Terms and Conditions

CONTRACT Rental-Purchase Agreement -- Terms & Conditions

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The following Clauses form part of the Rental-Purchase Agreement between our clients, herein called the RENTEEs, and Teb-Mar Products Inc., herein called the RENTOR. These Clauses are an integral part of our Order Form that will enable you to rent Teb-Mar’s specialized Ultimate Tools, the DrillJack-II and the AnchorJack-II, herein called the TOOLS.

1. TERM - the terms of this Agreement will commence on the day the TOOLS leave the RENTOR’s premises and continue to the day the TOOLS are received at the RENTOR’s premises, or the day the TOOLS are delivered to a common carrier for return to the RENTOR’s premises, or until all of the RENTEE’s obligations herein have been discharged in full, whichever occurs later. This includes any and all periods of renewal of the rental, as well as any and all subsequent separate rentals of Teb-Mar TOOLS. The herein written agreement constitutes the entire and complete Agreement between the parties and supersedes all prior discussions or agreements between the parties and no promises or inducements exist besides those expressly set forth in the herein Agreement.

2. PAYMENT - Rental fees and/or Purchase amount shall be paid to the RENTOR based on the TOOLS and/or the rental period(s) chosen, and must be made either :

i. prior to delivery, for new RENTEEs, with payment being made either by credit card or by certified company cheque (normal processing delays apply) ; or

ii. upon being invoiced, if a previous RENTEE, and still in good standing.

Any dispute relating to the invoice or amounts due thereon must be received by the RENTOR in writing within thirty (30) days from the date of the credit card charge or invoice, to be considered.

3. TAXES - RENTEEs residing in the United States are responsible for all applicable rental taxes directly to their relevant tax offices. RENTEEs residing in Canada will need to calculate the applicable tax amounts and enter that amount in the relevant field in the Order Form.

4. LIABILITY - the RENTEE agrees to assume all liability for lost, stolen or damaged TOOLS in his possession. The onus is on the RENTEE to immediately report any and all such events to the RENTOR, whether or not the rental period has expired. The RENTEE agrees to be responsible for all operations, damage or loss of the TOOLS whether handled by the RENTEE owner/operator or its staff or third parties, from time of receipt of said tools. The current replacement value associated with the DrillJack-II ® is $1850.US, while the AnchorJack-II ® is valued at $1250.US. RENTEE must provide proof of insurance by submitting a copy of their Certificate of Insurance, showing that their insurance covers leased tools. A copy must be sent at the time of transmittal of the completed and signed Order Form, and prior to delivery of the tools to be rented.

5. MAINTENANCE - the RENTEE is responsible at all times for keeping all TOOLS covered by this Agreement in good condition, except for normal wear and tear. The RENTEE agrees to pay the RENTOR for any and all repairs to or replacement of damaged TOOLS, to a maximum TOOL value as mentioned in Clause # 4. RENTOR is the sole interpreter of the level of damage to the TOOLS and reserves the right to affect either repair or replacement as it sees fit. The onus is on the RENTEE to immediately report any and all such situations to the RENTOR, whether or not the rental period has expired or not.

6. PROPERTY RIGHTS - the RENTEE shall not have any property rights, title or ownership, or interest of any kind in the TOOLS, except possession or use as solely provided in this Agreement as the RENTEE of said TOOLS. The RENTEE shall not create nor incur or suffer to exist any lien, charge, encumbrance, or claim against the TOOLS. The RENTEE agrees not to rent or sublease to another party any of the TOOLS covered by this Agreement, without first communicating with, and obtaining written consent from the RENTOR. RENTOR reserves the right to inspect all TOOLS in the RENTEE’s possession at any time.

7. REPLACEMENT - the RENTOR reserves the right to consent or refuse to rent additional TOOLS or give replacement TOOLS for faulty or worn out TOOLS returned to the RENTOR further to a full review of such requests, and the details. All additional and/or replacement TOOLS shall be subject to the same terms and conditions of the original Agreement between the RENTEE and the RENTOR. The TOOLS furnished by the RENTOR may either be new, used or rebuilt, but will be operational.

8. NOTIFICATION - the RENTEE agrees to advise the RENTOR of any and all changes to its legal or ownership structure.

9. TERMINATION - the RENTOR may, at its sole discretion, terminate this Agreement along with any and all rentals of TOOLS and repossess the TOOLS without liability, should the RENTEE fail to pay the rental fees, or to comply with any terms or conditions of this Agreement, or declare bankruptcy or become insolvent, or have any such actions taken against the RENTEE, including foreclosure, or have any judgement against the RENTEE, including any come into existence. Termination of this Agreement does not relieve the RENTEE from payment or other obligations relating to this Agreement. Upon termination of this Agreement, the RENTEE shall return all TOOLS to the RENTOR within forty-eight (48) hours.

10. REPOSSESSION - the RENTEE agrees to grant the RENTOR, at its sole discretion and upon termination of this Agreement, the right to physically enter the RENTEE’s premises and to repossess any TOOLS on other’s property. The RENTEE agrees to refund any and all costs incurred in undertaking such repossession of the TOOLS to the RENTOR.

11. CHOICE OF LAW - the terms and conditions of this Agreement will be interpreted under the laws of the Province of Ontario. The RENTEE expressly consents and agrees that the Province Court of Ontario will have jurisdiction and venue over any and all legal actions relating to this Agreement.

12. INVALIDITY - the RENTEE agrees that in an event that any term provision of this Agreement is held invalid, illegal or unenforceable, the remaining provisions or terms shall survive and stay in effect unimpaired.

13. PROPERTY RIGHTS - the RENTEE agrees that all intellectual property rights in the DrillJack and the AnchorJack are the sole and exclusive property of Teb-Mar Products Inc. Acceptance of the DrillJack and AnchorJack by any RENTEE as part of a Rental Agreement, or any other exchange, is an express acknowledgement of the intellectual property rights of Teb-Mar Products Inc., and includes an undertaking by the RENTEE not to dismantle or attempt to copy or reproduce the DrillJack and/or AnchorJack, or any part thereof, or to permit any other person or entity to do so.

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I agree to comply with the rental-purchase conditions as stated above.