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Equipment Rental Agreement
AGREEMENT made this ________ day of ________ [Month] 20 __, between ______________ [Name] of _______________, City of _________, State of ____, hereinafter referred to as Company, and ________________ [Name] of _______________, City of _________, State of ____, hereinafter referred to as Renter, agree:
01. Company wishes to rent to Renter and Renter wishes to rent from Company certain equipment as described below and attached to this contract marked exhibit "A".
[description of equipment: make, model, year, type, serial number].
02. Term of Contract. The term of this Rental Contract is from this ________ day of ________ [Month] 20 __ to the ________ day of ________ [Month] 20 __.
03. Rental. Renter shall pay a rental amount to Company of $------ for each piece of Equipment detailed in the equipment schedule attached to this contract marked exhibit "B". The rental fee shall be paid [weekly/monthly/yearly] and is subject to change by Company with Renter to be notified of any change to the rental fee within [--] days.
04. Ownership of Equipment. All rental Equipment inclusive of any accessories and attachments shall remain the property of Company.
05. Delivery of Equipment. Renter's financial obligation's will commence on the ________ day of ________ [Month] 20 __, being the day of delivery by Company of the rental equipment.
06. Maintenance & Repairs of Equipment. Renter will keep in good condition the Equipment and make any necessary repairs subject to normal wear and tear.
07. Insurance. Renter shall acquire insurance for the equipment against possible loss including damage, fire, theft and other risks including any required additional coverage and provisions of casualty insurance. Company shall be notified of said insurance policy, the date of the policy, and all aspects of its coverage.
08. Damage to Equipment. It is Renter's sole responsibility to maintain and repair the equipment during the rental period and to notify Company of any damage at the time of its occurence.
09. Loss of Equipment. In the unlikely event that the Equipment is stolen, damaged or destroyed beyond repair, Renter shall be liable to pay the remainder of the term of the Rental Contract. Any and all insurance payments and compensations from third party insurer's shall go to Company.
10. Further Assurances. From time to time each party shall execute and deliver such further instruments and shall take such other action as any other party may reasonably request in order to discharge and perform their obligations and agreements hereunder and to give effect to the intentions expressed in this Agreement.
11. Breach and Waiver. Should either party incur any expense or legal fees as a result of the breach of any portion of this Agreement by the other party, the Court shall award reasonable attorney's fees and suit expenses to the non-defaulting party which are reasonably incurred. No breach, waiver, or default of any of the terms of this agreement shall constitute a waiver of any subsequent breach or default of any of the terms of agreement.
12. Severability. Should any Court hold that any portion of this agreement is invalid, the remainder shall be in full force and effect, and the invalid portion shall be struck from the agreement or modified as the Court shall order.
13. Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
14. Modifications. A modification or waiver of any of the provisions of this agreement shall be effective only if made in writing and executed with the same formality as this agreement. Failure of either party to insist upon strict performance of any of the provisions of this agreement shall not be construed as a waiver of any subsequent default of the same or similar nature.
15. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, then that provision will be fully severable. This Agreement will be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision, there will be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable.
16. Notices. Any notice to be given or to be served upon any party hereto must be in writing and may be given by certified or registered mail, but shall be deemed to have been given and received when a certified or registered letter containing such notice, properly addressed with postage prepaid, is deposited with the United States Postal Service. If notice is given in some manner other than by certified or registered mail, it shall be deemed to have been given when delivered to and received by the party to whom it is addressed, Such notices shall be given to the parties hereto at the following addresses:
If to the [Name]:
[city, state, zip]
If to the [Name]:
[city, state, zip]
All such notices and communications shall be deemed to have been duly given when delivered by hand, if personally delivered; three (3) business days after deposit in any United States Post Office, postage prepaid, if mailed; when answered back, if faxed; and when receipt is acknowledge. Any party hereto may change its address for purposes of this paragraph by written notice given in the manner provided above.
17. Miscellaneous Provisions. The various headings and numbers herein and the grouping of provisions of this Agreement into separate divisions are for the purpose of convenience only and shall not be considered a part hereof. The language in all parts of this Agreement shall in all cases be construed in accordance to its fair meaning as if prepared by all parties to the Agreement and not strictly for or against any of the parties.
18. Number and Gender. Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural. The masculine gender shall include the feminine and neuter genders, and the word "person" shall include a corporation, firm, partnership, or other form of association.
19. Failure to Object Not a Waiver. The failure of a party to object to, or to take affirmative action with respect to, any conduct of the other which is in violation of the terms of this Agreement shall not be construed as a waiver of the violation or breach or of any future violation, breach, or wrongful conduct until [--] days since the wrongful act or omission to act has passed.
20. Unenforceable Terms. Any provision hereof prohibited or unenforceable under any applicable law of any jurisdiction shall as to such jurisdiction be ineffective without affecting any other provision of this Agreement. To the full extent, however, that the provisions of such applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be a valid and binding agreement enforceable in accordance with its terms.
21. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
22. Interpretation. This Agreement will in all events be construed as a whole, according to its fair meaning, and not strictly for or against a party merely because that party (or the party's legal counsel) drafted the Agreement. The headings, captions, and titles in this legal Agreement are merely for reference and do not define, limit, extend, or describe the scope of this Agreement or any provision herein. Unless the context requires otherwise, (a) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine, and neuter, and (b) the word including means including without limitation.
23. Advice Of Legal Counsel. Each individual party to this Agreement represents and warrants to each other party that such party has read and fully understands the terms and provisions hereof, has had an opportunity to review this Agreement with legal counsel, and has executed this Agreement based upon such party's own judgment and advice of independent legal counsel.
24. Amendment. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.
25. Execution In Counterparts. This Agreement may be executed in several counterparts and when so executed shall constitute shall constitute one agreement binding on all the parties, notwithstanding that all the parties are not signatory to the original and same counterpart.
26. Governing Law. The parties hereby expressly acknowledge and agree that this Agreement is entered into in the State of [STATE] and, to the extent permitted by law, this Agreement shall be construed, and enforced in accordance with the laws of the State of [STATE].
IN WITNESS WHEREOF, the parties have signed this Rental Contract on the date as written above, at City of _______, State of ________.