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THIS EQUIPMENT LEASE AGREEMENT (“Lease”) is made and effective by signing this agreement,drawnby and between Global IT Life Style Techonology Store Pvt Ltd (“Lessor”) and _____________________________________(“Lessee”), Resident of____________________________
By signing on the “I agree” space,the Lessee agrees to be bound by this Equipment Lease Agreement and all the Terms and Conditions therein, whether or not Lessee has read them. The Lessor may at its sole discretion modify this Equipment Lease Agreement and all the Terms and Conditions therein at any time. By signing this agreement, Lessee indicates acceptance of the modified Terms and Conditions. NOW, THEREFORE, inconsideration of the mutual covenants and promises hereinafter set forth, the parties hereto agree as follows:
Lease – Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, described equipment (“Equipment”): as mentioned on “Page 1” this agreement and lessee declares that all information provided in Page 1 and in the master registration form,aretrue to the best of lessee’s knowledge and belief and that,the Documents submittedalongsidethe Master registration form are neither expired nor invalid. The Lessee undertakes to promptly notify lessor in the case of any changes in the information contained herein.
Shipping and Acceptance – The Lessee agrees to pick up and deliver the leased equipment from/to our ______________________Store.By acknowledging the receipt of the equipment, thelessee is considered to have taken the delivery of the equipment and therefore assumes all risks associated with the equipment till the time it is returned to Lessor.TheLessee must notify Lessor of any defective or inoperable equipment before taking possession of Equipment. Unless lessee notifiesLessor of a defect or problem with the equipment supplied, lessee agrees that the Equipment is in good working order and that the Equipment is acceptable to lessee.
Term – The term of this lease shall commence on the first Day of rental as per the first page of this agreement. The term of this lease shall expire the last day of rental as mentioned on first page of this agreement. The Equipment must be returned to the lessor by the end of the business Day on the last day of the term of the lease.
Rent – Rent and a deposit (wherever applicable), must be paid in advance, in (1) Late Returns – Late returns are penalized a maximum daily penalty equivalent to 100 % of the daily rental rate for the Equipment (on a “per day” basis). Any penalties will be charged to the Lesseein cash. In the event the rental equipment is not returned 7 days after the due date and Lessor has been unable to collect the applicable penalties, the equipment will be considered stolen and the Lessor reserves the right to pursue all civil and criminal remedies. Also, the security cheque will be presented to recover cost of the rented equipment.
Use – Lessee shall use the Equipment in a careful and proper manner and shall comply with and conform to all applicable laws, ordinances regulations, in any way, relating to the use or possession of the Equipment. Lessee may not sublease all or any part of the equipment without the written/email communication and consent of Lessor. Lessee may not remove or cover any serial numbers, tags, nameplates, logos on the equipment showing ownership by Lessor.In case the equipments rented is to be used outside the country limits, lessee must notify lessor of their intention to use the Equipment outside India and gain the Lessor’s permission to do so. The lessee will register the equipment with the Customs, prior to leaving India and shall agree to pay any customs and levies that may be imposed on them, owing to their failure in registering the equipment with the said authority.
Cancellation by Lessor – Lessor reserves the right to cancel any order, for any reason, at any time before delivery
Cancellation by Lessee – Lessee may cancel an order at any time, for any reason and that these cancelation are allowed up to 48 hours prior to delivery, without any deductions. Any cancelations made in less than 48 hours, are subject to a 50 % deduction, on the amount deposited by the lessee.
Ownership – The Equipment remains at all times the sole and exclusive property of Lessor. The Lessee has no rights or claims to the Lessor makes no claims to images, video, or sound recordings made by the Lessee while using the Equipment.
Insurance/Guarantee/Warranty implications - Except as provided by the law, Equipment is rented to lessee without warranty, guaranty or insurance of any kind, expressed or implied, and Lessor assumes no responsibility for the same, unless agreed to - in writing.
Damaged or Modified Equipment – Lessee shall keep the Equipment in good repair and Lessee shall not materially modify or alter the Equipment. In the event of any material modifications, Lessee will be responsible for all reasonable costs incurred by Lessor in restoring the Equipment to its normal condition. Lessee assumes and shall bear the entire risk of damage to the Equipment from any cause during the term of the Lease.
Loss of Equipment – Lessee assumes and shall bear the entire risk of loss of the Equipment, from any cause, during the term of the
Lost or Stolen Equipment –In the event of loss/theft, as soon as lessee realizes that the equipment is missing,the lessee will notify the lessor and file an FIR at the jurisdictional police station. In the event that the Equipment is reported, by Lessee, to be lost or stolen during the term of the Lease, Lessee is liable to Lessor for the replacement value of the Equipment as per the current prevailing retail prices (declared value INR_______________) mentioned on page 1.If the Lessee’s cannot settle the claims within the first 48 hours, the Lessee shall be considered to be in Default.
Unreturned Equipment – If the Equipment is not returned within seven days of expiration of the term of the Lease, the Lessee shall be liable for the replacement value of the Equipment.
Default – In the event of default, all amounts owed by Lessee to Lessor are immediately due. In the event of default, Lessee shall be responsible any reasonable expenses of Lessor, in attempting to recover the amount owed from Lessee, including, but not limited to, any collection fees and legal fees incurred in the process.
Lessor reserves the right to pursue all available civil and criminal remedies against lessee, including but not limited to: recovering possession of the equipment, obtaining from the security cheque, hiring outside debt collection firms or private investigators, filing of criminal charges, and any civil remedies available. These remedies are not exclusive.
Liability – Lessor does not assume, and the customer indemnifies Lessor against, any liability or claims resulting from use or malfunction of equipment. Lessee assumes all liability that may arise from use or failure of the equipment.
Taxes or Duties – The Lessee agrees to keep the Equipment free of any taxes, duties, liens, or other encumbrances. In the event such are against the Equipment, Lessee agrees to reimburse Lessor in full for those charges.
Severability and Governing Laws – This document represents the entire agreement between Lessor and Lessee. If any portion of this agreement found unenforceable, it will not affect the remainder of the agreement, which shall remain valid and enforceable. This agreement is subject to Delhi jurisdiction over any dispute between the parties of this Lease.
MISCELLANEOUS ASPECTS OF THE RENTAL CONTRACT / AGREEMENT: This agreement/contract shall be governed by the laws of Government of India. The Rental Contract shall be deemed to have been made in the State of New Delhi and shall be interpreted and the rights and liabilities of the parties determined, in accordance with the laws of the State of New Delhi. When the customer is company / organization: The person executing the Rental Contract on behalf of such company / organization warrants that he/she has full authority of such corporation to sign the Rental Contract and obligates the corporation. Said person and the corporation shall be jointly and severally liable for all rentals and all other sums that may be at any time due and owing to Global IT Life Style Technology Stores Pvt. Ltd., under the terms of the Rental Contract.
DEFAULT AND BREACH OF TERMS. Each Rental Contract includes provisions for remedies in the event of default by the lessee in payment of rent, or lessee’s breach of any terms of the Rental Contract, etc. (Please read these sections in the Rental Contract carefully to understand lessee’s rights
ENTIRE AGREEMENT. The signed Rental Contract and these Terms & Conditions constitute the entire agreement between lessee and Lessor. Any changes must be made in writing and agreed to by both parties.