Equipment Rental Agreement Defines terms for renting equipment, specifying rental periods, rates, maintenance responsibilities, and return conditions.
This Equipment Rental Agreement (the "Agreement") is entered into as of the date of the last party to sign below, by and between Starlight Rentals, a United States company located at [Insert Address] ("Lessor") and Johnny Johnson, an individual located at [Insert Address] ("Lessee") (collectively "Parties").
2.1. Description of Equipment
Subject to the terms and conditions contained in this Agreement, Lessor agrees to rent to Lessee the Power Pro3000 Generator ("Equipment"). The Equipment is fully described in Exhibit A attached hereto.
2.2. Rental Term and Rates
The Equipment shall be rented for a term that begins on the start date (the "Effective Date") and ends on the end date (the "Termination Date"), as specified in Exhibit B. The rental rate will be calculated based on the daily, weekly, and/or monthly rental rate specified in Exhibit B (the "Rental Rate").
3.1. Lessee's Maintenance Responsibilities
During the Rental Term, Lessee shall maintain the Equipment in good repair, condition, and working order, reasonable wear and tear excepted. Such maintenance shall include, but is not limited to, regular inspection, cleaning, lubricating, and other maintenance tasks specified in the Equipment's operating manual. Lessee shall promptly repair or replace any parts or components that may become damaged or worn.
3.2. Lessor's Maintenance Responsibilities
If the Equipment fails to function properly due to causes other than Lessee's negligence or misuse, Lessor shall, at its own expense, repair or replace the Equipment as necessary. Lessor shall not be responsible for the costs of any repairs or maintenance tasks undertaken by the Lessee without Lessor's prior written consent.
4.1. Return of Equipment at End of Rental Term
Upon the Termination Date, Lessee shall return the Equipment to Lessor at the location specified in Exhibit C, unless otherwise agreed upon in writing. Lessee agrees to return the Equipment in the same condition as it was in at the beginning of the Rental Term, excluding normal wear and tear. Lessee shall be responsible for the costs associated with the restoration of any lost, damaged, or stolen Equipment. If the Equipment is not returned by the Termination Date, Lessee shall continue to pay the Rental Rate for each day until the Equipment is returned.
4.2. Inspection by Lessor
Upon return of the Equipment, Lessor shall inspect the Equipment for damage and wear. If Lessor determines that the Equipment has been damaged or is not in the same condition as it was at the beginning of the Rental Term, excluding normal wear and tear, Lessor may charge Lessee the reasonable costs of repair or replacement, as applicable.
Lessee shall pay the Rental Rate in advance, as specified in Exhibit B. All payments shall be due within 30 days of the invoice date. Late payments shall be subject to a late fee equal to the lesser of 1.5% per month or the maximum rate allowed by applicable law.
Lessee shall indemnify, defend, and hold harmless Lessor, its agents, employees, and affiliates from and against any and all claims, liabilities, losses, damages, expenses, and fees (including attorneys' fees), arising out of or relating to the use, operation, transportation, storage, or condition of the Equipment during the Rental Term, save to the extent that such claims, liabilities, losses, damages, or expenses are caused by the negligence or willful misconduct of Lessor. Lessee shall maintain commercial general liability insurance and property insurance in amounts sufficient to cover its indemnification obligations under this section.
Either Party may terminate this Agreement with written notice to the other Party if the other Party is in material breach of any term or condition of this Agreement, and such breach remains uncured for ten (10) days or more after the non-breaching party gives written notice of the breach. Upon termination of this Agreement for any reason, Lessee shall promptly return the Equipment to Lessor.
This Agreement shall be governed by and construed in accordance with the laws of the United States, excluding its conflict of laws rules. Any disputes arising out of or in connection with this Agreement shall be resolved by arbitration in accordance with the rules and procedures of the relevant arbitration body, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.
This Agreement constitutes the entire understanding of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, whether written or oral, with respect to the subject matter hereof. This Agreement may be amended only by a written instrument signed by both Parties. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns. Nothing in this Agreement shall be construed to create a partnership, joint venture, or employment relationship between the Parties. Any waiver of a term or condition hereof must be in writing and signed by the Party waiving its rights.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.
Exhibit A: Equipment Description
Exhibit B: Rental Term and Rates
Exhibit C: Return Location
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In this Equipment Rental Agreement, you will see the following sections:
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