Nigeria Equipment Rental Terms & Conditions

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Rental Terms & Conditions

TERM: The term of this agreement shall commence on the date equipment is shipped from COMPANY and shall continue thereafter until the expiration of the original term and the equipment is returned to COMPANY in accordance with Section 7 below.

The term "equipment" means _____________________________ related to the products set forth on the COMPANY quotation. 

RENTALS: The obligation to pay rentals shall begin on the ship date and continue for the term of this agreement or until equipment is received back at COMPANY, whichever is later. Each rental payment shall be due within 20 days after the date of COMPANY invoice. The rental rate is as stated in the rental agreement. In the case of an extension, the customer must inform COMPANY. Rental charges will be billed to the customer using the same method of payment as original rental. However, if the original rental was issued on net terms and the charge for the extension exceeds the customer’s credit limit, the rental charges will be applied to the credit card given as security prior to original rental.  Any equipment overdue may be charged at the daily rate (see daily rate schedule of paragraph 9). Overdue accounts are subject to a 5% monthly finance charge due on demand.

FREIGHT: All equipment is shipped at customers expense FOB Lagos Nigeria. All shipping and insurance costs are to be paid directly to the carrier by COMPANY and added to the customer’s invoice. All equipment shall be returned to COMPANY, insured to the full asset value, and in accordance with Section 7 below.

TAXES: Customer shall pay all taxes & other governmental charges assessed in connection with the rental, use or possession of the equipment including without limitation, any and all sales and/or use taxes and personal property taxes. Where applicable, such taxes will be added to the invoice.

COMPANY WARRANTY: COMPANY warrants only that the equipment, when delivered will be in good operating condition. If any equipment shall require repair or recalibration, customer shall immediately notify COMPANY and obtain COMPANY consent before any remedial action is taken or any equipment is returned. The sole obligation of COMPANY under the foregoing warranty shall be to repair, recalibrate or, at its option, replace any equipment that shall fail to meet the warranty, and such obligation shall constitute the sole and exclusive remedy of customer. IN NO EVENT SHALL COMPANY BE LIABLE TO CUSTOMER FOR ANY CONSEQUENTIAL OR INCIDENTAL DAMAGES, SUCH AS ANY LOSS OF REVENUES OR USE OF ANY EQUIPMENT OR DAMAGE TO OTHER EQUIPMENT, COST OF SUBSTITUTE EQUIPMENT, OR DOWNTIME COSTS. COMPANY shall not be responsible for any delays or failures in making repairs, recalibration or replacement due to unavailability of parts or labor, strikes, delays in transportation or other causes beyond its reasonable control. Unless customer gives COMPANY written notice of any defect within 24 hours after receipt of each item of equipment, it shall be conclusively presumed that such equipment was delivered in good condition. The foregoing warranty shall not apply to any damage to equipment caused by accident, misuse or abuse. COMPANY is not the manufacturer of OTDRs and disclaims all other warranties, expressed or implied, including without limitation, any warranty of merchantability or fitness for any particular purpose or that the equipment will not infringe upon any patent or proprietary right of any third party.

USE OF EQUIPMENT: The Customer shall not use the Equipment in other locations without first having notified COMPANY. Customer shall use the equipment in a careful and proper manner in compliance with all laws and other governmental requirements and the manufacturer’s instructions and specifications. Without the prior written consent of COMPANY, customer shall not sell, encumber, assign, sublet, remove, alter, modify, or repair the equipment and the Equipment shall at all times remain under the immediate control, supervision and direction of the Customer personally. The Equipment is and shall remain at all times the sole and exclusive property of COMPANY. The Customer agrees not to remove or cover any tag or nameplate on the Equipment showing ownership by COMPANY. Customer shall bear the entire risk of loss or damage to the equipment from any cause and shall be responsible for procuring insurance coverage with respect to the equipment and its use and shall provide COMPANY with proof. Customer shall indemnify and hold COMPANY harmless from any and all claims, liabilities, losses, costs, and expenses (including reasonable attorneys’ fees) arising out of the use, possession, operation, or rental of the equipment.

RETURN OF EQUIPMENT: Customer shall return the equipment to COMPANY, shipment insured, in substantially the same condition as when first received, ordinary wear and tear excepted. Customer shall properly pack for shipment all equipment being returned and shall be responsible for any damage caused during the return shipment. Customer shall be responsible for, and pay to COMPANY on demand, the new replacement cost of any lost or “materially damaged equipment” (including accessories), as well as the cost of wear & tear or damage. With respect to lost or “materially damaged equipment”, customer shall be responsible for rentals to the date of receipt by COMPANY of the full new replacement cost. The term “materially damaged” means damage to the equipment to such an extent that the cost to repair such equipment equals or exceeds 50% of the fair market value of the equipment at that time. If the equipment is missing or damaged to a lesser extent, Customer will pay to COMPANY upon demand the diminished value of the equipment once it is ascertained. The acceptance of the return of rented Equipment is not a waiver by COMPANY of any claims that it may have against the Customer, nor a waiver of claims for any damages to the Equipment. Customer shall indemnify and hold COMPANY harmless from all claims, liabilities, costs, and expenses (including attorneys’ fees) arising out of the use, possession, operation, rental or non-return of equipment. 

DEFAULTS & REMEDIES: Customer shall be in default if it fails to pay any money owed to COMPANY, or fails to timely perform any other obligation to COMPANY, or if any bankruptcy or similar proceedings under federal or state laws shall be filed by or against customer. Upon the occurrence of any default, COMPANY may at any time during the continuance thereof, and in addition to all other rights & remedies to COMPANY at law or in equity, (1) terminate the rental of all products or equipment rented to customer under the agreement or otherwise, (2) require customer to assemble and return all such products or equipment, or repossess all such products or equipment and/or, 3) recover from customer all amounts payable thereunder. COMPANY shall not have any duty to account to customer for the proceeds of any disposition of equipment subsequent to return or repossession. All rights and remedies of COMPANY on default are cumulative and may be exercised simultaneously or successively. The failure to insist upon strict compliance with the terms and conditions of this agreement, even after a breach of any provision or after default, shall not be construed as a waiver of any of COMPANY's rights under this agreement. The acceptance of any rent or other payment, or any portion thereof, after a default by the Customer shall not be deemed to operate as a waiver of COMPANY's right to enforce the payment of rent or other payments herein provided for, or to terminate this agreement and recover possession of its Equipment. Customer shall reimburse COMPANY for all costs and expenses incurred by COMPANY in enforcing its rights hereunder, including reasonable attorneys’ fees. This agreement contains the entire understanding between the parties, including representation, and may not be modified except by another agreement in writing, signed by both parties to this agreement.