RENT TO OWN AGREEMENT.
This Rent to Own Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________________________, Contact Info: ______________________________________ (hereinafter referred to as the “Company”), and ____________________________________, Contact Info: _________________________________________, (herein referred to as the “Client”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period ______ [Months/Years] commencing on the Effective Date herein.
The Company shall be leasing Soda Snack Vending machine to the Client, the specifications for the machine shall include _________________________________________________________________________________________________________________________________________________________.
- The Client shall pay _______ Dollars for the ultimate ownership of the machine in monthly installments of ____________ Dollars, except during school breaks.
- The Client understands and acknowledges that any refusal to pay or non-payment of monthly installments as herein stated shall leave the Company to repossess the machine without prior written notice or consent from the Client.
- The Parties acknowledge and understand that all the rights, title, and interest in the vending machine shall be owned by the Company at all times during the term of this Agreement. The Client shall have no right to claim any of the right, title, or interest over the vending machine, and shall not have the license therein to transfer such rights to a third party.
- The Parties agree that all rights, title, and interest in the machine shall be transferred to the Client upon completion of payments as stated in Clause 3. Upon the transfer of ownership the Company, shall forfeit all and any legal claim over the machine.
The Parties acknowledge that during the term of this Agreement, the Company shall be responsible for any and all repairs, maintenance, and liability claims relating to the theft and/or vandalism of the vending machine, unless such theft and/or vandalism are as a result of the Client’s negligence. The Company shall indemnify and hold the Client blameless for any such liability issues.
- This Agreement shall be binding upon and inure to the benefit of the Company and the Client and their respective successors and assigns, provided that the Client may not assign any of their obligations under this Agreement without the Company’s prior written consent.
- The waiver by either party of any breach or failure to enforce any of the terms and conditions of this Agreement at any time shall not in any way affect, limit, or waive such party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- DISPUTE RESOLUTION.
In the event of issues arising regarding the execution of this Agreement, the Parties shall resolve them through a binding arbitration process in accordance with the regulations of the American Arbitration Association. All legal expenses of the arbitration process shall be paid by the loser.
The Parties acknowledge that either Party can terminate/cancel this Agreement by providing a ______ Day written Notice on the same. The Client understands that in case they terminate or cancel this Agreement they shall forfeit all the payments already made and that the Company shall take repossession of the machine within a period of ________ days after the termination.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW/JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of _________________, USA. Exclusive jurisdiction and venue shall be in ______________, USA.
Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
COMPANY: _____________ _______________________________________ ___________
(SIGNATURE) (NAME) (DATE)
CLIENT: _____________ ___________________________________________ ___________
(SIGNATURE) (NAME) (DATE)
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