Leasing Terms and Conditions

1. Beginning date of this contract is the date equipment is delivered to LESSEE (based on receipt date shown on bill of lading). The contract remains in effect until equipment is placed with a recognized carrier for shipment to LESSOR, or delivered directly to LESSOR’S facilities. The LESSEE is responsible for shipping charges incurred in both delivery to the LESSEE and return delivery to the LESSOR. Shipping charges will be invoiced to the LESSEE. The LESSOR will make shipping arrangements for delivery to the LESSEE and return delivery to the LESSOR.

2. All charges are in one-week increments. Any portion of a week will be charged as a full week. For billing purposes, a week begins the date the contract is initiated (as noted in paragraph #1) and continues for a full seven days. (E.g.: If equipment is delivered on a Tuesday, LESSEE will be charged for Tuesday through the following Monday. If the return bill of lading shows shipment was made the following Tuesday or later, LESSEE will be charged for another week. Each succeeding week will also run Tuesday through Monday.)

3. A security deposit, in the amount shown on the front of this form, will be required before LESSOR will release equipment for use by LESSEE. The deposit is processed prior to the equipment shipping from the LESSOR’s facility. This deposit will be retained by LESSOR to be used as payment once equipment is returned and has been inspected for damage.

a. Leases less than four weeks: After equipment is returned and inspected, the final lease time, shipping and any damage charges will be invoiced. Any deposit amount in excess of charges will be returned to LESSEE. If charges exceed the deposit amount, LESSEE will be invoiced for the difference, which will be payable based upon the account terms noted on the front of this form.

b. Leases more than four weeks: LESSEE will be invoiced in 4 week increments at the discretion of LESSOR. These invoices are payable based on the account terms noted on the front of this form. After equipment is returned and inspected, the final lease time, shipping and any charges will be invoiced.

If LESSEE terms are prepay or credit card with LESSOR, LESSEE will be required to provide a ‘Credit Card on File Authorization’ for payment of any charges upon invoicing.

4. Immediately upon receipt of equipment, LESSEE is advised to inspect for shipping damage to both equipment and container(s), and recharge battery packs. If equipment and/or container(s) display signs of damage, LESSEE should notify LESSOR. Failure to notify LESSOR promptly could lead to unnecessary repair charges against LESSEE’S deposit. Due to the possibility of delays or damage in transit, LESSEE must schedule units for arrival in time to be tested and repaired, if necessary, before the start of operations. LESSOR will not be responsible for the costs of delays due to equipment malfunction, or any other resulting costs, if equipment was not tested at least one day prior to start of work.

5. Said equipment, known as Powr-Grip vacuum gripping equipment, shall at all times remain and be the sole and exclusive property of LESSOR, and LESSEE shall have only the right to use said equipment and accessories under conditions here contained. The leased equipment shall not be transferred, leased or used by, or subject to, any person other than LESSEE. LESSEE shall not assign this lease by his own act or by operation of law. Inspection of leased equipment by anyone other than a Wood’s Powr-Grip technician is not permitted.

6. LESSEE agrees to use said equipment in a safe and proper manner and in conformity with all laws and ordinances pertaining thereto. LESSOR shall have no responsibility, direction or control over the manner of use or operation of said equipment by the LESSEE. LESSEE assumes all responsibility for claims asserted by any person whatever growing out of the use or possession of said equipment, and agrees to hold LESSOR harmless from all such claims.

7. LESSOR, without obligation on its part, shall at all times have right of free access to the leased equipment for the purpose of inspecting it and watching its use or operation, or determining the nature and extent of its use.

8. The leased equipment shall be at the sole risk of LESSEE from injury, loss or destruction and, in case it or any part thereof be destroyed, damaged or lost, whether with or without fault on the part of LESSEE, the LESSEE shall pay to LESSOR a sum equal to current list price for the same or similar equipment.

9. LESSOR shall have the right, without notice, to terminate this lease in the event of breach of any of its terms, conditions or promises; or if LESSEE becomes insolvent; or any proceedings in bankruptcy or receivership be instituted by or against it; or if any execution, levy, distraint or attachment be levied or threatened to be levied upon the leased equipment. Upon termination or expiration as set forth as Dates Required in the contract, LESSEE shall forthwith release such equipment to LESSOR in as good order and condition as it was received, ordinary wear and tear caused by reasonable and proper use expected, or LESSOR shall have the right to immediately repossess said equipment itself. LESSEE hereby agrees to indemnify LESSOR from all claims by LESSEE or any other person for or by reason or on account of any repossession.

10. This lease comprises the entire lease and contract between LESSOR and LESSEE, and it is acknowledged that there are no understandings, representations, warranties, promises, verbal or otherwise, pertaining to this lease or to the equipment, which are not incorporated herein expressly, by reference or by rider attached hereto.