Terms & Conditions

By these terms and conditions and the terms on the invoice attached hereto (together the “Lease”), Rentco Equipment Ltd. either on its own or through one of its subsidiaries or divisions, including but not limited to Bobcat of the Peace Inc., Doosan of the Peace and Rentco’s Tool Shed (collectively referred to as the “Lessor”) hereby lease unto the person, firm or corporation signing this Lease as Lessee (the “Lessee”), certain property as described on the invoice attached hereto (the “Equipment”).

In consideration of the mutual covenants and promises set forth herein and on the first page of this Lease, the parties agree as follows:

1.  Lease. The Lessor hereby leases to the Lessee and the Lessee hereby leases from the Lessor the Equipment for the term specified on the invoice attached hereto (the “Term”).
2. Credit. Credit may be granted at the discretion of the Lessor’s credit department only and this contract in no way constitutes a granting of credit either expressed or implied.
3. Delivery. Unless otherwise agreed to in writing, the Lessee shall pay all delivery charges from, and the return to, the Lessor’s place of business. Delivery shall be at the sole risk and expense of the Lessee.
4. Payment. All rentals due under this agreement shall be paid monthly, weekly or daily, as the case may be, in advance to the office of the Lessor. If the Equipment remains in the possession of the Lessee beyond the Term, rent will continue to accrue at the monthly, weekly, or daily rate as applicable (“the Additional Rent”). The Additional Rent shall be due immediately upon return of the Equipment or immediately upon the request of the Lessor. Additional Rent shall be paid at least every 28 days after the end of the Term.
5. Interest. All overdue payments shall bear interest at the rate of 2% per month on the unpaid balance without prejudice to the Lessor’s rights and in particular without prejudice to the Lessor’s right hereinafter stipulated to terminate this agreement for non-payment.
6. Location. The Equipment shall be located in the province and at the address designated by the Lessee at the time of execution of this agreement and shall not be removed from the said province or from the designated address therein without the Lessor’s prior written consent.
7. Use. The Lessor shall comply with all laws in any way relating to the use, operation or maintenance of the Equipment. The Equipment shall only be used in a careful and proper manner and shall not be used in any way that is inconsistent with the Lessor’s instructions or manuals.
8. Title. The Lessor retains full title and rights to the Equipment and the Lessee will not during the continuance of this Lease sell, offer for sale, assign, mortgage, pledge, encumber or otherwise deal with the Equipment. If the Lessor supplies the Lessee with labels stating that the Equipment is owned by the Lessor, the Lessee shall affix and keep the same upon a prominent place on the Equipment.
9.  Inspection. The Lessor shall at any and all times during business hours have the right to enter into and upon the premises where the Equipment may be located for the purpose of inspecting the same or observing its use. The Lessee shall give the Lessor immediate notice of any attachment or other judicial process affecting any Equipment and shall whenever requested by the Lessor advise the Lessor the exact location of the Equipment.
10.  Alterations. Without the prior written consent of the Lessor, the Lessee shall not make any alterations, additions or improvements to the Equipment. All additions and improvements of whatsoever kind or nature made to the Equipment shall belong to and become the property of Lessor upon the expiration or earlier termination of this Lease. The Lessee will not alter remove, disfigure or in anyway change any insignia or lettering upon any of the said Equipment.
11. Loss, Damage, and Repairs. The Lessee hereby assumes and shall bear the risk of loss and damage to the Equipment from any and every cause whatsoever and shall keep and maintain the Equipment in good repair, condition and working order. No loss or damage to the Equipment or any part thereof shall impair any obligation of the Lessee under this Lease which shall continue in full force and effect. In the event of loss or damage of any kind whatsoever to the Equipment, the Lessee, at the option of the Lessor, shall:
    1. replace the Equipment at today’s market value; or
    2. repair or cause to be repaired the damaged Equipment, the cost of such repairs to be borne by the Lessee together with interest on the outstanding balance at the rate of 2% per month from date of invoice to the date of payment.
12. Downtime. Should the Lessor be liable for such damage to the Equipment under this Lease, the Lessee shall be liable for all losses and expenses incurred by the Lessor related to such damage of the Equipment, including but not limited to loss of rental income during the time required to repair the Equipment.
13. Expenses. During the term of this Lease, the Lessee shall, at the Lessee’s own expense, pay the costs of:
    1. all fuel, oil and lubricants required to operate the Equipment; and
    2. all repairs, replacement parts including labour charges, required to be made to the Equipment in order to keep it in good repair and running order.
14. Surrender. Upon the expiration or earlier termination of this Lease, the Lessee shall return the Equipment to the Lessor in good repair, condition and working order, ordinary wear and tear resulting from proper use thereof alone excepted.
15. Taxes and Encumbrances. The Lessee shall keep the Equipment free and clear of all levies, liens, and encumbrances and shall pay all license fees, registration fees, assessments, charges, taxes and encumbrances (municipal, provincial and federal) which may now or hereafter be imposed upon the ownership, leasing, renting, sale, possession or use of the Equipment.
16. Insurance. The Lessee shall at their own expense maintain liability, theft, fire and any other insurance required to indemnify the Lessor against any loss to or of the Equipment to the extent of the original replacement value, such insurance to cover the insurable interest of the Lessor in the Equipment. This insurance shall be kept in full force and effect from the time the Equipment leaves the Lessor’s place of business, until it is returned by the Lessee to the Lessor’s place of business during the Lessor’s normal business hours with the Lessor’s acknowledgement. The Lessee shall provide proof of insurance to the Lessor upon request.
17. Rental Protection Plan. The Lessee shall have the option to purchase the Rental Protection Plan (the “RPP”), the terms of which have been reviewed by the Lessee and are available on the Lessor’s website, for all, but not less than all, of the Equipment Leased. The RPP is not a substitute for insurance, it is an agreement between the Lessor and the Lessee to limit a portion of the liability of the Lessee in connection with the rental of the Equipment. The Lessee must opt in to the RPP upon execution of this Lease and pay the fee for the RPP with the first payment of rent. If the Lessee does not opt in to the RPP, they shall be deemed to have opted out of the RPP for the duration of the Lease and shall not have the option to later opt in to the RPP.
18. Notice of Loss. The Lessee agrees to immediately inform the Lessor in writing of all losses or damages to the Equipment and to provide the Lessor the name of the Lessee’s insurance company, name and address of the Lessee’s insurance agent, a copy of the police report, if applicable, and complete information concerning insurance coverage for said loss or damage. The Lessee further agrees to assign said claim and any and all proceeds from insurance coverage proceeds to the Lessor.
19.  Lessor’s Option to Pay. In case of failure to procure or maintain said insurance or to pay any fees, assessments, charges or taxes, the Lessor shall have the right, but shall not be obligated, to affect such insurance, or pay said fees, assessments, charges or taxes as the case may be. In that event, the cost thereof shall be re-payable to the Lessor with the next installment of rent, and failure to repay the same shall carry with it the same consequence, including interest at two percent (2%) per month, as failure to pay any installment of rent.
20. Warranties and Delay. The Lessor makes no warranties, either expressed or implied as to any matter whatsoever, and not restricting the generality of the foregoing, the condition of the Equipment, its merchantability or fitness for any particular purpose. The Lessor is not liable for any damages resulting from the late delivery of any Equipment.
21. Indemnity. The Lessee shall indemnify the Lessor against and hold the Lessor harmless from any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including solicitor’s fees, arising out of, connected with, or resulting from the Equipment, including without limitation, the manufacture, selection, delivery, possession, use, operation or return of the Equipment.
22. Security Deposit. As security for the prompt and full payment of the rent, and faithful and timely performance of all provisions of this Lease, any extension or renewal thereof, on its part to be performed, the Lessee has pledged and deposited with the Lessor the amount set forth on the reverse side hereof. In the event any default shall be made in the performance of any of the covenants on the part of the Lessee herein contained with respect to any of the Equipment, the Lessor shall have the right, but shall not be obligated, to apply the security deposit to the curing of such default. Any such application by the Lessor shall not preclude the Lessor from pursuing any legal remedies available under the law arising out of said default; and, upon demand, the Lessee shall restore said security to the full amount set forth. Upon the expiration, or earlier termination, of this Lease, or any extension or renewal thereof, provided the Lessee has paid all of the rent herein called for and fully performed all of the other provisions of this Lease on the part to be performed, the Lessor will return to the Lessee any remaining balance of said security.
23. Default. If the Lessee, with regard to any of the Equipment, fails to pay any rent or other amount herein provided within ten (10) days after the same is due and payable, or if the Lessee fails to observe, keep or perform any other provision of this Lease required to be observed, the Lessor shall have the right to exercise any one or more of the following remedies:
    1. To declare the entire amount of rent hereunder immediately due and payable as to any or all items of equipment, without notice, or demand to the Lessee;
    2. To sue for and recover all rents, and other payments then accrued or thereafter accruing, with respect to any of the Equipment.
    3. To take possession of any of the Equipment without demand or notice; wherever same may be located without any court order or other process of law. The Lessor hereby waives any and all damages occasioned by such taking of possession. Any said taking of possession shall not constitute a termination of this Lease as to any of the Equipment unless the Lessor expressly so notifies lessee in writing;
    4. To terminate this Lease as to any or all the Equipment;
    5.  To pursue any other remedy at law or in equity. Notwithstanding any said repossession, or any other action which the Lessor may take, the Lessee shall be and remain liable for the full performance of all obligations under this Lease.

All such remedies are cumulative, and may be exercised concurrently or separately, and the Lessee agrees to reimburse the Lessor for any and all of the costs of enforcing such remedies.

24. Bankruptcy. Neither this Lease nor any interest therein is assignable or transferable by operation of law. If any proceeding under the Bankruptcy Act, as amended, is commenced by or against the Lessee, or if the Lessee is adjudged insolvent, or if the Lessee makes any assignment for the benefit of its creditors, or if a writ of attachment or execution is levied on any Equipment and is not released or satisfied within ten (10) days thereafter, or if a receiver is appointed in any proceeding or action and given authority to take possession or control of any of the Equipment, the Lessor shall have and may exercise any one or more of the remedies set forth in this Lease; and this Lease shall, at the option of the Lessor, without notice, immediately terminate and shall not be treated as an asset of Lessee after the exercise of said option.
25. Lessor’s Expense. The Lessee shall pay the Lessor all costs and expenses, including solicitor’s fees, incurred by the Lessor in exercising any of its rights or remedies hereunder or enforcing any of the terms, conditions, or provisions hereof including any costs of removal of the Equipment.
26. Assignment. Without the prior written consent of the Lessor, the Lessee shall not:
    1. assign, transfer, pledge, or hypothecate this Lease, the Equipment or any part thereof, or any interest therein; or
    2. sublet or lend the Equipment or any part thereof to be used by anyone other than Lessee or Lessee’s employees.
       All rights of the Lessor hereunder may be assigned, pledge, mortgaged, transferred, or otherwise disposed of, either in whole or in part, without notice to the Lessee.
27. Environmental Surcharge. The Lessor has charged, and the Lessee has agreed to pay, an environmental surcharge, as noted on the invoice attached hereto, on rentals and specific parts and labour, including but not limited to oil, gasoline, diesel, kerosene, filters, batteries, tires, fluids, paint and labour. The environmental surcharge is not a government mandated fee.
28. Offset. The Lessee hereby waives any and all existing and future claims, and offsets, against any rent or other payments due hereunder, and agrees to pay the rent and other amounts hereunder regardless of any offset or claim which may be asserted by the Lessee or on its behalf.
29. Non-Waiver. The Lessor’s failure at any time to require strict performance by the Lessee of any of the covenants hereof shall not waive or diminish the Lessor’s right to demand strict compliance with any other covenants. Waiver of any default shall not waive any other default. The Lessor’s rights are cumulative and not alternative.
30. Waiver. The Lessee expressly waives the benefit of every statute or law which prevents or restricts the Lessor from recovering any arrears of rent or deficiency from the Lessee following repossession of the Equipment.
31. Lien. The Lessee acknowledges that the Lessor has a right to file a lien, under the Prompt Payment and Construction Lien Act, against the owner of the land where the Equipment was used should rental or any other payments become overdue.
32. Disclosure. The Lessee shall disclose fully and accurately the identity and address of those who will be using the Equipment.
33. Severability. The provisions of this agreement shall be severable so that the invalidity, unenforceability or waiver of any of the provisions, shall not affect the remaining provisions.
34. Time is of the Essence. Time is of the essence in this Lease.
35. Applicable Laws. This Lease shall be construed in accordance with and governed by the laws of the Province of Alberta.
36. Entire Agreement. This Lease sets forth the entire agreement between the parties hereto and supersedes all prior agreements and understandings, whether written or oral, related to the subject matter hereof.
37. Counterparts. This Lease may be executed in any number of counterparts with the same effect as if all signatories to the counterparts had signed one document, all such counterparts shall together constitute and be construed as, one instrument and each of such counterparts shall, notwithstanding the date of its execution, be deemed to bear the date first above written. A signed counterpart provided by way of facsimile transmission or in pdf format shall be as binding upon the parties as an originally signed counterpart.