Personal Property Rental Agreement

Owner’s name: ___________________________

Address: ________________________________

Renter’s name: ___________________________

Address: ________________________________

If there is more than one owner or renter, the use of the singular incorporates the plural.

1. Property Being Rented

Owner agrees to rent to Renter, and Renter agrees to rent from Owner, the following property: ___________________________________________.

2. Duration of Rental Period

This rental will begin at _____ o’clock a.m./p.m. on ________________ and will end at _____ o’clock a.m./p.m. on _________________.

3. Rental Amount

The rental amount will be $ ________ per ____________ [specify hour, day, week or month].

4. Payment

Renter has paid $ ________ to Owner to cover the rental period specified in Clause 2.

[ ] Security deposit [optional]. In addition to the rent, Renter has deposited $ ________ with Owner. This deposit will be applied toward any additional rent and any amounts owed for damage to or loss of the property, which Owner and Renter agree has the current value stated in Clause 8. Owner will return to Renter any unused portion of the deposit.

5. Delivery

[ ] Renter will pick up the property from Owner at Owner’s place of business on ___________________________.

[ ] Owner will deliver the equipment to Renter [ ] at no charge [ ] for a fee of $ _____ on ______________________ at:

[ ] Owner’s place of business
[ ] Renter’s residence
[ ] Other ___________________________.

[ ] Other delivery arrangements: ___________________________.

6. Late Return

If Renter returns the property to Owner after the time and date when the rental period ends, Renter will pay Owner a rental charge of $ ________ per day for each day or partial day beyond the end of the rental period until the property is returned. Owner may subtract this charge from the security deposit.

7. Condition of Property

Renter acknowledges receiving the property in good condition, except as follows: __________________________________.

8. Damage or Loss

Renter will return the property to Owner in good condition except as noted in Clause 7. If the property is damaged while in Renter’s possession, Renter will be responsible for the cost of repair, up to the current value of the property. If the property is lost while in RenterÕs possession, Renter will pay Owner its current value. Owner and Renter agree that the current value of the property is $ ________ .

9. Disputes

[choose one]:

[ ] Litigation. If a dispute arises, either Owner or Renter may take the matter to court.

[ ] Mediation and Possible Litigation. If a dispute arises, Owner and Renter will try in good faith to settle it through mediation conducted by [choose one]:

[ ] ___________________________ [name of mediator].
[ ] a mediator to be mutually selected.

Owner and Renter will share the costs of the mediator equally. If the dispute is not resolved within 30 days after it is referred to the mediator, either Owner or Renter may take the matter to court.

[ ] Mediation and Possible Arbitration. If a dispute arises, Owner and Renter will try in good faith to settle it through mediation conducted by [choose one]:

[ ] ___________________________ [name of mediator].
[ ] a mediator to be mutually selected.

Owner and Renter will share the costs of the mediator equally. If the dispute is not resolved within 30 days after it is referred to the mediator, it will be arbitrated by [choose one]:

[ ] ___________________________ [name of arbitrator].
[ ] an arbitrator to be mutually selected.

Judgment on the arbitration award may be entered in any court that has jurisdiction over the matter. Costs of arbitration, including lawyersÕ fees, will be allocated by the arbitrator.

Owner’s signature: ___________________________ Date: ____________

Renter’s signature: ___________________________ Date: ____________