Acceptance And Return Equipment
The equipment is property of Lessor, and is in goodrepair and mechanical condition. Acceptance of delivery constitutes acknowledgment by the Lessee thatthe equipment is in good repair and mechanical condition. If the Equipment is not in proper working order when received, Lessee shall notify Lessor of any claimed deficiency in writing by certified mail within twenty-four (24) hours of delivery of the equipment or be deemed to have waived any such claim. Risk of loss to the Equipmentshall pass to the Lessee when the Equipment leavesthe Lessor's yard. In the event the Equipment is damaged during the term of this Lease, the Lessee shall at its own expense maintain theEquipment in the same condition as received, ordinary wear and tear excepted, to the rental location on the day specified or sooner if demanded by Lessor.
Lessee shall pay in advance the rental rate, transport and sale tax as well as a deposit of a similar amount as the rental rate excluding transport and sales tax. Lessee shall inform Lessor before the end of the rental contract whether Lessor shallpick-up the Equipment at the end of the rental contract or if Lessee will extend the contract. If Lessee decides to extend the contract, the payment of the extension by Lessee shall take placebefore the end the former rental contract. In no case, the deposit shall be used by the Lessee to payany rental extension. Acceptable forms of payments include: cash, credit card, check (except for payment of additional charges) and wire transfer (except for payment of additional charges. At the date end of the rental contract, Lessor will inspect the Equipment and invoice Lessee all additional charges: including but not limited to time, mileage, services, repairs and fuel. If the amount of additional charges is inferior or equal to the deposit, the amount will be deducted from the deposit. If the amount of additional charges are superior to the amount of the deposit, Lessee shall complete payment with one of the following forms of payments include: cash or credit card. If payment is made with a credit card the Lessee asserts that a signature authorizing the sale is not specifically required to constitute the sale. The daily, weekly and monthly rental shall entitle Lessee to a maximum of one-shift use (8 hours per day, 40 hours per week, 176 per month). Double-shift usewill incur a charge of one-and-a-half (1-1/2%) times the hourly rate and triple-shift use will incur a charge of two (2) times hourly rate. Rentals are Ex-Works at Lessor's Rental Office. Shipping charges from such location to destination and return all transportation loading, unloading, assembling and dismantling costs shall be paid by Lessee and the Lessee further agrees that it is the Lessee's responsibility to provide competent and adequate labor and auxiliary equipment. Lesseeshall remain liable for rent under this agreement,and rent shall continue to be charged, for damagedEquipment until the Equipment is repaired to the same condition as received by Lessee. In the event of the loss or destruction of the Equipment or any of its accessories for any reason, or the failure to return the same for any reason, Lessee shall promptly pay Lessor the fair market value at the time of the loss plus all past due rent. No credit shall be given for non-working days and the Lessee shall not be entitled to abatement, reduction of or set off against rent forany reason whatsoever.
Use Of Equipment
Equipment shall be used solely in Lessee's businessand kept only at its place of business or job site(except that Equipment may be moved in the normal course of Lessee's business), and shall not be removed without prior written consent of Lessor. If the Equipment is used near salt water, Lesser shall clean it with clear water before returningthe Equipment to Lessor. In any event, the Equipment shall not be removed from the territory of Curacao. Lessee shall notify Lessor, prior to moving Equipment from its place of business or the jobsite as set forth in this Agreement, of the location and project to which the Equipment is relocated and the date(s) the Equipment is removed or placed on any job site. Lessee shall promptly respond to all requests by Lessor concerning the job site (including, but not limited to, the identity of the property owner, general contractor, surety, if any, and legal description of premises).
Lessee shall perform and pay for all services, adjustment, and lubrication of Equipment including but not limited to: checking of Equipment before each shift; and supplying fuel, oil and water; and checking cooling system (engine only) ; and, checking tire pressures and battery fluid and charge levels at least weekly; repair and replacement of all friction materials, clutches, brakes and under carriage components, drive sprockets, crawlerchains, idlers, pins, pads, rub rails, rollers andbushings.
Lessor shall not be liable to Lessee for any loss or liability of any kind, including without limitation consequential or indirect damages of any kind whatsoever under this Agreement. Lessee is responsible for making arrangements for the return of the equipment. This agreement does not terminate until the equipment is received in good condition at lessor's rental office.
Lessee shall at Lessee's expense, during the term hereof, maintain in force a policy of general liability with a limit of at least $1.000.000 with bodilyinjury and death liability limits of at least $1.000.000 for each person in each accident on a primary and not excess or contributory basis against its for damages sustained by any person or persons including but not limited to employees of Lessee, as a result of the maintenance, use, operation, storage, erection, dismantling, servicing or transportation of such Equipment. Also at Lessee's expense, Lessee shall insure the equipment for its full replacement value under a standard physical damage ALL RISK POLICY with an insurance company acceptable and approved by Venequip Curacao N.V. Lessee shall furnish Lessor a certificate of such insurance naming Venequip Curacao N.V. as an additional insured, which may not be canceled or materially modified except on thirty (30) days prior written notice to Lessor. Lessee agrees to abide by the provisions of said policy and to make a written reportto Lessor and the insurer within forty-eight (48) hours of Lessee's knowledge of any accident or occurrence involving such Equipment. Lessee's agents and employees shall cooperate fully with Lessor and Lessee's insurer in the investigation, prosecution and/or defense of any claim or suit and shall do nothing to impair or invalidate any applicable insurance coverage. Lessee's insurance shall also insure except as may be otherwise provided herein, against all risks of direct physical loss or damage to the Equipment while waterborne.
Compliance With Law
Lessee shall, at its expense, comply with the law and regulations affecting Equipment and its use, erection, design and transportation, including licensing and building code requirements and shall defend, indemnify and hold Lessor harmless from all loss, liability and expense, including Lessor's reasonable attorney's fees, resulting from actual or asserted violations of any such laws.
This agreement shall be controlled by laws of Curacao. The Lessee specifically agrees to personal jurisdiction in the island of Curacao and agrees that venue for all actions related to the Agreement or actions related to the Equipment of any kind will be brought in the trade court of Curacao.
An event of default shall occur if: (a) Lessee fails to pay rent and such failure continues for a period of five (5) days; (b) Lessee shall fail to perform or observe any conditions in the Agreement for ten (10) days after written notice; (c) Lessee ceases doing business as a going concern, makes an assignment for the benefit of creditors; or (d) Lessee has abandoned the Equipment or attempts to remove, sell, transfer, or encumber theEquipment.
All delinquent rent shall bear interest at the highest lawful of Curacao. In the event of default or breach of this Agreement by Lessee, or if Lessor forany reason deems itself insecure, Lessor, at its option, shall be entitled to any one or more ofthe following remedies: Lessor may, (a) enter premises where Equipment is located and render same inoperative or remove Equipment with or without process of law and without notice or liability to Lessee; (b) terminate this Agreement withoutprejudice to any remedies or claims which Lessor might otherwise have; (c) collect from Lessee for arrears of rent and expenses of retaking; (d) accelerate the remaining rental payments to be due and payable immediately, which shall be construed as liquidated damages and not as a penalty; (e) collect from Lessee the fair market value of the Equipment, for loss of use or for any loss or damage to the Equipment; and (f) collect from Lessee the cost to repair or refurbish the Equipment. Upon the occurrence of any event of default, Lessee agrees to pay all costs of collection and expenses, which may be incurred by Lessor, including reasonable attorney's fees, to enforce any right provided in the Agreement.
Disclaimer of Warranties
Lessor makes no warranties whatsoever, express or implied, including any warranty or merchantability or fitness for a particular purpose with respect to all equipment. Lessee takes and rents equipment "as is" and with all faults or defects.
Any notice to be given or mailed by certified mail,return receipt requested, with postage prepaid, atthe respective addresses set forth in the Agreement.
- Lessee's General Responsability: Under this Agreement the Lessee renting the Equipment is responsible to Lessor for any loss or damage to the Equipment and/or its return in the same condition in which received, ordinary wear and tear excepted.
- Subrogation: In the event of any loss or damage to the Equipment, Lessor shall have the right of subrogation with respect to any right of the Lessee to recover against any person, firm or corporation. Lessee shall cooperate.
Fire, Theft and Vandalism Waiver ("FTV") **: At Venequip Curacao's option, FTV maybe offered. If offered and accepted by Lessee, the "Fire, Theft and Vandalism Waiver" option ("FTV") is not insurance. The FTV option maybe accepted by the lessee only at the commencementof the rental term by Lessee initiating the "ACCEPTS FTV" box on the rental invoice and by lessee paying the additional charges specified therein. The FTV option is not available for over the road vehicles. If the Lessee accepts the FTV option and the Lessee fulfills all terms, conditions and provisions of this Agreement including making of all paymentrequired, time being of the essence, then Lessor agrees to waive the Lessee's liability to Lessor for loss or damage to the equipment due to the specific perils relating to Fire, Theft and Vandalism exceeding the larger of the following applicable amounts: (a) $500 per item of equipment; or (b) triple the monthly rental charge in effect on the date if this agreement, per item of Equipment, without regard to therental period of this Agreement.
** Opting for FTV does not waive your obligation under the Agreement to provide General Liability Coverage.
- When demonstrator units are included in this Agreement, they shall be deemed to be Rentals pursuantto the terms of this Agreement.
- The Lessee and Lessor agree that the prevailing party shall be entitled to a reasonable attorney's fee for any dispute regarding this Agreement.