The following document is an example of the hire agreement between the Hirer and the Owner (Saddle Rentals UK).
EQUIPMENT HIRE AGREEMENT THIS EQUIPMENT HIRE AGREEMENT (this "Agreement") dated this day of ,
BETWEEN: Scorching North Ltd. (trading as Saddle Rentals UK) of "Address" England. (the "Owner") OF THE FIRST PART
- AND - Name Hirers address (the "Hirer") 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: Definitions 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 Saddle Description which has an approximate value of Salvage Price. 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. Lease 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. Term 3. The Agreement commences on Full date and will continue on a month-to-month basis (the "Term"). Rent and Deposit 4. The rent, inclusive of VAT, will be paid in instalments of Monthly Rental each month, in advance, beginning on the commencement date defined in the Term section of this agreement and will be paid on the xxth day of each succeeding month throughout the Term (the "Rent"). 5. The Hirer will pay a deposit of £xxx.xx (the "Deposit") before taking possession of the Equipment. The Owner will refund the Deposit to the Hirer at the end of the Term provided that the Hirer has performed all of the Hirer's obligations under this Agreement. Residual Value 6. At the signing of this Agreement, the residual value of the equipment (the "Residual Value") is agreed to be Salvage Price . However, if and when the Hirer desires to purchase the Equipment, the Hirer and the Owner may negotiate a different residual value at that time. This negotiated value will be the "Residual Value" for any such purchase. Purchasing the Equipment 7. The Hirer has the option to purchase the Equipment at the end of the Term by paying the following amounts: a. the Residual Value of the Equipment; and b. any fees, taxes, and expenses related to the purchase of the Equipment. 8. After the Hirer has paid all of the costs and fees associated with purchasing the Equipment, the Owner will return the following amounts, or the remaining portions of these amounts, to the Hirer: a. the Deposit; and b. any money received from an insurance claim or action that is not used to repair or replace the Equipment. Delivery of Equipment 9. The Owner will, at the Owner's own expense and risk, deliver the Equipment to the Hirer at Hirers delivery address Use of Equipment 10. 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. 11. The Hirer will use the Equipment for the purpose for which it was designed and not for any other purpose. 12. 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. Warranties 13. The Equipment will be in good working order and good condition upon delivery. 14. The Equipment is of merchantable quality and is fit for the following purpose: All-purpose recreational riding, non-commercial personal use only. Loss and Damage 15. 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. 16. 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. 17. 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 18. The Equipment is the property of the Owner and will remain the property of the Owner. 19. The Hirer will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner. 20. The Owner warrants that the Owner has the right to lease the Equipment according to the terms in this Agreement. 21. 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. Surrender 22. At the end of the Term or upon earlier termination of this Agreement, the Hirer will make the Equipment available for pick up at Hirers delivery address. If the Hirer fails to make the Equipment available for pick up, the Hirer will pay to the Owner any unpaid Rent for the Term plus the Casualty Value of the Equipment plus 10% of the Casualty Value, at which point ownership of the Equipment will pass to the Hirer. 23. At the end of the Term or upon earlier termination of this Agreement, the Hirer will make the Equipment available for pick up packaged in a manner that will protect the Equipment from undue damage during transportation. This will normally include provision of an adequate box and protective wrapping.
Insurance 24. No insurance coverage for the Equipment is required under this Agreement. Indemnity 25. The Hirer will indemnify and hold harmless the Owner against any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney's fees and costs, arising out of or related to the Hirer's use of the Equipment. Default 26. 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 within 3 days after same 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 another competent jurisdiction. c. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days. Remedies 27. 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. 28. The Hirer is entitled to the protection and remedies available to them under the Consumer Credit Act 1974. Assignment 29. 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. 30. 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. Additional Clauses 31. The Hirer must ensure that the saddle and/or equipment is stored in a secure manner. The Hirer may not store the saddle/equipment in unattended road vehicles or trailers, other than temporarily, within a locked concealed luggage boot, or concealed luggage compartment, provided all doors, windows and other openings are left closed, securely locked and properly fastened, and all security devices installed in the vehicle are operative. 32. Saddle fitting. The Hirer has the right to affect minor adjustments to the saddle to ensure correct fitment to their horse (known as "saddle fitting"). Permanent minor adjustments (e.g. re-flocking) must be carried out by a professional saddle fitter. Any costs associated with saddle fitting are the responsibility of The Hirer. Any additional adjustments must be pre-approved by The Owner and include, but are not limited to replacement/adjustment of tree and exchange of flaps. 33. Early termination without cause. The Hirer may choose to cancel the rental agreement without cause for any reason by giving notice within five (5) days of receiving the saddle. An administration fee of £25.00 will be payable by the Hirer if this option is taken. 34. Use of equipment. The equipment is hired for use within the United Kingdom only. The equipment may not be used, stored or otherwise taken outside of the borders of the United Kingdom. Entire Agreement 35. This Agreement will constitute the entire agreement between the Parties. Any prior understanding or representation of any kind preceding the date of this Agreement will not be binding on either Party except to the extent incorporated in this Agreement. Address for Notice 36. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses: Owner: Scorching North Ltd. (trading as Saddle Rentals UK), Address, England. Hirer: Name, address Payment 37. All pound amounts in this agreement refer to pounds sterling, and all payments required to be paid under this Agreement will be paid in pound sterling unless the Parties agree otherwise. Interpretation 38. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa. Governing Law 39. 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. Severability 40. If there is a conflict between any provision of this Agreement and the applicable legislation of England (the "Act"), the Act will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the Act. Further, any provisions that are required by the Act are incorporated into this Agreement. 41. If there is a conflict between any provision of this Agreement and any form of lease prescribed by the Act, that prescribed form will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with that prescribed form. Further, any provisions that are required by that prescribed form are incorporated into this Agreement. 42. In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, those provisions to the extent enforceable and all other provisions will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement and the remaining provisions had been executed by both Parties subsequent to the expungement of the invalid provision. General Terms 43. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures. 44. Time is of the essence in this Agreement. 45. 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. 46. 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 47. 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
Hirers name has duly affixed its signature under hand and seal and Scorching North Ltd. (trading as Saddle Rentals UK) has affixed its signature by a duly authorised officer under seal on this day of , Scorching North Ltd. (trading as Saddle Rentals UK)