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Version 1.1 - Last updated: May 7, 2016
This Rental Agreement is ONLY applicable to the transactions where the rental item owner is Cloud of Goods (Hereinafter referred to as CoG, or Cloud of Goods, or Cloudofgoods.com or Owner). This agreement does not apply to the rentals incurred for third party owned rental items.
This Rental Agreement is made and entered into between: CoG, (the “Owner”), located at 950 Grant Ave, Floor 2, San Francisco, CA 94108, USA AND the person submitting this online rental reservation request (“Borrower”) at the time of submission of the rental reservation request by the Borrower.
For good and valuable consideration, the parties agree as follow:
Rental. Pursuant to the terms of this Agreement, the Owner shall rent certain items, a description and condition of which are included hereto as (the “Items”) to the Borrower. The term of this rental shall commence on the specified rental start date and end on the specified rental end date. The Owner and the Borrower shall arrange to have the items delivered to Borrower by the Start Time and returned to the Owner by the End Time.
The Borrower agrees to pay the Owner the following amounts:
The daily rental fees listed on the website multiplied by the duration of the rental (the “Rate”), for the rental of the Items.
In the event that the Item is not returned after the End Time at no fault of the Owner, the Borrower shall pay the Owner a further sum equivalent to 30% of the Aggregate Fee, plus the applicable Rate until the Item is returned (the “Late Fees”).
The Aggregate Fee shall become due upon delivery of the Items. Any unpaid Late Fees shall become due and payable upon the End Time. The Owner may, at his sole discretion, charge any unpaid Late Fees to borrower’s credit card on file(as defined below).
Security Deposit. The Borrower shall deliver to the Owner security deposit of $0.00 (Waived) (the “Deposit”) at the time of delivery of the Item. This Deposit shall be reimbursed in full upon return of the Item to the Owner after any necessary deductions have been made pursuant to Section 4.
The Borrower will use, maintain and take care of the Item in a careful and responsible manner. In the event that the Borrower returns the Item in a bad and/or poorly maintained condition (which cannot be described as the result normal rental use), requiring special cleaning or attention (e.g. dry cleaning of an item of clothing), the Borrower will be solely liable to pay the cost of cleaning or potential maintenance carried out by a professional specialist. This service provider will be chosen by the Borrower within a period of 10 working days, or, if need be, after formal notice is given by the Owner.
The Borrower will be held liable solely for any irreparable damages the Borrower causes to the rented Item. The Borrower’s liability will not exceed the potential residual value of the Item.
In the event of the Borrower does not return the Items, the Borrower will be liable to pay the Owner the Residual Value. In order to cover some of the repossession costs, an increase in the overall payment equal to 30% of the rental (excluding tax) is required, as well as late payment interest at the legal rate, taking effect 30 days after the Owner has given formal notice. In the event that the Owner defaults upon his obligations, the Borrower is authorized to claim similar compensation.
In the event the Owner shall be found to be in breach, the Owner hereby waives any right to any payment or damages under Sections 4 relating to damage that the Borrower has caused to the Item rented to the extent that such damage in question is related to the Owner’s breach.
The Borrower shall not lend nor sublet the Item without the Owner’s express written authorization.
The Borrower shall not to use the Item for any illegal purposes or in a manner that is contrary to its intended use, or moral and social standards.
The Borrower has, and is presumed to have, all the knowledge and skills necessary for careful and normal use of the rented Item.
The Borrower has the authorization, licenses and legal capacity to have or use the Item.
The Borrower shall be sole custodian of the Item during the Rental Period and, should the case arise, until the Item is returned to the Owner and the Borrower shall undertake as such to exercise effective and exclusive control of the Item.
The Borrower has had the opportunity to inspect the Items and confirms that the Items condition is correct and accurate.
The Owner owns the Items and/or has the authority, licenses, and legal capacity to rent the Items under this Agreement.
The Owner has fully listed out the condition of the Items in Exhibit A and has no knowledge of any other conditions that would have a material adverse effect on the normal rental use of the Items.
Liability. Owner assumes no liability whatsoever for the rented item other than repairing or replacing the item due to any breaches that occur during rental period.
Indemnification of Cloud of Goods (COG). The Borrower agrees to indemnify and hold harmless COG for any demands, loss, liability, claims or expenses (including attorneys’ fees), made against COG, Borrower, or any other third party due to or arising out of this Agreement.
Law, Jurisdiction, Venue. In the event of litigation, all matters and disputes relating to this Agreement will be governed by the laws of the state of California and by the laws and personal jurisdiction and venue of the Owner’s principal locations first noted above.
Miscellaneous. Any notices shall be delivered to the party at the addresses first listed above. The Parties are independent parties, each acting in its name and for its own purpose. Nothing in this Agreement shall be deemed to constitute, create, give effect to or otherwise recognize a partnership, agency, joint venture or formal business entity of any kind. Neither party may assign, modify, or amend this agreement without the express written consent of the other party. If any provisions of this Agreement are held by a court or other tribunal of competent jurisdiction to be void or unenforceable, such provisions shall be limited to the minimum extent necessary and replaced with a valid provision that best embodies the intent of this Agreement so that this Agreement shall remain in full force and effect.
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