For good and valuable consideration, the parties agree as follows:
1. Rental. Pursuant to the terms of this Agreement, the Owner shall rent certain Item(s), a description and condition of which are attached hereto as Annex A, (the “Item(s)”) to the Renter. The Owner has the right to terminate this contract if his or her item(s) is not available for rent. The Owner is liable to inform the Renter immediately if he or she needs to terminate the contract. The rental of the Items shall commence on Pick up Date (the “Start Date”) and end on Return Date (the “Termination Date”, and the period between the Start Date and Termination Date, the “Rental Period”). The Owner and the Renter shall arrange to have the Item(s) delivered to Renter by the Start Date and returned to the Owner by the Termination Date.
(a) The Renter agrees to pay the Owner the following amounts:
(i) Rate per time period (the “Rate”), or an aggregate amount (the “Aggregate Fee”), for rental of the Item(s).
(ii) In the event that the Items (or any of them) are returned after the Termination Date at no fault of the Owner, the Renter shall pay the Owner daily rental charges for the number of day(s) exceeding the Termination Date.
(b) The Aggregate Fee shall become due and payable upon delivery of the Item(s)to the Renter. Late Return fees shall accrue on daily basis, shall become due upon the Termination Date and shall be payable at the end of each day following the Termination Date. The Owner may, at his sole discretion, deduct the Late Return fees from the Deposit (as defined below).
3. Security Deposit. The Renter shall pay to the Owner a security deposit of $[Listed in the Rental Item/s] (the “Deposit”) on or before the Start Date. This Deposit shall be reimbursed in full upon return of the Item to the Owner after any necessary deductions have been made pursuant to Section 4.
4. Maintenance, Damage and Theft.
(a) The Renter will use, maintain and take care of the Item in a careful and responsible manner. In the event that the Renter returns the Item in a bad and/or poorly maintained condition (which cannot be described as the result of normal use during the rental), requiring special cleaning or attention (e.g. dry cleaning of an item of clothing), the Renter will be solely liable to pay the cost of cleaning maintenance or repair carried out by a professional specialist. This service provider will be chosen by the Renter within a period of 10 working days, or, if need be, after formal notice is given by the Owner. At the Renter’s request, the Owner must produce proof of the cost of any such service required to be performed on the returned item.
(b) The Renter will be liable for any irreparable damage the Renter causes to the rented Item. The Renter’s liability will not exceed the amount of the Deposit.
(c) If the Renter does not return the Item(s), the Renter will be liable to pay the Owner the whole of the Deposit. In order to cover some of the repossession costs, an increase in the overall payment equal to 10% of the rental (excluding tax) is required, as well as late payment interest at the legal rate, taking effect 30 days after the Owner has given formal notice.
(d) If any of the representations of the Owner set out in paragraph (b) of Section 6 are incorrect, the Owner hereby waives any right to any payment or damages under this Sections 4 relating to damage that the Renter has caused to the Items to the extent that such damage is related to the Owner’s misrepresentation.
5. Representations, Warranties and Undertakings of the Renter.
(a) The Renter shall not lend nor sub-rent the Item without the Owner’s express written authorization.
(b) The Renter shall not use the Item for any illegal purpose or in a manner that is contrary to its intended use, or in breach of any moral or social standard.
(c) The Renter has all the knowledge and skills necessary for careful and normal use of the rented Item and undertakes to use the item(s) with reasonable skill and care.
(d) The Renter has the authorization, licenses and legal capacity to rent, possess and use the Item.
(e) The Renter shall be sole custodian of the Item(s) during the Rental Period and until the Item is returned to the Owner. The Renter shall undertake as such to exercise effective and exclusive control of the Items.
(f) The Renter has had the opportunity to inspect the Item(s) and confirms that the Item(s) condition, as listed in Rental Item/s, is correct and accurate.
6. Representations and Warranties of Owner. (As at the date of this agreement)
(a) The Owner owns the Item(s) and/or has the authority, licenses, and legal capacity to rent the Item(s) under this Agreement.
(b) The Owner has fully listed out the condition of the Item(s) in Rental Item/s and has no knowledge of any other conditions that would have a material adverse effect on the normal rental use of the Item(s).
7. Liability. Except for breaches of Sections 1 and 6, the Owner assumes no liability during the rental period for the Item(s) rented, in particular regarding its incorrect, imprudent or illegal use.
10. Law, Jurisdiction, Venue. This Agreement and all matters relating to it will be governed by the laws of the Republic of Singapore. The parties agree that the courts of the Republic of Singapore shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement (including dispute as to the existence, validity or termination of this Agreement).
11. Miscellaneous. Any notices shall be delivered to a party at the addresses first listed above. The Parties are independent parties, each acting in its name and for its own purpose. Nothing in this Agreement shall be deemed to constitute, create, give effect to or otherwise recognize a partnership, agency, joint venture or formal business entity of any kind. Neither party may assign, modify, or amend this agreement without the express written consent of the other party. If any provisions of this Agreement are held by a court or other tribunal of competent jurisdiction to be void or unenforceable, such provisions shall be limited to the minimum extent necessary and replaced with a valid provision that best embodies the intent of this Agreement so that this Agreement shall remain in full force and effect.
12. Third Parties. If either the Owner or the Renter appoints any third party to perform any of its obligations under this Agreement (such as the collection or delivery of any Item), that party shall be responsible to the other party for the conduct of its appointee and liable for any loss or damage to an Item or delay caused by the appointee.