Quest Rental agreement
THIS EQUIPMENT RENTAL AGREEMENT (this “Agreement”) dated this
Infusion Edutainment VR&AR Research and Development Co. of 514 Fort Street, Victoria, BC
(the Owner and Renter are collectively the “Parties”)
This Equipment Rental Agreement (“Agreement”) is effective as of the date of last signature (“Effective Date”), and is made between Infusion Edutainment VR&AR Research and Development Co., organized under the laws of British Columbia, Canada, with offices at 514 Fort Street, Victoria (“Owner”), and
IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Owner leases the Equipment to the Renter, and the Renter leases the Equipment from the Owner on the following terms:
1 The following definitions are used but not otherwise defined in this Agreement:
(a) “Casualty Value” means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value of the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.
(b) “Equipment” means Oculus Quest 1 which has an approximate value of $600.00
(c) “Total Loss” means any loss or damage that is not repairable or that would cost more to repair than the market value of the Equipment.
2.2 The Owner agrees to lease the Equipment to the Renter, and the Renter agrees to lease the Equipment from the Owner in accordance with the terms set out in this Agreement.
3.1 This Agreement shall commence on the Effective Date and remain in full force and effect until Equipment is
returned to the Owner. Renter shall return the Equipment on
or on the date otherwise agreed upon between Renter and Owner if there is a request for extension of rental period.
Renter acknowledges having read and understood the Agreement.
Infusion Edutainment VR&AR Research and Development Co.