Rental of Goods Agreement

RENTAL OF GOOD AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Rental of Good Agreement (the "Agreement") is made and entered into this ________ day of _____________________, 20______ at City/Municipality of ___________________________, Province of ___________________________, by and between:

________, a stock corporation duly organized and validly existing under and by virtue of the laws of the Philippines, with principal address at ________, represented in this act by ________, hereinafter referred to as the Provider

- and -

________, a stock corporation duly organized and validly existing under and by virtue of the laws of the Philippines, with principal address at ________, represented in this act by ________, hereinafter referred to as the Renter

The Provider and the Renter will be referred to collectively as the "Parties".

WITNESSETH:

WHEREAS, Provider desires to offer for rent a certain good, as defined below;

WHEREAS, Renter desires to rent such good from Provider.

NOW THEREFORE, for and in consideration of the promises and covenants contained herein, the Parties hereby agree as follows:

I. LEASED GOOD

Provider hereby leases to Renter and Renter hereby leases from Provider the following good (the "Good) described below:

________

The transaction between the Provider and the Renter, including any services relating to the rental of Good, will hereinafter be referred to as the "Rental".

II. SERVICES PROVIDED

Provider shall deliver the Good to Renter on the Start Time on the Start Date, as herein defined, to the following address:

________

Provider shall also provide the following services (the "Services"):

________

III. DURATION OF THE RENTAL

The Rental will begin on ________ (the "Start Date") and end on ________ (the "End Date").

Renter will acquire the Good at the following time on the Start Date: ________ (the "Start Time") and will return the Good at the following time on the End Date: ________ (the "End Time").

IV. PRICE

Renter shall pay Provider a flat fee of ________ (₱________) for the rental of the Good (the "Rental Price").

Renter shall pay a delivery fee of ________ (₱________) (the "Delivery Fee").

Renter shall also pay Provider a flat fee of ________ (₱________) (the "Service fee").

If the Good is not returned to the Provider by the Designated End Time on the End Date, Renter shall pay a late fee of ________ (₱________).

The Rental Price, the Delivery Fee, and the Service Fee shall be paid on ________.

V. DEPOSIT

Renter shall pay a deposit of ________ (₱________) (the "Deposit") to guarantee the Renter's full performance of the terms and conditions of this Agreement and as security for any damage to or loss of the Good, or loss suffered by the Provider in connection with this Agreement, caused by Renter or by any director, employee, officer, representative, or contractor of the Renter.

Provider may use the part or all of the Deposit to compensate for any damage or loss as described above. Provider's right to use the Deposit in accordance with this clause is cumulative and applies in addition to any other rights, remedies, or powers which Provider may otherwise have. Nothing in this clause will in any way reduce, extinguish, postpone, restrict, or otherwise limit any other right, remedy, or power which may be available to Provider.

In the event that the Rental is cancelled by the Renter, the Deposit may be retained by the Provider at the Provider's sole and exclusive discretion.

The Deposit shall not be part of the Rental Price and may not be used or applied as payment for the Rental Price or any other fees.

Once the Rental is completed and the Good is returned to the Provider, the Deposit shall be returned to the Renter, minus any deductions for any loss or damages.

The Deposit will be due on ________.

VI. OTHER COSTS

In addition to the payment obligations set forth in this Agreement, Renter must pay:

________

Payments under this section shall be paid as follows:

________

VII. TAXES

The Rental Price and all other fees, if any, are exclusive of any applicable taxes.

Unless otherwise agreed upon by the Parties, any applicable taxes, such as withholding tax or VAT, on the Rental and other fees, if any, shall be paid by the Renter.

VIII. PAYMENT

Renter shall pay the Rental Price and all other amounts that are due as follows:

________

IX. INSPECTION AND USE OF THE GOOD

Renter acknowledges that Renter has had the opportunity to fully inspect the Good and has found the same to be suitable for the purpose required.

Renter shall use the Good for lawful purposes only and in a manner that complies with and conforms with this Agreement and any laws, ordinances, rules and regulations relating to the possession, use or maintenance of the Good. Renter shall, at all times, use the Good in a manner that does not unnecessarily endanger any person or property.

Renter shall not permit any person other than an employee of the Renter to use or operate the Goods unless the operation of the Goods is part of the services of the Provider in which case only the Provider or its employees, agents, or representatives shall operate the Goods.

Renter understands and accepts the risks associated with the use, operation, storage, repair, or maintenance of the Good, including any direct or indirect risks of injury, loss, or damage to any property or person. Renter takes full responsibility in ensuring that no such injury, loss, or damage to any property or person occurs in connection with the Rental or in connection with the Renter's use, operation, storage, repair, or maintenance of the Good.

Renter understands the proper use of the Good and Renter will notify Provider immediately in case the Good becomes unsuitable or unsafe for use. In such instance, Renter will immediately discontinue use of the Good and Provider will replace the same if possible. However, in no case shall Provider be responsible for any damage, delay, or incidental or consequential damages caused by any form of interruption of use of the Good.

Renter will take all precautions and all reasonable steps in order to avoid loss, damage, or destruction to the Good for the duration of the Rental.

X. RESTRICTIONS

Renter shall not lend, sublet, subrent, pledge, sell, or otherwise dispose of or encumber the Good, except as expressly permitted by Provider. Renter shall not modify or disassemble the Good except with the Provider's prior consent.

XI. SURRENDER OF GOOD

Renter shall surrender the Good at the End Time or at the termination of this Agreement for any reason, in good and working condition, and in the same condition as in the Start Date, save for ordinary wear and tear by delivering the same to the following address:

________

Renter shall bear the cost and expense of the surrender of the Good. Renter will do all things necessary or reasonably required by Provider to enable Provider to take possession of the Good.

XII. RISK OF LOSS

Risk of loss and damage shall be entirely with the Renter at the date and time when the Renter takes actual possession of the Good and remains with the Renter until the Good is returned to the Provider unless the loss and damage is caused by Provider or its directors, employees, representatives, or agents. Burden of proof on the cause of the loss or damage is on the Renter.

Renter is responsible for any damage of or to the Good and hereby agrees to pay Provider the full cost of any repair and/or replacement. Provider will assess the cost, at Provider's sole and exclusive discretion, and will provide Renter with an invoice to be paid immediately.

XIII. PROVIDER ACCESS TO GOOD

Provider may enter any property or premises where the Good may be in use in order to inspect or remove the Good by providing reasonable notice to Renter except that no notice is required in the case of an emergency.

XIV. OWNERSHIP AND CLASSIFICATION

The Good is and shall at all times remain the personal property of Provider notwithstanding its installation or use by the Renter on any building or piece of land and intended for and directly meets the needs of the industry or works of the Renter.

XV. DISCLAIMER OF WARRANTY

The Good is being rented on an "as is" basis and Provider hereby expressly disclaims any and all warranties of quality, whether express or implied, including but not limited to the warranties of merchantability and fitness for a particular purpose. Renter acknowledges that it is relying solely on its own investigations, inspections, and/or examinations and has not been induced by the Provider or any of Provider's agents or representatives making any statements as to the quality or condition of the Good.

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XVIII. CONSEQUENCE OF DEFAULT

In case of an Event of Default, Provider may choose between the continuance or rescission of the Agreement. In either case, Renter shall be liable for damages.

XIX. EFFECT OF TERMINATION

Upon the termination of this Agreement due to an Event of Default, Provider may take possession of the Good and rent the same to a third party (the "New Renter"). Provider may likewise withhold some or all of the Deposit in accordance with this Agreement.

Renter shall be liable to pay any unpaid Rental Price, which may include but is not limited to the portion of the Rental Price for the remainder of the Rental Period (after the date of termination) (the "Remaining Rental Period"), any costs and expenses relating to taking possession and re-renting the Good and any costs or expenses associated with the Event of Default.

Provided that, if Provider is able to re-rent the Good to the New Renter, the liability of the Renter for the Rental Price for the Remaining Rental Period may be offset by an amount equal to the amount recovered by Provider from the Renter.

XX. FORCE MAJEURE

Neither party shall be liable to the other for failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, and other acts which may be due to unforeseen events or though foreseen could not be reasonably avoided.

XXI. ASSIGNMENT

This Agreement, or the rights granted hereunder, may not be assigned, sold, leased, or otherwise transferred in whole or in party by either Party.

XXII. SUPPORTING DOCUMENTS AND ADDITIONAL ACTS

The Parties agree to execute such other documents as are reasonable and necessary for the proper implementation of this Agreement.

XXIII. APPLICABLE LAW

This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

XXIV. WAIVER

Failure of either party to insist, in one or more instances, the strict performance of any of the terms of this Agreement, or to exercise any portion herein contained, shall thereafter not be construed as abandonment or cancellation or waiver of such term. No waiver shall be deemed to have been made unless expressed in writing and signed by Provider or Renter. No waiver of any term or provision of this Agreement shall constitute a waiver of any other term or provision or of the same provision on a future date.

XXV. COUNTERPARTS

This Agreement may be executed in counterparts, all of which constitute a single agreement. If the dates set forth at the signatures of this document are different, the Agreement shall be considered effective as of the date that both Provider and Renter signed the Agreement.

XXVI. SEVERABILITY

The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this Agreement is held to be invalid, Provider and Renter agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed subsequent to the expungement of the invalid provision.

XXVII. CUMULATIVE RIGHTS

The rights of the Parties under this Agreement and the law are cumulative and shall not be construed as exclusive unless otherwise required by law.

XXVIII. HEADINGS

Headings are for convenience only and do not affect the interpretation of this Agreement.

XXIX. SUCCESSORS AND ASSIGNS

This Contract shall be binding on the successors and assigns of both Parties.

XXX. ENTIRETY OF AGREEMENT

This Agreement represents the entire agreement between Provider and Renter and supersedes all prior negotiations, representations, agreements, either oral or written.

XXXI. AMENDMENTS AND MODIFICATIONS

This Agreement may be amended only by a written instrument signed and agreed upon by both Parties.

IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures on the date and place first stated above.

________
Provider

By:

________
Authorized Representative

________
Renter

By:

________
Authorized Representative

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )
PROVINCE OF ________________________ )
CITY OR MUNICIPALITY OF ________________________ )S.S.

BEFORE ME, a Notary Public, for and in the CITY OR MUNICIPALITY OF ________________________, ________________________, this _______ day of ________________________, 20______, personally appeared the following persons:

1. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________; and

2. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________

all known to me and to me known to be the same persons who executed the foregoing Rental of Goods Agreement constituting of _________ pages, including this page where the Acknowledgement is written, and they acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the day and place first written above.

Doc No. ________;
Page No. ________;
Book No. ________;
Series of ________.