustome!s account0 OPTION TO RENEW. allowin" fo! !easonable wea! and tea!0 The 'ustome! shall pa# all costs !equi!ed to maintain the equipment in "ood ope!atin" condition0 9uch costs shall include labo!. the 'ustome! shall have fi!st option to !ent the equipment on such te!ms as the pa!ties ma# a"!ee at that time0 ACCEPTANCE OF EQUIPMENT. &t the end of the Rental pe!iod. if an#0 MAINTENANCE AND REPAIR. use.1(). The custome! will p!ovide c!edit !efe!ences p!io! to 1 wee6 befo!e the commencement of the Rental pe!iod0 These will consist of 1 3an6 !efe!ence . and !e"ulations !elatin" to the possession. The 'ustome! shall maintain the equipment in "ood !epai! and ope!atin" condition. includin" !e"ist!ation andCo! licensin" !equi!ements. This Rental shall be"in on the above effective date and shall te!minate on !etu!n in full# wo!6in" condition to the 'ompan#@s facilit#0 f the equipment has to be !epai!ed to !etu!n it to a full# wo!6in" state the equipment will continue to be Rented until it is !epai!ed0 The Rental pe!iod will end onl# when the equipment has been !etu!ned to a full# wo!6in" state0 &t an# time the 'ompan# has the !i"ht to te!minate the Rental with * da#s notice0 The 'ustome! ma# te!minate the Rental afte! the initial pe!iod of the Rental has been completed as defined in E12 3 T '0 CREDIT REFERENCES. %a!#land .

disabilit#. The 'ustome! shall insu!e the equipment in an amount sufficient to cove! the !eplacement cost of the equipment0 TAXES AND FEES. lev#. . da#(s) afte! the delive!# of the equipment. +u!in" the te!m of this Rental. which equipment shall become the p!ope!t# of the 'ompan# and sub7ect to this cont!act0 LIABILITY AND INDEMNITY. o! !eplace the equipment with li6e equipment in "ood !epai!.'ompan# of an# disc!epancies between such item of equipment and the desc!iption of the equipment in the Equipment 9chedule0 f the 'ustome! fails to p!ovide such notice in w!itin" within . unless the 'ompan# t!ansfe!s the title b# sale0 The 'ustome! shall immediatel# advise the 'ompan# !e"a!din" an# notice of an# claim. The 'ompan# ma6es no wa!!antiesE e/p!ess o! implied. f the equipment is dama"ed o! lost. and license and !e"ist!ation fees on the equipment0 DEFAULT.)))0)) unless waived in w!itin" b# the 'ompan#0 CASUALTY INSURANCE. the 'ustome! shall pa# all ta/es. the 'ompan# shall have the option of !equi!in" the 'ustome! to !epai! the equipment to a state of "ood wo!6in" o!de!. lien. The occu!!ence of an# of the followin" shall constitute default unde! this 2i!e. o! t!anspo!tin" the equipment du!in" the te!m of this Rental is the obli"ation of the 'ustome!. handlin". the 'ustome! will be conclusivel# p!esumed to have accepted the equipment as specified in the Equipment 9chedule0 &n# subsequent claim that the equipment was not p!ovided in full# functional o!de! will not be conside!ed0 FAILURE TO PERFORM f the equipment fails to pe!fo!m afte! the initial acceptance it will be the !esponsibilit# of the custome! to !epai! and co!!ect the p!oblem0 The 'ompan# will not be held !esponsible fo! an# failu!e of equipment fo! an# !eason and the equipment will !emain on !ental unless a dispensation is "!anted in w!itin" b# the 'ompan# to waive the !ental fees fo! the pe!iod of non?pe!fo!mance0 The compan# will not be held !esponsible fo! an# e!!o!s o! omissions due to the 'ustome!@s lac6 of ope!ational o! technical capabilit#0 OWNERSHIP AND STATUS OF EQUIPMENT. and death of wo!6e!s and othe! pe!sons caused b# ope!atin". o! le"al p!ocess issued a"ainst the equipment0 WARRANTY. assessments. and the 'ustome! shall indemnif# and hold the 'ompan# ha!mless f!om and a"ainst all such liabilit#0 'ustome! shall maintain liabilit# insu!ance of at least 515. !e"a!dless of the manne! in which it ma# be attached to an# othe! p!ope!t#0 The 'ompan# shall be deemed to have !etained title to the equipment at all times. 8iabilit# fo! in7u!#. The equipment will be deemed to be pe!sonal p!ope!t#. as to the equipment !ented0 The 'ustome! assumes the !esponsibilit# fo! the condition of the equipment0 INDEMNITY OF COMPANY FOR LOSS OR DAMAGES.))).

const!ued. and financial !epo!ts submitted to 'ompan# a!e t!ue and co!!ect and an# mate!ial mis!ep!esentation will constitute default unde! this cont!act0 'ompan#. o! othe!wise miti"ate the dama"es f!om the default. f the 'ustome! is in default unde! this Rental. seiFu!e. and hold the 'ustome! !esponsible fo! an# deficienc#0 The 'ompan# shall be obli"ated to !e?!ent the equipment. . f an# po!tion of this cont!act shall be held to be invalid o! unenfo!ceable fo! an# !eason. onl# as !equi!ed b# law0 NOTICE. The 'ustome! shall not assi"n o! sublet an# inte!est in this Rental o! the equipment o! pe!mit the equipment to be used b# an#one othe! than the 'ustome! o! 'ustome!Ds emplo#ees. posta"e p!epaid. This cont!act constitutes the enti!e a"!eement between the pa!ties0 $o modification o! amendment of this cont!act shall be effective unless in w!itin" and si"ned b# both pa!ties0 This cont!act !eplaces an# and all p!io! a"!eements between the pa!ties0 GOVERNING LAW. and enfo!ced as so limited0 WAIVER. !epai!.&0 30 '0 +0 The failu!e to ma6e a !equi!ed pa#ment unde! this Rental when due0 The violation of an# othe! p!ovision o! !equi!ement that is not co!!ected within ( da#(s) afte! w!itten notice of the violation is "iven0 The insolvenc# o! ban6!uptc# of the 'ustome!0 The sub7ection of an# of 'ustome!Ds p!ope!t# to an# lev#. then such p!ovision shall be deemed to be w!itten. assi"nment. statements. without 'ompan#Ds p!io! w!itten consent0 ENTIRE AGREEMENT AND MODIFICATION. the 'ompan# ma# ta6e possession of the equipment as p!ovided b# law. and !elated costs. This cont!act shall be const!ued in acco!dance with the laws of the 9tate of %a!#land0 SEVERABILITY. it would become valid and enfo!ceable. t!ade !efe!ences. 'ustome! ce!tifies that the application. add!essed to the app!op!iate pa!t# at the add!ess shown fo! that pa!t# at the be"innin" of this Rental0 ASSIGNMENT. deduct the costs of !ecove!# (includin" atto!ne# fees and le"al costs). but that b# limitin" such p!ovision. without notice to o! demand on the 'ustome!. &ll notices !equi!ed o! pe!mitted unde! this Rental shall be deemed delive!ed when delive!ed in pe!son o! b# mail. The failu!e of eithe! pa!t# to enfo!ce an# p!ovision of this cont!act shall not be const!ued as a waive! o! limitation of that pa!t#Ds !i"ht to subsequentl# enfo!ce and compel st!ict compliance with eve!# p!ovision of this cont!act0 CERTIFICATION. the !emainin" p!ovisions shall continue to be valid and enfo!ceable0 f a cou!t finds that an# p!ovision of this cont!act is invalid o! unenfo!ceable. application o! sale fo! o! b# an# c!edito! o! "ove!nment a"enc#0 RIGHTS ON DEFAULT.

!esident 'ustome!. ---------------------------------------------------------------------------------------------------- . ------------------------3#.nte!national ndust!ies nco!po!ated 3#. ---------------------------------------------------%o!!is Ransone .

to be a"!eed between the pa!ties0 The actual pe!iod will be f!om the time of leavin" the 'ompan#@ facilit# until its !etu!n to that facilit# in full wo!6in" o!de!0 .#$%& -'($) *$ 1)4 of the estimated total value of the 2i!e .$ The estimated initial pe!iod of the hi!e is fo! -.a#ment due p!io! to shipment f!om nte!national ndust!ies nco!po!ated The balance of the hi!e will be invoiced 3i?Hee6l# in a!!ea!s +ue net 1) da#s EXHIBIT C I%!&!+* "$.EXHIBITS FOR RENTAL OF MULTIBEAM SONAR AND ASSOCIATED EQUIPMENT FOR ______________________________________ EXHIBIT A Eq !"#$%& S'($) *$ Equipment +esc!iption and Replacement Galue. EXHIBIT B P+.!/) /0 &($ (!.da#s sta!tin" on o! --------------.

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