This Rent Agreement (“Agreement”) is made on this ___ day of __________ at ____________: by and between M/s EASYPOCKET RENTALS PRIVATE LIMITED, a company registered under the Companies Act 2013 having its Registered office at 220C, Third Floor, Savitri Nagar, Landmark: Kali Masjid, Malviya Nagar, New Delhi-110017 (hereinafter referred to as the "First Party” or “Clado” which expression shall, unless expressly excluded or repugnant to the context, mean and include his assigns) of the First Part;
Mr/Ms/Mrs. ____ , D/W/S/o __ ,R/o _ (hereinafter referred to as the "Second Party” or “Second Party” which expression shall, unless expressly excluded or repugnant to the context, mean and include his heirs, successors and assigns) of the Second Part; The First Party and Second Party are hereinafter collectively referred as “Parties” and individually as “Party”;
IN CONSIDERATION OF THE MUTUAL COVENANTS, TERMS, AND CONDITIONS HEREIN CONTAINED, THE PARTIES AGREE AS FOLLOWS:
- Renting: First Party agrees to Rent to Second Party, and Second Party agrees to Rent from First Party, the following Product ("Product") for the Purpose, Rental, Term, Security Deposit and Installation Charges as provided below:
- Description of the Product:
- Value of the Product:
- Tenure: This Rental will begin at___o'clock a.m./p.m. on________and will end at________o'clock a.m./p.m. on________.
- Refundable Deposit:
- Installation Charges:
- Delivery Charge:
- Acknowledgement: Second Party acknowledges that:
- That the Product was in good condition at the time of Delivery.
- That the second party agrees to issue a cheque in favor of "EasyPocket Rentals Pvt Ltd". Amount of the cheque = Value of the product - Refundable Deposit. Clado will not en-cash the cheque until any scrupulous activity is noticed on the customer part.
- Also, agrees to issue a cheque in favor of "EasyPocket Rentals Pvt Ltd", which is adjustable in the refundable deposit at the end of the contract.
- In case of dishonor of cheque, company retains the right to file a FIR against customer.
- Ownership of the Product shall at all times remain vested in the First Party or the Dealer and neither the Second Party nor any person on its behalf shall at any stage before or after the expiry of the term of this Agreement or the termination of the Contract become the owner of the Product or be entitled to retain the possession, use or enjoyment of such Product; Explanation: Dealer for the purpose of this Agreement shall mean the actual Owner of the Product who has provided the Product on lease/rent or sublease/sub-rent to the First Party.
- The Second Party shall not in any way deal with the Product, and in particular but without limiting the generality of the a foregoing, shall not sell, offer for sale, pledge, sublet, lend or part with possession with the Product.
- The Second Party shall keep the Product free from any lien, charge or encumbrance and shall not permit any other person to acquire any right in or to the Product.
- Risk in and to the Product shall pass to the Second Party upon the Effective Date or upon delivery of the Product whichever is the later, and shall remain on the Second Party until such time as the Product are returned to the First Party.
- Use of Product. Second Party shall use the Product solely for the Purpose mentioned herein above and in a manner and for the use contemplated by the manufacturer thereof. Second Party acknowledges and represents that the Product shall be and remain personal Product, notwithstanding the manner by which it may be attached or affixed to realty.
- If the Product or any portion thereof are lost, damaged or destroyed, the Second Party shall forthwith:
- Give the First Party written notice thereof;
- Comply with the provisions of any insurance policy applicable to the Product so as to ensure that payment of due compensation is made by the insurer;
- Comply duly and timeously with the provisions of the insurance provisions of the Contract;
- Pay any such amount which is remaining out of the total damage after settling insurance claim and utilizing the Refundable Deposit;
- The damage shall be determined by Clado on proper inspection of the Product. The Second Party shall be Liable to an amount equivalent to the remaining damage which is not settled after receiving the insurance claim and utilizing the Refundable Deposit;
- Clado may at its sole discretion transfer its rights, duties, claims obligations etc., arising under this Agreement to any third party without the Consent of Second Party.
- Second Party represents and acknowledges that the Product is of a size, design, capacity and manufacture selected by it. Second Party Rented the product as is and, not being the manufacturer of the product, the manufacturer’s agent or the seller’s agent, First Party makes no warranty or representation whatsoever, express or implied, as to the merchantability, fitness for any particular purpose, design or condition of the product, or intellectual Product rights (including without limitation any patent, copyright and trademark rights, of any third party with respect to the product, whether relating to infringement or otherwise) with respect to the product.
- First Party shall not be responsible for any direct, indirect, incidental or consequential damages arising from possession or use of the product. All transferable manufacturer and supplier warranty rights are, to the extent such rights have been transferred to First Party, hereby assigned without representation or warranty by First Party to Second Party for the Rent term, which warranties Second Party is authorized to enforce.
- The terms of Delivery, Installation; Return; Maintenance and Repair; Inspection Rental Payments, Damage shall be as provided in Annexure I;
- Clado makes no warranty or representation whatsoever, express or implied, that the Products displayed on its site are brand new Products and hence the Products may or may not appear in same condition as displayed on the website. Further, You/Customer acknowledges that there may be normal wear and tear to the Product, which cannot be a reason for cancellation of Product by Customer. Whereas the Clado shall ensure that the Product at the time of delivery is in good working condition.
- Risk of Loss: Second Party assumes all risk of loss for Product upon delivery to Second Party. If the Product is lost or damaged beyond repair (a “Loss Event”), Second Party shall pay to First Party, within 30 days of a Loss Event, an amount equal to all payments due and payable with respect to such Product on or prior to such Loss Event, plus a sum equal to the casualty value (“Casualty Value”) of such Product as of such date. The Casualty Value of the Product shall be 110% of the total Product cost set forth above, decreased from month to month thereafter by 1.9% of the total Product cost. Upon making such payment, the Rent for such Product shall cease to accrue, the Term of this Agreement as to such Product shall terminate.
- Prohibitions: Without the prior written consent of First Party, Second Party shall not assign, lend, pledge, transfer, or sublease the Product or the Lease, permit to exist any security interest, lien or encumbrance with respect to any of the Product; or cause or permit any of the products to be moved from the location specified in the Agreement.
- Alterations and Modifications: No alteration or modification can be done to a Product without having prior written permission of Clado. Further in case any such alteration or modification, without the approval of Clado, is found to any item of Product shall belong to and become the Product of First Party unless, at Second Party risk, cost, and expense, it is removed prior to the return of such item of Product by Second Party. Any direct or indirect damage to the Product due to such alteration or modification shall be sole responsibility of Second Party and Clado has full right to claim such damages.
- Taxes: Second Party shall pay, and hereby indemnifies and holds First Party harmless from all fees, assessments, taxes, and charges imposed by any governmental body or agency upon or with respect to any of the Product, or the possession, ownership, use or operation thereof.
- Indemnity: Second Party hereby indemnifies and holds harmless First Party from and against any and all liability, damages, and costs arising from this Agreement.
- Events of Default: The occurrence of any of the following shall constitute an “Event of Default” hereunder if
(a) Second Party fails to pay any Rent in term of the Rental Clause as per Annexure I;
(c) Second Party is in breach of any of the terms and condition under this Agreement or any other Term as provided by Clado on its website or otherwise, (d) bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceedings are instituted by or against Second Party; (e) Second Party defaults under any other or Agreement between the parties
(f) refusal to return the Furniture.
- Termination: This Agreement may be terminated:
a. On expiry of the Term of this Agreement
b. By Clado at its sole discretion at any time by giving a notice of 15 days to the Second Party
c. any Event of default has occurred and First Party has given a notice to cure the default, if default is curable and the Second Party is not able to cure the same within 15 days or any period specified by First Party;
d. In case the default is not curable then this Agreement shall be terminated immediately on occurrence of such default;
e. becomes insolvent or has a petition in bankruptcy, reorganization or similar action filed by or against it;
f. Second Party breaches any representation, warranty, covenant, obligation, commitment or other agreement contained in this Agreement.
- Notice. That all notice which may or shall be given under this Agreement shall be made by registered post to the address mentioned below or to such address as are notified in writing by the parties hereto. If either party has changed its address, a written notice thereof shall be given to the other party. All notices shall also be deemed to have been given on the day when deposited in post.
- Force Majeure. Neither party shall be in default nor liable to the other for any failure to perform directly caused by events beyond that party’s reasonable control, such as acts of nature, labor strikes, war, insurrections, riots, acts of governments, embargoes and unusually severe weather provided the affected party notifies the other party within 15 days of the occurrence. Such an event is an Excusable Delay. The party affected by an excusable delay shall take all reasonable steps to perform despite the delay. If the party is unable to perform within a reasonable period, this Agreement shall end without any further obligation of the unaffected party.
- Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall not be affected.
- Variation Amendment. No variation, amendment of this Agreement shall be binding on any party unless such variation, amendment is in writing and signed by each party.
- Law And Dispute Resolution. This Agreement shall be governed and interpreted by the laws of India. Any dispute which may arise shall be subject to the Jurisdiction of Delhi Courts
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and acknowledged by their respective officers or representatives hereunto duly authorized, as of the date first above written.
SIGNED AND DELIVERED
by First Party by the hand of its authorized official
SIGNED AND DELIVERED
by Second Party