Equipment Rental Agreement
This equipment rental agreement governs the rental of business communications equipment provided by Cloud One PBX LLC. (“COP”) to the “Customer” identified in a signed sales quote.
The parties agree as follows:
- Equipment Rental. All rental equipment must have a corresponding Service subscription for the entire rental term. The Customer shall pay the Service Charges or Bundle Charges corresponding to each device for the entire rental term.
- Term; Extension. (a) The initial term of this agreement may only be two, three, or five years and is equal to the term stated on the sales quote.
(b) The term will extend month-to-month after the initial term unless the Customer provides notice of termination at least 30 days before the end of the term.
- Equipment Purchase. (a) If the Customer is current with all payments, the Customer may purchase the rental equipment for one dollar after paying all Rental Charges or Bundle Charges for the rental term.
(b) COP hereby assigns title to the equipment to the Customer upon the Customer’s full payment in accordance with paragraph (a).
- Returns. No later than 15 days after the date of this agreement, the Customer may terminate this agreement by giving notice of termination to COP and paying a restocking fee equal to 25% of MSRP for the equipment.
- Billing. The Customer shall pay the Rental Charges or Bundle Charges for each rented handset in accordance with the billing provisions of the terms of service.
- Maintenance of Equipment. (a) The Customer shall keep the rental equipment in good working condition.
(b) If COP determines the rental equipment is damaged through abuse or neglect, the Customer shall pay COP an amount equal to the lesser of the cost to replace the equipment or the cost to repair the equipment.
(c) If the Customer fails to return the rental equipment within 10 days after the termination of the rental term, it shall pay COP an amount equal to the replacement cost of the rental equipment.
- Sub-renting of Equipment. The Customer shall not pledge, encumber, sub-rent, or loan the rental equipment to any third party without COP’s written consent.
- Defective Equipment. COP shall repair or replace any rental equipment that fails during the rental term due to a manufacturer’s defect at no cost to the Customer. COP will determine whether to repair or replace and may provide replacement equipment that has been previously used.
- Binding Arbitration. If the parties are unable to resolve any dispute arising from this rental agreement by direct negotiation, they shall resolve the dispute through binding arbitration in Glen Cove, New York before a single arbitrator from the American Arbitration Association in accordance with its Commercial Arbitration Rules. The parties hereby waive any right to a jury trial in connection with any claim arising from this rental agreement.
- Attorneys’ Fees. If any arbitration or legal proceeding is validly instituted to enforce the terms of this rental agreement, the prevailing party may recover its attorneys’ fees and other costs.
- Governing Law; Personal Jurisdiction; Venue. This rental agreement is governed by the laws of the State of New York. If any litigation is validly instituted in connection with this agreement, the parties hereby consent to the exclusive personal jurisdiction of the courts in New York and waive any objection as to venue or inconvenient forum.
- Waiver of Rights. Failure to enforce a right or provision under this agreement does not constitute a waiver of that right or provision.
- Severability. If any part of this rental agreement is declared unenforceable by a court, all other parts will remain enforceable.
- Survival. Sections 4, 5, 6, 9, 10, 11, 12, 13, 14, and 15 will survive termination of this rental agreement.
- Notices. (a) COP shall deliver any notice to the Customer to the mailing address, fax number, or e-mail address stated in the sales quote. The Customer shall deliver any notice to COP by fax to 516-539-3342, by e-mail to email@example.com, or by delivering it to 5 Brewster Street Unit 2 # 257 Glen Cove NY 11542. Either party may update its contact information for notices by delivering notice of the new contact information to the other party in accordance with this section 15(a).
(b) Notice will be deemed to have been given (1) when sent, if sent by email to the address specified in paragraph (a) of this section, (2) three business days after being mailed by registered or certified mail, postage prepaid; or (3) the next business day, if sent by commercial overnight delivery service; unless, with respect to (2) or (3), tracking information indicates delivery on a different date.
- Assignment. COP may assign its rights and obligations under this agreement to any successor of substantially all of its assets. Otherwise, neither party may assign its rights or obligations under this agreement without the written consent of the other party.
- Effectiveness; Date; Signature. This agreement will become effective when the Customer has signed the sales quote. The date of this agreement will be the date the sales quote is signed by the Customer. The Customer may sign the sales quote by hand or by electronic means (for example, by using a commercial e-signature service or by typing the name of the Customer’s authorized representative into a web form).