RENT AGREEMENT

 

This Rent Agreement ("Agreement") is made on this ____ day of __________ at __:__ AM/PM by and between M/s rentbean, (hereinafter referred to as the "First Party" or "rentbean" which expression shall, unless expressly excluded or repugnant to the context, mean and include his assigns of the First Party;

 

AND

 

Mr/Ms/Mrs. ______________________, D/W/S/o____________________________, R/o ______________________________________________(hereinafter referred to as the "Second Party" or "customer" which expression shall, unless expressly excluded or repugnant to the context, mean and include his heirs, successors and assigns) of the Second Part; The First Party and Second Party are hereinafter collectively referred as "Parties" and individually as "Party";

 

IN CONSIDERATION OF THE MUTUAL COVENANTS, TERMS, AND CONDITIONS HEREIN CONTAINED, THE PARTIES AGREE AS FOLLOWS:

 

1.    Renting: First Party agrees to Rent to Second Party, and Second Party agrees to Rent from First Party, the following Product ("Product") for the Purpose, Rental, Term, Security Deposit and Installation Charges as provided below:

a.    Description of the Product:

b.    Value of the Product:

c.    Rental:

d.    Tenure: This Rental will begin at___o'clock a.m./p.m. on________and will end at________o'clock a.m./p.m. on________.

e.    Refundable Deposit:

f.     Installation Charges:

g.    Handling Charges:

h.    Delivery Charges:

i.      Purpose:

rentbean may cancel this Agreement and require that Renter return the Product immediately.

 

2.    Acknowledgement: Second Party acknowledges that:

a.    That the Product was in good condition at the time of Delivery.

 

Cash on delivery:

b.    That second party agrees to make cash on demand (COD) payment equal to the rental value at the time of delivery of product (if not already paid online via one of the available payment methods on the rentbean website viz credit card, debit card, electronic wallets etc.) 

c.    Also, agrees to issue a cheque in favor of "rentbean", with amount of cheque = refundable deposit (if not already paid online via one of the available payment methods on the rentbean website viz credit card, debit card, electronic wallets etc.) 

                                      i.        rentbean will not encash the cheque if no damages are found to product at the end of rental period. (if paid online, the amount will be credited back to the customer’s selected mode of payment, post 2 days of the return of product)

 

Online Payment:

d.    That second party agrees to make the rental amount and refundable deposit amount payment online via one of the available payment methods on the rentbean website viz credit card, debit card, electronic wallets etc

 

Expensive products:

e.    Irrespective of the payment mode (COD or online payment), unless explicitly exempted by rentbean, second party agrees to issue a cheque in favor of "rentbean" with amount of the cheque = 80% of market value of the product if product’s market value is more than Rs. 25000,

                                      i.        rentbean will not encash the cheque until any scrupulous activity is noticed on the customer part or any damage is caused to the product.

                                     ii.        Refundable deposit cheque will NOT be needed in this case

 

Damages or Complete Loss or Delay in returning product:

f.     In case of damages or delay in returning product (or extension of product rental period as approved by rentbean), second party agrees to pay for the amount, as ascertained by rentbean, separately via cash, check or online payment. Refundable deposit cheque will not be encashed in this case.

g.    In case of damages or delay in returning product (or extension of product rental period as approved by rentbean), second party may, alternately, agree and allow rentbean to use the refundable deposit cheque or expensive product cheque or online paid amount (partial or full) to pay for any fixes that may need to be done OR to not refund it at all in case of loss of product or the product being damaged beyond repair by second party

 

Bounced Cheques:

h.    In case of dishonor of cheque, rentbean (company) retains the right to file a FIR against second party (customer).

 

ID/Address Proofs:

i.      Also agrees, to submit a copy of id proof with photograph (Pan card, Aadhaar  Card, Voter Card etc.) and a copy of current address proof (electricity bill, phone bill, gas bill etc.) (if not already mentioned in id proof)

j.      Also agrees to present the original copy of all the submitted documents for verification at the time of delivery

 

Ownership:

k.    Ownership of the Product shall at all times remain vested in the First Party or the Vendor (as arranged by rentbean) and neither the Second Party nor any person on its behalf shall at any stage before or after the expiry of the term of this Agreement or the termination of the Contract become the owner of the Product or be entitled to retain the possession, use or enjoyment of such Product;

l.      Explanation: Vendor for the purpose of this Agreement shall mean the actual Owner of the Product who has provided the Product on lease/rent or sublease/sub-rent to the First Party.The Second Party shall not in any way deal with the Product, and in particular but without limiting the generality of the a foregoing, shall not sell, offer for sale, pledge, sublet, lend or part with possession with the Product.

m.   The Second Party shall keep the Product free from any lien, charge or encumbrance and shall not permit any other person to acquire any right in or to the Product.

n.    Risk in and to the Product shall pass to the Second Party upon the Effective Date or upon delivery of the Product whichever is the later, and shall remain on the Second Party until such time as the Product are returned to the First Party.

 

Use of Product:

o.    Second Party shall use the Product solely for the Purpose mentioned herein above and in a manner and for the use contemplated by the manufacturer thereof. Second Party acknowledges and represents that the Product shall be and remain personal Product, notwithstanding the manner by which it may be attached or affixed to realty. Below are the operational guidelines that needs to be followed. The damages due to over usage shall be borne by the customer.
Gaming Consoles - Not to be run for more than 3 continuous hours in a single session.
Battery Operated Cars/Bike - Not to be run for more than 30 continuous minutes in a single session. Should not be charged for more than 3 hours.
Treadmills - Not to be run for more than 40 continuous minutes in a single session.
Massagers - Not to be run for more than 30 continuous minutes in a single session.
Hoverboards - Not to be run for more than 30 continuous minutes in a single session. Should not be charged for more than 1.5 hours.
Air Conditioner/ Heaters- Not to be run for more than 8 continuous hours in a single session.

p.    If the Product or any portion thereof are lost, damaged or destroyed, the Second Party shall forthwith:

                                      i.        Give the First Party written notice thereof

                                     ii.        Pay any such amount which is equal to the total damage either separately or by utilizing the refundable deposit/expensive product cheque;

                                    iii.        The damage shall be determined by rentbean on proper inspection of the Product. The Second Party shall be Liable to an amount equivalent to the damage which is not settled after utilizing the Refundable Deposit;

                                   iv.        rentbean may at its sole discretion transfer its rights, duties, claims obligations etc., arising under this Agreement to any third party without the Consent of Second Party.

 

3.    Disclaimers/Warranties:

a.    Second Party represents and acknowledges that the Product is of a size, design, capacity and manufacture selected by it. Second Party Rented the product as is and, not being the manufacturer of the product, the manufacturer’s agent or the seller’s agent, First Party makes no warranty or representation whatsoever, express or implied, as to the merchantability, fitness for any particular purpose, design or condition of the product, or intellectual Product rights (including without limitation any patent, copyright and trademark rights, of any third party with respect to the product, whether relating to infringement or otherwise) with respect to the product.

b.    First Party shall not be responsible for any direct, indirect, incidental or consequential damages arising from possession or use of the product. All transferable manufacturer and supplier warranty rights are, to the extent such rights have been transferred to First Party, hereby assigned without representation or warranty by First Party to Second Party for the Rent term, which warranties Second Party is authorized to enforce.

 

4.    Installation:

a.    Installation service will be provided by rentbean wherever applicable and where corresponding installation fees is charged in the order

 

5.    Cancellation and Returns:

a.    Orders can only be cancelled 24hrs prior to the start of the delivery time window as confirmed when order is placed

b.    No cancelation will be accepted for same day delivery orders

c.    Returns will not be accepted in any case. In case of defects found and reported by second party at the time of delivery, the product will be either repaired ot replaced by rentbean

 

6.    Maintenance and Repair:

a.    All maintenance and repair will be handled by rentbean. Second party, in no case, will carry any repair or maintenance activity on any product on their own

b.    Second party agrees to inform rentbean, at the earliest, about any damage, maintenance/repair need

 

7.    Condition of products:

a.    rentbean makes no warranty or representation whatsoever, express or implied, that the Products displayed on its site are brand new Products and hence the Products may or may not appear in same condition as displayed on the website.

b.    Further, second party acknowledges that there may be normal wear and tear to the Product, which cannot be a reason for cancellation/return of Product by Customer. Whereas rentbean shall ensure that the Product at the time of delivery is in good working condition.

 

8.    Risk of Loss:

a.    Second Party assumes all risk of loss for Product upon delivery to Second Party. If the Product is lost or damaged beyond repair (a "Loss Event"), Second Party shall pay to First Party an amount equal to all payments due and payable with respect to such Product on or prior to such Loss Event, plus a sum equal to the market value of the Product as of such date, determined by rentbean.

b.    Rent for the product will continue to accrue until such payment is made and will need to be made by second party along with above stated amount

c.    Upon payment of above stated amoount, the Rent for such Product shall cease to accrue, the Term of this Agreement as to such Product shall terminate.

d.    This amount may be adjusted against the refundable deposit (cheque or online payment) or the expensive product cheque if not paid separately

 

9.    Prohibitions:

a.    Without the prior written consent of First Party, Second Party shall not assign, lend, pledge, transfer, or sublease the Product or the Lease, permit to exist any security interest, lien or encumbrance with respect to any of the Product; or cause or permit any of the products to be moved from the location specified in the Agreement.

 

10. Alterations and Modifications:

a.    No alteration or modification can be done to a Product. Further in case any such alteration or modification is found to any item of Product shall belong to and become the Product of First Party unless any direct or indirect damage to the Product due to such alteration or modification is noticed, in which case, rentbean has full right to claim such damages as stated above.

 

11. Taxes:

a.    Second Party shall pay, and hereby indemnifies and holds First Party harmless from all fees, assessments, taxes, and charges imposed by any governmental body or agency upon or with respect to any of the Product, or the possession, ownership, use or operation thereof.

 

 

12. Indemnity:

a.    Second Party hereby indemnifies and holds harmless First Party from and against any and all liability, damages, and costs arising from this Agreement.

 

13. Events of Default:

a.    The occurrence of any of the following shall constitute an "Event of Default" hereunder if (a) Second Party fails to pay any Rent in term (c) Second Party is in breach of any of the terms and condition under this Agreement or any other Term as provided by rentbean on its website or otherwise, (d) bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceedings are instituted by or against Second Party; (e) Second Party defaults under any other or Agreement between the parties (f) refusal to return the Furniture.

 

14. Termination:

a.    This Agreement may be terminated:

                                      i.        On expiry of the Term of this Agreement

                                     ii.        By rentbean at its sole discretion at any time by giving a notice of 15 days to the Second Party

                                    iii.        any Event of default has occurred and First Party has given a notice to cure the default, if default is curable and the Second Party is not able to cure the same

                                   iv.        In case the default is not curable then this Agreement shall be terminated immediately on occurrence of such default;

                                    v.        becomes insolvent or has a petition in bankruptcy, reorganization or similar action filed by or against it

                                   vi.        Second Party breaches any representation, warranty, covenant, obligation, commitment or other agreement contained in this Agreement.

 

 

15. Notice:

a.    That all notice which may or shall be given under this Agreement shall be made by registered post to the address mentioned below or to such address as are notified in writing by the parties hereto.

b.    If either party has changed its address, a written notice thereof shall be given to the other party. All notices shall also be deemed to have been given on the day when deposited in post.

 

16. Force Majeure:

a.    Neither party shall be in default nor liable to the other for any failure to perform directly caused by events beyond that party’s reasonable control, such as acts of nature, labor strikes, war, insurrections, riots, acts of governments, embargoes and unusually severe weather provided the affected party notifies the other party within 15 days of the occurrence.

b.    Such an event is an Excusable Delay. The party affected by an excusable delay shall take all reasonable steps to perform despite the delay.

c.    If the party is unable to perform within a reasonable period, this Agreement shall end without any further obligation of the unaffected party.

 

17. Severability.

a.    If any provision of this Agreement is held to be illegal, invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall not be affected.

 

18. Variation Amendment.

a.    No variation, amendment of this Agreement shall be binding on any party unless such variation, amendment is in writing and signed by each party.

 

19. Law And Dispute Resolution.

a.    This Agreement shall be governed and interpreted by the laws of India. Any dispute which may arise shall be subject to the Jurisdiction of Haryana Courts

 

20. IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and acknowledged by their respective officers or representatives hereunto duly authorized, as of the date first above written.

 

 

 

SIGNED AND DELIVERED

by First Party by the hand of its authorized official

SIGNED AND DELIVERED

by Second Party

Name:__________________________

Designation:_____________________

Name:_____________________________

D/W/S/O:___________________________

R/O:______________________________