Hardware Lease Agreement
| Updated at | March 2010 |
This Agreement made at................. on this....... day of............. 20.....
BETWEEN
...................................(Name of Individual or entity)residing at / having its registered office at................................ (hereinafter referred to as "COMPANY 1") which expression shall unless it be repugnant to the context be deemed to include its successors and assignees
AND
...................................... A Public Limited / Private Limited Company/ having registered office at............................ (hereinafter referred to as "COMPANY 2") which expression shall unless it be repugnant to the extent be deemed to include its successors and assignees.
WHEREAS COMPANY 2 has approached COMPANY 1 for the lease of computer hardware equipment as mentioned in this contract.
WHEREAS COMPANY 1 agrees to lease hardware equipment and to provide certain services in respect of installation and training to Company 2.
NOW WHEREFORE, in consideration of the mutual covenants and obligations by the parties thereto, it is agreed as follows":
Definitions
In the Agreement, unless context otherwise requires, the word or expression in question carries the following meaning:
(i) Acceptance Date: means the date on which the Purchaser accepts the equipment.
(ii) Appropriate Hardware: means the predetermined hardware along with the required documentation meeting the specifications as stated in the Schedule;
(iii) Budget: means the budget giving all the relevant details as to quality, quantity and projected cost etc., to be prepared and agreed for each Budget Year;
(iv) Budget Year: means each period of 12 months or less in the event of a termination during the enforceable period of the agreement;
(v) Confederate: means, in relation to the Purchaser, another person, firm or company which either directly or indirectly controls the affairs of the business or having empowered to do so either by the applicable statute or by the relevant clauses of the pertinent agreement.
(vi) Consideration: when at the desire of the Promisor, the Promisee or any other person has done or abstained from doing, or does or abstains from doing, something such act or abstinence or promise is called consideration for the promise; [as envisaged by Section 2(d) of the Indian Contract Act 1872]
(vii) Covenant: means an indenture between the parties for the purpose of purchasing Computer Hardware Equipment at a discounted price;
(viii) Delivery Date: means the delivery date specified in Schedule...or such date as may be granted or agreed to by the parties to the contract;.
(ix) Documentation: means in this context, the related manuals and other material associated with the Computer Hardware.
(x) Electronic Record [s]: means all information concerning this Agreement that is stored in the electronic form either in a PC or floppy or CD or any other comparable medium in which such record can be stored in the electronic form;
(xi) Equipment: means the items of hardware identified by the nature (as popularly and commercially understood), brand type, serial number and price in the Schedule;
(xii) Operative Specifications: means the Operative Specifications in accordance with which the hardware is to Be assembled and as detailed in the manual.
(xiii) Place of Use: means the site at which the Purchaser intends to install and operate and use the computer Hardware equipment;
(xiv) Restricted Information: means all business technical, financial or other information created or exchanged between the parties and any other information which the parties to the contract treat as restricted or confidential;
(xv) Subject Matter: means the computer hardware equipment as agreed and identified by the parties to the contract;
(xvi) Tailored Hardware: means either the existing or invoiced hardware modified or customised to meet the specifications as stated in the Schedule;
(xvii) Tangible Property: means such property that is externally and physically perceivable in nature;
Acceptance, Rights and Obligations
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Delivery
(a) Company 1 shall invoke all reasonable measures at its disposal or otherwise, to deliver the Equipment and Documentation to the Place of Use on the Delivery Date or as soon as subsequently possible.
(b) Company 1 shall give Company 2 not less than.... days notice of the Actual Delivery Date.
(c) At delivery Company 2 shall make available to Company 1 free of charge such labour and equipment as Company 1 shall have previously specified in writing and which it shall reasonably require to perform its duties under this agreement.
(d) If Company 1 shall fail to deliver the Equipment and Documentation within..days of the Delivery Date Company 2 shall be entitled either:
(i) Without bias to any other rights or remedies it may have under this agreement or under law to terminate immediately this agreement by giving..days notice to Company 1; or
(ii) After consultation with Company 1 to specify by notice to Company 1 such revised delivery date as it shall in its reasonable opinion think fit making time of the essence.
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Preparation of the place of use
(a) Company 1 shall make available to Company 2 all relevant documentation for the preparation of the Place of Use (the 'Installation Manuals') in sufficient time to enable it to comply with its obligations under clause 2.b. below.
(b) Company 2 shall complete the preparation or alteration of the...
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