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Rental Agreement

In consideration of IronCreek Oilfield Rentals Inc. (hereinafter called IronCreek) agreeing to Lease the equipment specified to the Lessee on the front page of this document, and in consideration of the covenants expressed herein and the conditions and terms as hereinafter set out, IronCreek, and the Lessee covenant and agree as follows:

  1. The rental period shall commence on and include the date of consignment of the equipment from IronCreek shipping point to the Lessee or the Lessees agent including any carrier transporting the same to the Lessee. The rental period shall end on (and include) the date of actual delivery of the leased equipment back to the original shipping point from which the equipment was first shipped. In calculating the rental period, twenty four hours or any part thereof shall constitute one full day’s rental.
  2. Rental payments are due and payable within thirty days from the date of the invoice from IronCreek. The Lessee agrees to pay interest at a rate of 18% per annum calculated and compounded semi-annually on all overdue accounts. The Lessee further agrees to pay any and all costs incurred by IronCreek in respect to collecting the same including costs on a solicitor-client basis.
  3. The Lessee shall pay all shipping charges from IronCreek’s designated shipping point, unless otherwise agreed to in writing.
  4. The Lessee grants to IronCreek the right at any time during the term of the lease to inspect the equipment. The Lessee agrees that if in the sole discretion of IronCreek the equipment is(i) being subject to damage (ii) being improperly operates (iii) the equipment is likely to be seized as a result of the Lessee’s financial wellbeing (iv) the Lessee is in breach of any term of the Agreement or (v) the equipment has not been returned as agreed upon, IronCreek may at its option and without any recourse by the Lessee, be entitled to remove the same forthwith from the Lessee’s possession without notice to the Lessee. In the event of such retaking of possession, the Lessee shall remain liable under the terms of this Agreement for all rental charges.
  5. The Lessee shall promptly upon receipt of the equipment, inspect the equipment and shall not use or rely upon the equipment without such inspection. Use of the same shall constitute approval thereof IronCreek makes no representations whatsoever, whether expressed, implied by law, or otherwise, as to quality or fitness of the equipment for any particular purpose: nor as to the quality of the performance of such equipment. The Lessee shall not remove, alter, or disfigure any identification insignia displayed upon the equipment and shall ensure that the equipment is not subject to careless or rough usage. The Lessee shall, at its own expense, maintain the equipment and make all repairs and replace all worn, broken, or damaged parts thereto so as to keep the equipment in good working condition, reasonable wear and tear only expected. To the Extent the Lessee fails to carry our such repairs, the Lessee authorizes IronCreek to carry out such repairs and charge the same back to the Lessee as part of the rental charges due.
  6. The Lessee agrees to indemnify IronCreek against all loss or damage sustained by the equipment during the rental period (including theft of the same) and the extent of any such loss or damage shall be based upon new replacement cost for the same. The Lessee shall not be relieved of any responsibly for the equipment pursuant to the term hereof by reason of delivering the equipment into the hands of a carrier or to the said carrier yard until such time as the equipment has been returned to the possession of IronCreek. Further the Lessee agrees to indemnify IronCreek against all loss, expense, penalties, damages and legal cost which IronCreek may be required to pay or expend including personal injuries, property loss or damage to the Leased equipment by reason of the operation, handling, transportation or use of the equipment during the term of the Lease. The Lessee renounces all claims which the Lessee may have against IronCreek for any loss or damage which the Lessee may suffer either directly or indirectly, by reason of the condition of the equipment or its suitability for the work it may be required to perform.
  7. Title to the equipment shall remain at all times with IronCreek and nothing contained herein shall be construed to create anything other than a relationship of the Lessee and IronCreek. The equipment shall, at all times during the rental period, be and remain personal property, regardless of the manner in which it may be attached to any real estate. The Lease shall not be assignable in any form by the Lessee.
  8. In the event of any dispute between the Lessee and IronCreek as to any term(s) of this agreement including the rental due and payable it is agreed that IronCreek may at its option elect to have the dispute settled by way of Arbitration in accordance with the Arbitration Act of Alberta. In the event IronCreek elects to have the matter settled by way of Arbitration. The decision of the Arbitrator shall be final and binding without any right of appeal therefrom.
  9. It is agreed that this page and the front of the document comprise the entire agreement pertaining to the Lease of the equipment and there are no other agreements of any kind.
  10. The terms here of shall govern any renewal or extension of the within rental in the event no new agreement is signed.

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