LEASE AGREEMENT
This Lease is entered into on _____________________between, Peradu Digital
Ltd (hereinafter referred to as “the Company”) and ________________ (hereinafter
referred to as “the Lessee”).
The Company hereby agrees to lease to the Lessee, and the Lessee hereby leases
from the Company the video titled _______________ (hereinafter referred to as the
“Product”) under the following terms and conditions: –
1. Product.
The product to be leased is _____________________.
2. Term.
The Product will be leased out to the Leasee for a period of _________ from
__________ (hereinafter referred to as the “Effective Date”) to
__________________.
This Lease Agreement shall be open for renewal after the _________ mentioned
above on the same or modified terms.
3. Payment.
The Lessee shall pay the Company ___________ per month for leasing the product.
The payment shall be made on the _____ day of every month or whichever
arrangement the parties may agree to.
4. Use of Property.
The parties agree and acknowledge that the Lessee has the full rights to the video
during the lease period to use as they please, which may include but are not limited
to; –
i. Use on social accounts and social media.
ii. Use on the website.
iii. Use on TikTok Spark ad.
The property shall not be leased out to any third parties without the expressed
written permission of the Company.
5. Intellectual Property.
Parties agree that the product is the intellectual property of the Company and owned
by the Company. The lessee is merely leasing the product for the period mentioned
above.
At the end of the above-mentioned lease period, all rights will revert to the Company
unless the lessee extends the lease by another term (same length and price as
before) by issuing a 5-day written notice.
6. Default.
This Agreement shall be for a fixed period with no options for termination for either of
the parties. However, if the Lessee fails to comply with the terms of this agreement,
the Company shall be entitled to the total lease amount from the Lessee for the
agreed period of this agreement and the return of the product.
7. Governing Law.
This Agreement shall be governed by and construed by the laws of
__________________.
8. Waiver.
No waiver by either party of any default shall be deemed a waiver of prior or
subsequent default of the same of other provisions of this Agreement.
9. Severability.
Suppose a court of competent jurisdiction holds any term, clause, or provision hereof
is invalid or unenforceable. In that case, such invalidity shall not affect the validity or
operation of any other term, clause, or provision, and such invalid term, clause, or
provision shall be deemed severed from the Agreement.
10. Entire Agreement.
This Lease Agreement constitutes the parties’ entire agreement concerning the
subject matter of the agreement. It supersedes and cancels any previous
representations, agreements, understandings, or arrangements (whether written or
oral) between the parties.
By signing below, the parties hereby agree to be bound by the terms of this
agreement.
The duly authorized representative of
Peradu Digital Ltd: –
Name:
______________________________
Designation:
_________________________
Signature:
___________________________
The duly authorized representative of
____________________: –
Name: __________________________
Designation: _____________________
Signature: _______________________
Date: ___________________________
Date:
_______________________________
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