Under the General Conditions of Lease, ATKC Warehouse Sdn Bhd (1241902-U), hereafter called the Lessor, agree to lease to Customer/Buyer/Purchaser, hereafter called the Lessee the equipment named and identified in the following "Equipment Article" with the rental rate & term as stated.
GENERAL CONDITIONS OF TOOLS & EQUIPMENT RENTAL AGREEMENT (LEASE)
The conditions of lease here below stated, constitute a contract between the parties therein named which contract is hereafter referred to as "this Agreement".
The Rental Period shall cover all time consumed in transporting the equipment, including the date of legal delivery to a public carrier for transit to Lessee and upon return of the equipment, the date of legal delivery by such carrier to Lessor, or if no public carrier is used, shall include the date upon which transit to Lessee begins and the date upon which transit from Lessee ends at Lessor's unloading point.
Lessee shall pay rental for the entire Rental Period on each article of equipment named in the "Equipment Article", at the rate therein stipulated and in accordance with the following:-
(a) Monthly Rental Rates shall not be subject to any deductions on account of any non-working time in the month. The amount of rent payable for any fraction of a month at the beginning or end of the Rental Period shall be the monthly rental rate, prorated according to the number of calendar days in such fraction.
(b) Daily Rental Rates shall not be subject to deductions for any non-working time in the day and shall be paid for each calendar day in the month.
Rental Deposit of equipment will be constituted as Security Deposit, paid by Lessee to Lessor to guarantee Lessee's full and faithful performance of all terms, conditions and provisions of this Agreement.
The rent for each equipment described in the "Equipment Article" shall be the amount therein designated and shall be deductible from the Security Deposit upon maturity of Rental Period.
3 - 4 Working Days.
Credit Card: 5 - 21 Working Days
Direct Debit(FPX): 5 - 7 Working Days
FEES, ASSESSMENTS, AND TAXES PAID BY LESSEE
Lessee shall pay all license fees, assessments, and sales, use, property and excise, and other taxes or hereafter imposed and relating to Lessee's use or possession of the equipment.
Lessor may recall any or all equipment upon ten (10) days written notice to Lessee and the Lessee may return any or all equipment upon a like notice to the Lessor.
MAINTENANCE AND OPERATION
Lessee shall not remove, alter, disfigure or cover up any numbering, lettering, or insignia displayed upon the equipment, and shall see that the equipment is not subjected to careless, unusually or needlessly rough usage; and Lessee shall at his own expense maintain the equipment and its appurtenances in good repair and operative condition, and return in such condition to Lessor, ordinary wear and tear resulting from proper use thereof alone expected.
The expense of all repairs made during the Rental Period, including labour, material, parts and other items shall be paid by Lessee. A failure which, Lessor shall deduct such expenses from the Security Deposit, and if exceeded the Security Deposit, Lessor may forward the charges directly to Lessee.
Unless otherwise mutually agreed in writing, Lessee shall supply and pay all operators on the equipment during the Rental Period. All operators shall be competent. Should Lessor furnish any operators or other workmen for equipment, they shall be employees of Lessee during the Rental Period, and Lessee shall pay the salary or wages and all other applicable costs. Lessee shall provide and pay all workmen's compensation insurance and pay all payroll taxes required by law and applying to such operators and workman.
DISCLAIMER OF WARRANTIES
Lessor, being neither the manufacturer, nor a producer in the equipment, makes no warranties, express or implied, as to any matter whatsoever, including, without limitation, the condition of the equipment, its merchantability, its design, its capacity, its performance, its material, its workmanship, its fitness for any particular purpose, or what it will meet the requirements of any laws, rules, specifications, or contracts which provide for specific apparatus or special methods. Lessor further disclaims any liability whatsoever for loss, damage, or injury to Lessee or third parties as a result of any defects, latent or otherwise, in the equipment. As to Lessor, Lessee leases the equipment "As Is". Lessor shall not be liable in any event to Lessee for any loss, delay, or damage of any kind of character resulting from defects in, or inefficiency of, equipment hereby leased or accidental breakage thereof.
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorney's fees, arising out of, connected with, or resulting from the equipment or the Lease, including without limitation, the manufacture, selection, delivery, leasing, renting, control, possession, use, operation, maintenance or return of the equipment. Lessee shall further indemnify Lessor, and hold Lessor harmless from all loss and damage to the equipment during the rental period. Lessee recognises and agrees that included in this indemnity clause, but not by way of limitation, is Lessee's assumption of any and all liability for injury: disability and death or workmen and other persons caused by the operation, use, control, handling, or transportation of the equipment during the Rental Period.
RISK OF LOSS
Lessor shall not be responsible for loss or damage to property, material, or equipment belonging to Lessee, its agents, employees, suppliers, or anyone directly or indirectly employed by Lessee while said material property or equipment is in Lessor's care, custody, control or under Lessor's physical control. Lessee is encouraged to obtain appropriate equipment, material, or installation floater insurance against such risk of loss. Lessee and its insurers will waive all rights of subrogation against Lessor for such losses.
INSPECTION: CONCLUSIVE PRESUMPTIONS
Lessee shall inspect the equipment within three (3) business days after receipt thereof. Unless Lessee within a said period of time gives written notice to Lessor, specifying any defect in or other proper objection to the equipment. Lessee agrees that it shall be conclusively presumed, as between Lessor and Lessee, that Lessee has fully inspected and acknowledged that the equipment is in full compliance with the terms of this agreement, in good condition and repair, and that Lessee is satisfied with and has accepted the equipment in such good condition and repair. Lessor shall have the right at any time to enter the premises occupied by the equipment and shall be given free access thereto and afforded necessary facilities for the purpose of inspection.
Lessor shall at all times retain ownership and title of the equipment. Lessee shall give Lessor immediate notice in the event that any of said equipment is levied upon or is about to become liable or is threatened with seizure, and Lessee shall indemnify Lessor against all loss and damages caused by such action.
NO SUBLETTING ASSIGNMENT
No equipment shall be sublet by the Lessee, nor shall he assign or transfer any interest in this Agreement without the written consent of Lessor. Lessor may assign this Agreement without notice. Subject to the foregoing, this Agreement inures to the benefit of, and is binding upon, the heirs, successors, and assigns of the parties hereto.
Lessee shall pay Lessor all costs and expenses, including attorneys' fees, incurred by Lessor in exercising any of its rights or remedies hereunder or enforcing any of the terms, conditions, or provisions hereof.
If Lessee's accumulated Rental Fees reached or exceeded the Security Deposit, Lessor shall have the right to terminate this lease as to any or all items of equipment with immediate effect. The equipment as described in the "Equipment Article" will be deemed sold or automatically "transfer of ownership" from Lessor to Lessee. Lessee hereby waives Lessor any and all losses or damages occasioned by such termination.
This instrument constitutes the entire agreement between Lessor and Lessee; and it shall not be amended, altered or changed except by a written agreement signed by the parties hereto.