{"id":3230,"date":"2020-12-19T01:37:12","date_gmt":"2020-12-19T01:37:12","guid":{"rendered":"https:\/\/novo.co.tt\/store\/?page_id=3230"},"modified":"2021-01-07T12:06:20","modified_gmt":"2021-01-07T16:06:20","slug":"o2-lease-terms","status":"publish","type":"page","link":"https:\/\/novo.co.tt\/store\/o2-lease-terms\/","title":{"rendered":"O2 Water Unit – Lease Terms and Conditions"},"content":{"rendered":"

IN CONSIDERATION of the mutual promises and other valuable consideration exchanged by the Parties herein, the Parties intending to be legally bound, hereby agree as follows:<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Term<\/span><\/b>:  the term<\/span> of the Agreement<\/span> will be <\/span>t<\/span>hree<\/span> (<\/span>3<\/span>) years<\/span> (the \u201cLease Period\u201d)<\/span>. <\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Consideration<\/span><\/b>:  The Lessee will pay a monthly installment of <\/span>TT$405<\/span><\/b> (the \u201cLease Installment\u201d) for the Leased Product at the beginning of each month during the Lease Period<\/span>, unless otherwise agreed in writing by the Parties.  <\/span>An administrative <\/span>late payment fee of 2%<\/span><\/b> of the Lease Installment will be charged on Lease Installments <\/span>30 days<\/span><\/b> past due.  Should the Lessee have unpaid Lease Installment balances for over <\/span>60 days<\/span><\/b> the Lessor will consider such past due payments as grounds for termination in accordance with the termination clause hereunder <\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Delivery of <\/span><\/b>Leased<\/span><\/b> Product and Conveyance of Title <\/span><\/b> <\/span><\/p>\n

 <\/span><\/p>\n

Delivery of <\/span>Leased<\/span> Product<\/span>:  the Lessor will deliver the <\/span>Leased<\/span> Product and the Lessee will take possession of the same at a location mutually agreed between the Parties (the \u201cLocation\u201d), and at a date mutually agreed between the Parties (the \u201cDelivery Date\u201d).  It is the Lessor\u2019s duty to ensure that the <\/span>Leased<\/span> Product is delivered in the same condition as when last inspected by the Lessee (or, if there was no Lessee-inspection, then in the same condition as pertained on the Execution Date).  It is the Lessee\u2019s duty, either in person or through an authorized third party (bearing written authorization), to appear on the Delivery Date at the Location during the time frame mutually agreed between the Parties to take possession of <\/span>Leased<\/span> Product.  <\/span><\/p>\n

Conveyance of Title<\/span>:  <\/span>the Lessor retains title.<\/span><\/p>\n

 <\/span><\/p>\n

Representations, Warranties, and Disclosures <\/span><\/b> <\/span><\/p>\n

 <\/span><\/p>\n

Warranties<\/span>:  except for the representations and warranties forming part of this <\/span>Agreement<\/span> (appended at Schedule A)<\/span>, and other than warranties provided by applicable law, the <\/span>Leased<\/span> Product is sold in good working condition \u201cAS IS\u201d and the Lessor does not in any way, expressly or impliedly, give any warranties to the Lessee, inclusive of implied warranties of merchantability or fitness for a particular purpose.  <\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Lessee\u2019s Representation<\/span>:  the individual signing this <\/span>Agreement<\/span> on behalf of the Lessee hereby represents to the Lessor that s\/he has the power and authority to do so on behalf of the Lessee, and accepts the <\/span>Leased<\/span> Product AS IS.  <\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Parties\u2019 Responsibilities\u2014Insurance, <\/span><\/b>Maintenance<\/span><\/b>, and Security<\/span><\/b>:  the <\/span>Lessor will <\/span>conduct maintenance services<\/span> (detailed in the SLA appended as Schedule B)<\/span>, and <\/span>undertake <\/span>all <\/span>warranty<\/span> activities and matters having to do with, the <\/span>Leased<\/span> Product<\/span> during the Lease Period.  T<\/span>he <\/span>Lessee<\/span> <\/span>will not be responsible<\/span> for any of the above. <\/span> Subsequent to the delivery of the Leased Product at the Location, the Lessee will <\/span>secure insurance coverage for, and <\/span>be solely responsible for the <\/span>ensuring the safety and security of<\/span>,<\/span> the Leased Product, and <\/span>will be liable <\/span>for any damage to the Leased Product due to the Lessee\u2019s failure to provide reasonably sufficient security for the said Product<\/span>, and\/or as a result of the willful default, omission, or misconduct of the Lessee and\/or the Lessee\u2019s employees, agents, or other representatives.  <\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Termination<\/span><\/b>:  Either Party could, in writing, <\/span>immediately<\/span> terminate this Agreement for material breach, or on <\/span>thirty (30) days<\/span>\u2019 written notice in the event of <\/span>receivership, corporate dissolution, or declared bankruptcy of the other Party, or <\/span>Force Majeure (which will mean <\/span>any cause beyond a Party\u2019s control, that was not caused by the omission, negligence or fault of said Party and was such that it could not have been prevented or overcome had that Party exercised due diligence and care, and includes but is not limited to acts of God, floods, explosions, fire, earthquakes, terrorism, military and law enforcement operations, insurrections, riots, industrial action including strikes, or the acts or omission of Government, highways authorities, administrations or other competent authority).  <\/span>Should the Lessor terminate the Agreement for cause<\/span>, including breach, damage to the Leased Product, or delinquency in paying the Lease Installments<\/span>, before the<\/span> full Lease Price is paid<\/span>:  (<\/span>i<\/span>) the Lessor may repossess the Leased Product, (ii) the Less<\/span>or<\/span> will<\/span> hand over any data stored by the Lessee on the Leased Product, and (iii) the Lessee will be required to pay outstanding Lease Installments du<\/span>e and owing up to the point of repossession<\/span>, unless termination is due to Force Majeure<\/span>.  <\/span>At the Lessor\u2019s discretion, further options, inclusive of a new payment plan<\/span>,<\/span> could be explored and formally agreed between Parties.  <\/span>Should the Lessee terminate the Agreement for cause<\/span>, including breach<\/span>, <\/span>failure to maintain and service o<\/span>r secure insurance coverage for<\/span> the Leased Product <\/span>at any time during the Lease Period before the <\/span>final Lease Installment payment<\/span>:  (<\/span>i<\/span>) the Lessor will take possession of<\/span> the Leased Product, (ii) the Lessee will recover any of its dat<\/span>a stored on the Leased Product,<\/span> <\/span>and <\/span>(iii) the Lessee will <\/span>not<\/span> be required to pay outstanding Lease Installments.  <\/span>In the event of repossession, a <\/span>repossession fee of 2%<\/span><\/b> of the Lease Price, and <\/span>any charges incurred<\/span><\/b> in the attempt to collect outstanding balances prior to repossession would be applied <\/span>to the Lessee <\/span>by the Lessor.<\/span>  The Lessee <\/span>will also be required to pay any <\/span>bailiff fees<\/span><\/b> incurred.<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Indemnification, Attorneys Fees, and Out of Pocket Costs<\/span><\/b>:  should any Party materially breach this <\/span>Agreement<\/span>, the non-breaching Party will be indemnified by the breaching Party <\/span>against all claims, demands, and incidental expenses thereto including reasonable attorneys\u2019 fees, litigation costs, <\/span>and out of pocket costs which in any way relate to, or were precipitated by, the breach of this <\/span>Agreement<\/span>.  This provision will not limit in any way the remedies either Party may have otherwise in law or equity relative to a breach of this <\/span>Agreement<\/span>.  The term \u201cout of pocket costs\u201d, as used in this <\/span>Agreement<\/span>, will not include loss of profits.<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Integration, <\/span><\/b>Jurisdiction<\/span><\/b>, and Disputes<\/span><\/b>:  this <\/span>Agreement<\/span>, including any attachments bearing specifications and warranties which are incorporated by reference, sets forth the entire agreement between the Parties regarding the subject matter herein.  All prior agreements, representations and warranties (express or implied, oral or written) with respect to the subject matter herein, are hereby superseded by this <\/span>Agreement<\/span>.  This <\/span>Agreement<\/span> will be interpreted and governed under the laws of the Republic of Trinidad and Tobago, and its courts will have exclusiv<\/span>e jurisdiction over any legal proceedings<\/span> between the Parties relative to this <\/span>Agreement<\/span>.<\/span>  <\/span>Any dispute arising out of the Agreement, which cannot be amicably settled between the Parties by informal negotiation or discussion after thirty (30) days from the commencement of such informal negotiation or discussion, <\/span>may<\/span> be referred to mediation.  The costs of mediation will be shared equally between Parties.  <\/span>Neither Party waives its rights to conciliation by the state agency responsible for consumer protection, or to adjudicate this Agreement in accordance with the laws of the Republic of Trinidad and Tobago, should the dispute not be settled by mediation or conciliation<\/span>.<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Severability and Modification<\/span><\/b>:  should any provision of this <\/span>Agreement<\/span> be deemed void, invalid, or unenforceable, that provision will be severed from the remainder of this <\/span>Agreement<\/span>.  All remaining provisions of this <\/span>Agreement<\/span> will then continue in full force and effect.  This <\/span>Agreement<\/span> may be modified only on the written and signed agreement of the Parties.<\/span> <\/span><\/p>\n

 <\/span><\/p>\n

Acknowledgements<\/span><\/b>:  each Party acknowledges that s\/he has had adequate opportunity to read and study this <\/span>Agreement<\/span>, consider it, and consult with attorneys as s\/he has so desired.<\/span> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

IN CONSIDERATION of the mutual promises and other valuable consideration exchanged by the Parties herein, the Parties intending to be legally bound, hereby agree as follows:    Term:  the term of the Agreement will be three (3) years (the \u201cLease Period\u201d).     Consideration:  The Lessee will pay a monthly installment of TT$405 (the \u201cLease Installment\u201d) for the Leased Product at the beginning … Continue reading O2 Water Unit – Lease Terms and Conditions<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/pages\/3230"}],"collection":[{"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/comments?post=3230"}],"version-history":[{"count":5,"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/pages\/3230\/revisions"}],"predecessor-version":[{"id":3277,"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/pages\/3230\/revisions\/3277"}],"wp:attachment":[{"href":"https:\/\/novo.co.tt\/store\/wp-json\/wp\/v2\/media?parent=3230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}