The Loan On Rent Agreement is a specialized contract used when parties wish to combine equipment rental with financing in a single agreement under Malaysian law. This arrangement is particularly useful when businesses need both equipment access and financing but prefer to handle both aspects through a single contractual relationship. The document addresses both the financial aspects (loan terms, interest rates, repayment schedules) and operational aspects (equipment specifications, maintenance requirements, usage conditions) of the arrangement. It's commonly used in industries requiring expensive equipment where traditional purchase or separate loan and rental agreements might be less efficient. The agreement must comply with Malaysian financial regulations, consumer protection laws, and contract law principles, making it a complex but comprehensive solution for equipment financing and rental needs.
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1. Parties: Identification of the lender/lessor and borrower/lessee, including full legal names, identification numbers, and addresses
2. Background: Context of the agreement, explaining the purpose of combining loan and rental arrangements
3. Definitions: Definitions of key terms used throughout the agreement, including 'Loan Amount', 'Rental Period', 'Equipment', etc.
4. Loan Terms: Details of the loan including principal amount, interest rate, repayment schedule, and payment methods
5. Rental Terms: Specifications of the rental arrangement including duration, rental payments, and usage conditions
6. Delivery and Return: Terms governing the delivery, acceptance, and return of rented items
7. Maintenance and Repairs: Responsibilities for maintaining and repairing the rented items
8. Insurance and Risk: Requirements for insurance coverage and allocation of risk
9. Default and Remedies: Consequences of default on either loan or rental obligations and available remedies
10. Termination: Conditions and procedures for early termination of the agreement
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
12. Execution: Signature blocks and execution formalities
1. Security Deposit: Terms regarding security deposit if required, including amount, holding conditions, and return
2. Guarantor: Details of guarantor arrangements if required for the loan portion
3. Assignment and Subletting: Terms regarding the ability to assign rights or sublet rented items, if permitted
4. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
5. Confidentiality: Confidentiality obligations if sensitive information is involved
6. Option to Purchase: Terms for converting the arrangement into a purchase, if this option is offered
7. Special Usage Conditions: Specific conditions for special equipment or circumstances
1. Schedule 1: Equipment Description: Detailed description of rented items including make, model, serial numbers, and condition
2. Schedule 2: Payment Schedule: Detailed breakdown of loan repayments and rental payments with due dates
3. Schedule 3: Delivery and Acceptance Form: Form to document the condition and acceptance of equipment upon delivery
4. Schedule 4: Insurance Requirements: Specific insurance requirements and coverage details
5. Appendix A: Maintenance Schedule: Required maintenance procedures and schedules for rented equipment
6. Appendix B: Return Conditions: Detailed conditions that must be met when returning the equipment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Manufacturing
Agriculture
Mining
Transportation and Logistics
Heavy Equipment Rental
Industrial Equipment
Technology and IT Infrastructure
Medical Equipment
Entertainment and Events
Relevant Teams
Legal
Finance
Operations
Procurement
Risk Management
Asset Management
Treasury
Contract Administration
Equipment Management
Compliance
Relevant Roles
Chief Financial Officer
Finance Manager
Equipment Manager
Operations Director
Procurement Manager
Legal Counsel
Risk Manager
Asset Manager
Fleet Manager
Contract Administrator
Treasury Manager
Equipment Leasing Specialist
Financial Controller
Operations Manager
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