These Standard Terms and Conditions of Hire form an Agreement between Cavmont Leasing (Nigeria) Limited, Nigerian Reg Co: RC 957488, having their Registered Office at 5 Balarabe Musa Crescent, Victoria Island, Lagos and having their principal place of business at Cavmont Base, Eneka/Igwuruta Road, Rumuokurusi, Port Harcourt, (the “Owners”) and the relevant company hiring the equipment (the “Hirers”). This Agreement shall be deemed to be in force upon acceptance without demur by the Hirers of delivery of the equipment for hire. No variations or additions to the the Agreement shall be valid unless agreed to in writing by the Owners.
The Owners agree to hire to the Hirers and the Hirers agree to hire from the Owners items of equipment and accessories for a period of hire as agreed between the parties. The period of hire shall be either (i) As agreed between the parties or (ii) The period of possession of the units by the Hirers – whichever of (i) or (ii) shall be the longer. The period of possession shall be deemed to be extended by the time between the items of hire leaving the Owner’s premises and the items of hire being returned to the Owner’s premises.
The Hirers shall pay rental charges for the items of hire at the rate agreed between the parties. Rent must be paid in full and the Hirers waive all rights in set-off or counterclaim against rental and all other monies payable in terms of this Agreement.
The parties agree that hire is exclusive of repairs, unless otherwise specified. The Hirers acknowledge receipt of the items of hire in good and clean order and free from contamination, residues, deposits and defect and shall return said items in like condition failing which the Hirers shall on demand pay the costs of cleaning, decontamination and clearing of residues and deposits.
The Hirers bind and oblige themselves on demand to pay any transport charges for the delivery and return of the items of hire from and to the Owner’s depot or such other place(s) as the parties may agree.
The Hirers bind and oblige themselves to pay interest on all sums due and not timeously paid after a 30 days grace has been given (whether demanded or not) at the rate of two per centum per month accruing from day to day. All invoices and demands, unless otherwise agreed in writing, are payable in full by the end of the month following month of invoice or demand. Failure to pay any amount due and interest within twenty one days of the due date shall, at the option of the Owners, be deemed a material breach of contract.
The Hirers shall maintain and repair the items of hire and shall accept liability for all damage, loss, destruction and injury arising out of their use of the items of hire during the period of hire and during said period shall generally at their own expense keep the items of hire in good order and where any parts require replacement to replace these in a proper workmanlike manner in so far as possible using the manufacturers’ replacement parts and following their recommended procedures and equipment. The Hirers shall generally indemnify the Owners against all claims arising out of or incidental to the use of the items of hire by the Hirers. The Hirers shall not operate or use any items of hire with any part or parts improperly fitted.
The Hirers bind and oblige themselves to immediately notify the Owners of any loss, damage or destruction (partial or total) to the items of hire, to supply with all information and documents relating to the circumstances thereof and to allow access to the Owners to inspect. In cases of partial destruction or in the opinion of the Owners material damage the Owners shall be entitled to the following remedies:
(i)The Owners may notify the Hirers that the item(s) in question is/are uneconomical to repair (as to which the Owners shall be the sole judge) in which case the Hirers shall be bound immediately to pay to the Owners the then current replacement cost and all costs incurred in the recovery, inspection and disposal of the item. In addition the Owners may either (a) terminate the Agreement forthwith or (b) provide a replacement item of similar type as soon as reasonably practicable and on the Hirers uplifting such replacement (at their expense) the Agreement shall be deemed continuing without interruption.
(ii)At the Hirer’s expense the Owners may make such repairs or replacements as shall reinstate the item in question to a like condition as at the commencement of the period of hire and whilst the repairs or replacements are being effected the item shall be deemed to remain on Owner’s depot or other place of repair and all other incidental expenses.
On return of the items of hire at the end of the period of hire the Owners will be entitled to charge the Hirers for the costs of remedying any wants of maintenance and repairs (fair wear and tear excepted) required to reinstate the items of hire to the Owners normal hiring standards, declaring however that the Hirers shall be given an opportunity to inspect the wants of maintenance and repair within twenty four hours of being notified of them and failing such inspection the Hirers shall be deemed to have accepted full responsibility. The Hirers shall pay the charged on demand.
The Owners do not warrant nor shall any term or condition hereof be deemed to express or imply that any of the items for hire are of any particular quality or fit for any particular purpose
No claim shall be competent against the Owners for any loss, damage or injury howsoever caused whether arising in delict or in breach of contract if due to circumstances or events beyond the control of the Owners.
Provided the Hirers comply with and honour the whole terms of this Agreement the Owners warrant peaceful possession of the items of hire. Ownership of the items of hire shall at all times remain with the Owners. The hired equipment cannot be cross-hired to any third party without the Owner’s expressed consent.
The Hirers shall indemnify the Owners on demand from all loss, damage, costs and expenses (including legal costs and expenses) arising from or as a result, direct or in consequence of any diligence or taking of possession of the items of hire by any parties.
The Hirers shall be deemed to have granted in favour of the Owners the right to set-off any sums due by the Hirers to the Owners whether or not arising out of this Agreement.
In the event of the Hirers (i) being in default of their obligations under this or any other contract or (ii) suffering any diligence to be levied on their assets or property or (iii) make any arrangement or composition with creditors or become apparently bankrupt or to be sequestrated or if any petition or order in bankruptcy be lodged or made against the Hirers or if the Hirers be a company they go into liquidation or a receiver, administrator, interim or permanent trustee in bankruptcy or judicial factor be appointed then in any of these events the Owners shall be entitled at their option to treat this Agreement and all other contracts or Agreements or any parts thereof as being at an end as having been fully repudiated by the Hirers and to recover from the Hirers all losses, expenses, costs and other damages incurred thereby and/or to suspend for a definite or indefinite period all or any obligations for performance by the Owners of any obligations incumbent upon them whether under this or any other contract or Agreement and free of all penalties and liabilities due to the Hirers and such shall not entitle the Hirers or others to hold the Owners in breach of contract thereby or as having thereby repudiated any contract.
All statutory and common law rights are hereby reserved to the Owners without prejudice to or limitation by the rights and remedies specified in this Agreement. A failure or delay or omission by the Owners to exercise or invoke any right or remedy competent to them shall not under any circumstances be construed to be a waiver of such.
The Owners reserve the right to deem any clause or part thereof severable from the remainder of this Agreement including the remainder of any clause.
The parties hereby submit to the jurisdiction of the Nigerian Courts and agree this Agreement and all that may relate thereto shall be governed and construed according to the Law of Nigeria.