Hire Agreement

EQUIPMENT HIRE AGREEMENT

THIS EQUIPMENT HIRE AGREEMENT (this “Agreement”) dated this ________________ day of ________, ________.



BETWEEN:

Yuno Supplies Ltd of Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX
(the “Owner”)

OF THE FIRST PART


– AND –

of
(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:

  1. Definitions
  2. The following definitions are used but not otherwise defined in this Agreement:
    1. “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.
    2. “Equipment” means the items you chose to hire with a value as per your quote.
    3. “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.
  3. Lease
  4. 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.
  5. Term
  6. The Agreement commences on the date you receive your machine(s) and will continue until 12 calendar months later (the “Term”).
  7. Rent
  8. The rent will be paid in instalments as agreed each month, in advance, beginning on the date you receive your machine(s) and will be paid on the 1st day of each succeeding month throughout the Term (the “Rent”).
  9. Delivery of Equipment
  10. The Owner will, at the Owner’s own expense and risk, deliver the Equipment to the Renter at the address agreed by both parties.
  11. Use of Equipment
  12. 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.
  13. The Hirer will use the Equipment for the purpose for which it was designed and not for any other purpose.
  14. 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.
  15. Repair and Maintenance of Equipment
  16. 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.
  17. 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.
  18. 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.
  19. Warranties
  20. The Equipment will be in good working order and good condition upon delivery.
  21. The Equipment is of merchantable quality and is fit for the following purpose:
    Making Coffees.
  22. Loss and Damage
  23. 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.
  24. 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.
  25. 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.
  26. Ownership, Right to Lease and Quiet Enjoyment
  27. The Equipment is the property of the Owner and will remain the property of the Owner.
  28. The Hirer will not encumber the Equipment or allow the Equipment to be encumbered or pledge the Equipment as security in any manner.
  29. The Owner warrants that the Owner has the right to lease the Equipment according to the terms in this Agreement.
  30. 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.
  31. Surrender
  32. At the end of the Term or upon earlier termination of this Agreement, the Hirer will return the Equipment at the Hirer’s cost, expense and risk to the Owner by delivering the Equipment to Yuno Supplies Ltd, Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX. If the Hirer fails to return the Equipment to the Owner at the end of the Term or any earlier termination of this Agreement, 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.
  33. Insurance
  34. No insurance coverage for the Equipment is required under this Agreement.
  35. Default
  36. The occurrence of any one or more of the following events will constitute an event of default (“Event of Default”) under this Agreement:
    1. 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.
    2. 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.
    3. A writ of attachment or execution is levied on the Equipment and is not released or satisfied within 10 days.
  37. Remedies
  38. 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”):
    1. Declare the entire amount of the Rent for the Term immediately due and payable without notice or demand to the Hirer.
    2. Apply the Deposit toward any amount owing to the Owner.
    3. Commence legal proceedings to recover the Rent and other obligations accrued before and after the Event of Default.
    4. 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.
    5. Terminate this Agreement immediately upon written notice to the Hirer.
    6. Pursue any other remedy available in law or equity.
  39. The Hirer is entitled to the protection and remedies available to them under the Consumer Credit Act 1974.
  40. Assignment
  41. 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.
  42. 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.
  43. Renewal
  44. The Hirer may renew this Agreement for an additional Term if the Hirer has given the Owner 0.00 days written notice of the Hirer’s intention to renew and if the Hirer is not in default of any of the terms under this Agreement. Other than as agreed upon in writing between the Parties, the renewal will be on the same terms as this Agreement, except for this renewal clause.
  45. Additional Clauses
  46. You must keep the equipment in good order.
  47. The equipment must be returned in good order.
  48. Address for Notice
  49. Service of all notices under this Agreement will be delivered personally or sent by registered mail or courier to the following addresses:
    Owner: Yuno Supplies Ltd, Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX Hirer: ,
  50. Interest
  51. Interest payable on any overdue amounts under this Agreement will be at a rate of 1,200.00 percent per annum or at the maximum rate allowed under applicable legislation, whichever is lower.
  52. Governing Law
  53. This Agreement will be construed in accordance with and governed by the laws of England and Wales and the parties submit to the exclusive jurisdiction of the English Courts.
  54. General Terms
  55. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
  56. Time is of the essence in this Agreement.
  57. 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.
  58. 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.
  59. Notice to Hirer
  60. 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 ________, ________.


______________________________
(Witness)

______________________________
Yuno Supplies Ltd (Owner)

______________________________
(Witness)

Per: ____________________ (c/s)