EQUIPMENT RENTAL AGREEMENT

1. THE PARTIES. This Equipment Lease Agreement (“Agreement”) is made and entered into on this day by and between:

 

DRY OUT Rentals, LLC  (“Owner”)

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and 

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Undersigned party (“Renter”).

 

2. EQUIPMENT. The Owner and Renter agree to enter into a binding agreement for the leasing of the following:

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• WATER REMEDIATION EQUIPMENT

 

Hereinafter known as the “Equipment.”

 

3. TERM. The lease period is defined by the renter’s online order. Renter and Owner may extend the lease period, if necessary. Owner reserves the right to deny any lease extension.  

 

Hereinafter known as the “Term.”

 

4. LEASE PAYMENTS and PRICING. The Renter agrees to pay the Owner either a One (1) time payment or a deposit as defined below:

 

• One (1) Time Payment. Shall be paid by the Renter as a one (1) time payment to lease the Equipment during the Term. Such payment is due and payable on the start date of this Agreement.

 

• Deposit Payment. Shall be paid by the Renter at the start of the Term and will pay the remaining balance at the end of the lease term. Standard deposit will be approximately 75% of the expected lease term.

 

• Extended Lease Payment. In the occurrence where Renter requests to extend the term lease, Renter will be responsible to pay the remaining balance at the conclusion of the extended lease term. Equipment return and payment are both due at the conclusion of the extended lease term.

 

• Pricing. Pricing at time of contract may change or be different than any previous marketing efforts by the Owner.

 

Hereinafter known as the “Lease Payments.”

 

5. SECURITY DEPOSIT. A Security Deposit is:

 

       ☒ - Not Required. There is no Security Deposit required under this Agreement. Any damage to the Equipment or        losses incurred by the Owner as a result of this Agreement shall be paid by the Renter in a separate payment.

 

6. LATE FEE (RETURNING EQUIPMENT). If the Renter does not return the Equipment on the last day of the Term:

 

       ☒ - Late Fee shall be Charged. $150/day. Shall be charged to the Renter for each day the Equipment is late and not returned to the Owner (“Late Fee”). In addition, the unpaid Late Fee shall accumulate interest at the maximum interest rate of 7.5% if not returned after two days.

 

• Under this Agreement, the Equipment shall remain the property of the Owner and must be returned to the Owner in the same condition as the start of the Term, normal wear and tear excepted.

 

7. INSURANCE. Insurance for the Equipment by the Renter is:

 

       ☒ - Not Required. There is no insurance required to be obtained by the Renter under this Agreement for the Equipment. The Renter shall be fully responsible for any loss, damage, or destruction of the Equipment.

 

8. OPTION TO PURCHASE. At any time during the Term, the Renter shall have:

 

       ☒ - No Option to Purchase. This Agreement is strictly for the leasing of the Equipment with no option to purchase by the Renter.

 

9. USE OF EQUIPMENT. The Renter agrees to use the Equipment for its intended use and legal purposes. Any use of the Equipment outside of its intended use or for unlawful purposes can result in the termination of this Agreement.

 

10. RENTER’S RESPONSIBILITY. It is the Renter’s responsibility to maintain the Equipment in accordance with industry standards during the Term. Any repairs, modifications, or damage caused to the Equipment, except for common wear and tear resulting from its intended use, shall be the Renter’s responsibility. Unless Equipment can be repaired with standard parts, and paid for by Renter, Renter will be responsible for full replacement of any damaged Equipment.

 

11. REPAIRS. If, at any time, the Equipment ceases to function in its intended use at no fault of the Renter, the Owner agrees to:

 

• Replace the Equipment. The Owner shall replace the Equipment with another that is equal in respect to brand, function, features, and purpose. During the exchange period under which the Renter has notified the Owner of the requested repair and the time it takes to replace the Equipment, there shall be no lease payment owed by the Renter. Any payments made shall be credited for future use of the Equipment.

 

12. DEFAULT. In the event of Default by the Renter, the Owner may terminate this Agreement and take possession of the Equipment without prejudice to any other remedies the Owner may have.

 

13. INDEMNIFICATION. The Renter shall indemnify and hold the Owner harmless from any loss, damage, or expense arising from the Renter’s possession, use, or misuse of the Equipment. This includes any loss, damage, or expense arising from the set-up of the equipment, if this option was selected, and paid, by renter.

 

14. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the Owner and the Renter concerning the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written.

 

15. GOVERNING LAW. This Agreement shall be governed under the laws located in the State of Indiana, which includes charging a state sales tax on the rental equipment and delivery fee.

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16. SERVICE FEE. A 3.0% service fee will be added for all credit card transactions.  

 

17. SEVERABILITY. If any provision of the Agreement is held to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If any court finds that any provision of this Agreement is invalid or unenforceable, but by limiting such provision it would be valid and enforceable, then such provision will be deemed to be written, construed, and enforce as so limited.

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IN WITNESS WHEREOF, the Owner and Renter have signed this Agreement as of the order date.

Owner Signature:  Dry Out Rentals, LLC

 

Renter Signature:  By paying deposit or invoice in full, Renter agrees to all terms and conditions of this Equipment Rental Agreement (no signature required).