Termination of this Agreement
The Customer shall not terminate this Agreement prior to the expiration of the Minimum Rental Period, or else, the Customer shall be liable to pay the penalty stipulated in Clause 10A below.
Termination shall only be effective upon the Appliance being returned to NCTECH in good condition, failing which, this Agreement shall remain in force and the Customer shall be liable to pay the monthly rental fees in full until the expiry of the Minimum Rental Period or the Rental Period, as the case may be.
The Customer shall not terminate this Agreement prior to the expiration of the Minimum Rental Period, or else, the Customer shall be liable to pay the penalty stipulated in Clause 10A below.
Termination shall only be effective upon the Appliance being returned to NCTECH in good condition, failing which, this Agreement shall remain in force and the Customer shall be liable to pay the monthly rental fees in full until the expiry of the Minimum Rental Period or the Rental Period, as the case may be.
NCTECH reserves the absolute right to terminate this Agreement at any time during the Minimum Rental Period or the Rental Period, as the case may be, by giving seven (7) days’ notice to the Customer, and retrieve the Appliance under the following circumstances: -poor environmental conditions, abnormal usage of the Appliance, transfer and/or sublease of the Appliance, unauthorised modification of the Appliance; or the monthly rental fee has been overdue for a consecutive three (3) months or more; or breach of any other terms of this Agreement by the Customer.
Notwithstanding the preceding Clause 9B, NCTECH reserves the absolute right to terminate this Agreement for any reason whatsoever and retrieve the Appliance, at any time during the Minimum Rental Period or the Rental Period, as the case may be, by giving fourteen (14) days’ notice to the Customer.
Early Termination
If the Customer terminates this Agreement prior to the expiration of the Minimum Rental Period, the Customer is deemed to be in breach and shall be liable to pay an early termination penalty amounting to fifty per centum (50%) of the total monthly rental fees for the remainder of the Minimum Rental Period, calculated on a calendar month basis.
In addition to the above, the Customer shall not be allowed to enter into another agreement on rental terms with NCTECH for a period of three (3) months after such early termination.
Appliance Loss Fee
If the Appliance cannot be located or is damaged beyond repair due to any reason whatsoever, including a fire, howsoever caused, or any natural disasters, the Customer shall be liable to pay NCTECH a penalty (“Appliance Loss Fee”), calculated as follows: -
Appliance Loss Fee = (Appliance Price x 90%) – [(Appliance Price/Rental Period (in months)) x Number of Months Monthly Rental Fee Paid]
The Customer’s Options upon the Expiration of the Rental Period
Upon full and prompt payment of the monthly rental fees throughout the Rental Period, the Customer may opt, to either:
Return the Appliance to NCTECH and enter into a new agreement for the rental of another Appliance within the same appliance category (“New Appliance”), wherein the Customer shall pay the new monthly rental fee pursuant to the new agreement; or
Submit his application for transfer of ownership wherein, NCTECH, at its sole and absolute discretion, may transfer the title or ownership of the Appliance to the Customer, and, subject to Clause 11 of the General provisions above, the Customer may, at his option, execute an agreement with NCTECH for Maintenance Services only.
