Hardware Rental Agreement
| Updated at | March 2010 |
His 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 "BAILEE") 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 "BAILOR") which expression shall unless it be repugnant to the extent be deemed to include its successors and assignees.
WHEREAS the BAILEE has approached the BAILOR for the rent of computer hardware equipment as mentioned in this contract.
WHEREAS the BAILOR agrees to rent hardware equipment and to provide certain services in respect of installation, training and facilitation of functioning to the BAILEE.
NOW WHEREFORE, in consideration of the mutual covenants and obligations by the parties thereto, it is agreed as follows":
Definitions
The following clauses define identified words and expressions that are used in the contract. Throughout the contract, unless and otherwise stated contrarily in a given context, the word or expression in question carries the definition as given below:
(i) Acceptance Date: means the date on which the Bailee accepts the equipment.
(ii) Appropriate Hardware: means the predetermined hardware along with the required documentation meeting the specifications as stated in the Schedule;
(iii) Bailee: means the party receiving Hardware Equipment in consideration for rental charges so paid;
(iv) Bailor: means the party delivering the Hardware Equipment in consideration for rental charges received;
(v) 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;
(vi) Budget Year: means each period of 12 months or less in the event of a termination during the enforceable period of the agreement;
(vii) Confederate: means, in relation to the Bailee, 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.
(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) Monthly Standing Chargers: means the periodic charges pertaining to the Services specified in Schedule..as varied from time-to-time;
(xiii) Material Breach: means failure of either party to perform or adhere to any terms of this Agreement;
(xiv) Network: means the cabling, equipment and software by which the service provider provides service.
(xv) Operative Specifications: means the Operative Specifications in accordance with which the hardware is to be assembled and as detailed in the manual.
(xvi) Place of Use: means the site at which the Purchaser intends to install and operate and use the computer Hardware equipment;
(xvii) 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;
(xviii) Subject Matter: means the computer hardware equipment as agreed and identified by the parties to the contract;
(xix) Tailored Hardware: means either the existing or invoiced hardware modified or customised to meet the specifications as stated in the Schedule;
Acceptance, Rights and Obligations
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Delivery
(a) The Bailor shall invoke all reasonable measures at its disposal or otherwise, to deliver the predetermined Equipment along with related Documentation to the Place of Use as agreed upon, on the Delivery Date or as soon as subsequently possible.
(b) The Bailor shall give the Bailee not less than.... days notice of the Actual Delivery Date, as agreed to by the parties.
(c) At delivery, the Bailee shall make available to the Bailor free of charge such labour and equipment as the Bailor shall have previously specified in writing and which it shall reasonably require to install the computer hardware equipment and also perform its duties under this agreement,
(d) If the Bailor shall fail to deliver the Equipment and Documentation within...days of the Delivery Date the Purchaser shall be entitled either:
(i) Without bias to any other rights or remedies it may have under this agreement or under the applicable law to terminate immediately this agreement by giving...days notice to the Bailor, in such manner as agreed upon by the parties; or
(ii) After consultation with the Bailor to specify by notice to the Bailor such revised delivery date as it shall in its reasonable opinion think fit making time as the essence...
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