EQUIPMENT HIRE AGREEMENT
THIS EQUIPMENT HIRE AGREEMENT (this "Agreement") dated this ________________ day of ________, ________.
ST AIDAN'S JCR CHARITABLE INCORPORATED ASSOCIATION of St Aidans College, Windmill Hill, Durham, DH1 3LJ
OF THE FIRST PART
- AND -
____________________ of ____________________
OF THE SECOND PART
(the Owner and Hirer are collectively the "Parties")
IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Owner leases the Equipment to the Hirer, and the Hirer leases the Equipment from the Owner on the following terms:
1. The following definitions are used but not otherwise defined in this Agreement:
a. "Casualty Value" means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.
b. "Equipment" means St Aidans JCR contents of the Technology Store. Items will specifically listed on the hire invoice/confirmation.
which has an approximate value of £15,000.00.
c. "Total Loss" means any loss or damage that is not repairable or that would cost more to repair than the market value of the Equipment.
2. The Owner agrees to lease the Equipment to the Hirer, and the Hirer agrees to lease the Equipment from the Owner in accordance with the terms set out in this Agreement.
3. The Agreement commences on the start date stated on the hire confirmation/invoice and will continue until the end date/duration stated on the hire confirmation/invoice. (the "Term").
4. The rent for the Equipment will be as outlined on the hire confirmation/invoice (the "Rent") and the Rent will be paid upon return to the Owner.
Use of Equipment
5. The Hirer will use the Equipment in a good and careful manner and will comply with all of the manufacturer's requirements and recommendations respecting the Equipment and with any applicable law, whether local, state or federal respecting the use of the Equipment, including, but not limited to, environmental and copyright law.
6. The Hirer will use the Equipment for the purpose for which it was designed and not for any other purpose.
7. Unless the Hirer obtains the prior written consent of the Owner, the Hirer will not alter, modify or attach anything to the Equipment unless the alteration, modification or attachment is easily removable without damaging the functional capabilities or economic value of the Equipment.
Repair and Maintenance of Equipment
8. The Hirer will, at the Hirer's own expense, keep the Equipment in good repair, appearance and condition, normal and reasonable wear and tear excepted. The Hirer will supply all parts that are necessary to keep the Equipment in such a state.
9. If the Equipment is not in good repair, appearance and condition when it is returned to the Owner, the Owner may make such repairs or may cause such repairs to be made as are necessary to put the Equipment in a state of good repair, appearance and condition, normal and reasonable wear and tear excepted. The Owner will make the said repairs within a reasonable time of taking possession of the Equipment and will give the Hirer written notice of and invoices for the said repairs. Then the Hirer will reimburse the Owner for the actual expense of said repairs.
10. The Hirer may, but is not obligated to, enforce any warranty that the Owner has against the supplier or manufacturer of the Equipment. The Hirer will enforce such warranty or indemnity in its own name and at its own expense.
11. The Equipment will be in good working order and good condition upon delivery.
12. The Equipment is of merchantable quality and is fit for the following purpose:
Purpose is stated within the hire confirmation, please refer to this for more information. Items are hired on a case by case situation.
13. All items in the catalogue have been PAT tested to the latest regulations with documentation confirming the testing available on request to the Owner.
Loss and Damage
14. To the extent permitted by law, the Hirer will be responsible for risk of loss, theft, damage or destruction to the Equipment from any and every cause.
15. If the Equipment is lost or damaged, the Hirer will continue paying Rent, will provide the Owner with prompt written notice of such loss or damage and will, if the Equipment is repairable, put or cause the Equipment to be put in a state of good repair, appearance and condition.
16. In the event of Total Loss of the Equipment, the Hirer will provide the Owner with prompt written notice of such loss and will pay to the Owner all unpaid Rent for the Term plus the Casualty Value of the Equipment, at which point ownership of the Equipment passes to the Hirer.
Ownership, Right to Lease and Quiet Enjoyment
17. The Equipment is the property of the Owner and will remain the property of the Owner.
18. The Hirer will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
19. The Owner warrants that the Owner has the right to lease the Equipment according to the terms in this Agreement.
20. The Owner warrants that as long as no Event of Default has occurred, the Owner will not disturb the Hirer's quiet and peaceful possession of the Equipment or the Hirer's unrestricted use of the Equipment for the purpose for which the Equipment was designed.
21. The Hirer will, during the whole of the Term and for as long as the Hirer has possession of the Equipment, take out, maintain and pay for insurance against loss of and damage to the Equipment for the full replacement value of the Equipment and will name the Owner as the loss payee.
22. The Hirer will, during the whole of the Term and for as long as the Hirer has possession of the Equipment, take out, maintain and pay for comprehensive general liability insurance against claims for bodily injury, including death, and property damage or loss arising out of the use of the Equipment. The insurance policy will have limits of at least £5,000,000.00.
23. The insurance will be in the joint name of the Owner and the Hirer so that both the Owner and the Hirer will be protected from liability and will provide primary and non-contributing coverage for the Owner. The insurance policy will have a provision that it will not be modified or cancelled unless the insurer provides the Owner with thirty (30) days written notice stating when such modification or cancellation will be effective.
24. Upon written demand by the Owner, the Hirer will provide the Owner with an original policy or certificate evidencing such insurance.
25. The Hirer appoints the Owner as the Hirer's attorney-in-fact ("Attorney") with the power to maintain the above insurance and to secure payments arising out of any insurance policy required by this Agreement. The Attorney has the power to do all acts that are necessary or desirable to secure such payments.
26. If the Hirer fails to maintain and pay for such insurance, the Owner may, but is not obligated to, obtain such insurance, but if the Owner does obtain such insurance, the Hirer will pay to the Owner the cost of such insurance upon notification from the Owner of the amount.
27. The occurrence of any one or more of the following events will constitute an event of default ("Event of Default") under this Agreement:
a. The Hirer fails to pay any amount provided for in this Agreement when such amount is due or otherwise breaches the Hirer's obligations under this Agreement.
b. The Hirer becomes insolvent or makes an assignment of rights or property for the benefit of creditors or files for or has bankruptcy proceedings instituted against it under the bankruptcy law of the United Kingdom or other competent jurisdiction.
c. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
28. On the occurrence of an Event of Default, the Owner will be entitled to pursue any one or more of the following remedies (the "Remedies"):
a. Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Hirer.
b. Apply the Deposit toward any amount owing to the Owner.
c. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
d. Take possession of the Equipment, without demand or notice, wherever same may be located, without any court order or other process of law. The Hirer waives any and all damage occasioned by such taking of possession.
e. Terminate this Agreement immediately upon written notice to the Hirer.
f. Pursue any other remedy available in law or equity.
29. The Hirer is entitled to the protection and remedies available to them under the Consumer Credit Act 1974.
30. THE HIRER WILL NOT ASSIGN THIS AGREEMENT, THE HIRER'S INTEREST IN THIS AGREEMENT OR THE HIRER'S INTEREST IN THE EQUIPMENT WITHOUT THE PRIOR WRITTEN CONSENT OF THE OWNER.
31. If the Hirer assigns this Agreement, the Hirer's interest in this Agreement or the Hirer's interest in the Equipment without the prior written consent of the Owner, the Owner will have recourse to the Remedies and will be entitled to all damages caused by the assignment.
Address for Notice
32. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
Owner: ST AIDAN'S JCR CHARITABLE INCORPORATED ASSOCIATION, St Aidans College, Windmill Hill, Durham, DH1 3LJ
Hirer: ____________________, ____________________
33. This Agreement will be construed in accordance with and governed by the laws of England and the parties submit to the exclusive jurisdiction of the English Courts.
34. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
35. Time is of the essence in this Agreement.
36. This Agreement will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party to this Agreement.
37. Neither Party will be liable in damages or have the right to terminate this Agreement for any delay or default in performance if such delay or default is caused by conditions beyond its control including, but not limited to Acts of God, Government restrictions, wars, insurrections, natural disasters, such as earthquakes, hurricanes or floods and/or any other cause beyond the reasonable control of the Party whose performance is affected.
Notice to Hirer
38. NOTICE TO THE HIRER: This is a lease. You are not buying the Equipment. Do not sign this Agreement before you read it. You are entitled to a completed copy of this Agreement when you sign it.
IN WITNESS WHEREOF the parties to this Agreement have executed this Equipment Hire Agreement on this ________________ day of ________, ________.