Monthly Rental Terms & Agreement
The following are the terms and conditions of this rental contract to which I agree.
1. The instrument rented is to be returned in as good condition as when rented, less reasonable wear. This includes removal of stickers, fingerboard tapes etc.
2. LEASE FEE Upon rental of the instrument, a one-time non-refundable lease fee of $20.00 will be collected. This will be the only fee charged upon receipt of your instrument. The monthly rental fee will not be charged until the first day of the following month.
3. PAYMENTS Monthly payments are automatically charged to the credit card on file on the first day of the month for which the rental fee is due. The renter agrees to maintain the credit or debit card account, keeping it both open and within limits, to permit the timely charges of payments while the rental instrument is in their possession. A $ 10.00 late fee will be charged to the credit card for payments not received 5 days after the monthly due date. Renter agrees to notify Bob Murphy’s Violin Shop immediately with any changes or updates to the credit or debit card account on file.
4. DEFAULT Bob Murphy’s Violin Shop reserves the right to charge you the full value of the rented instrument if the account is delinquent 90 days (3 months) or more. Failure to return the instrument in the event of default may constitute an act of theft under State of New York Law and is considered a felony punishable by fine or imprisonment. In the event of default, Bob Murphy’s Violin Shop is entitled to repossess the instrument in accordance Federal Law and the laws of the State of New York, and upon repossession, this agreement shall terminate with no further obligations by any party with the exception of liability of past due payments by the renter. The renter agrees to pay all fees necessary for any legal restitution of the instrument and collection of monies due.
5. TERMINATION OF CONTRACT This Agreement can be terminated at any time without penalty by returning the rental instrument to Bob Murphy’s Violin Shop in good working condition.
6. DAMAGE WAIVER The damage waiver fee releases you from liability from repairs made to the instrument due to mechanical issues or accidental damage (within reasonable limits). The damage waiver does not cover the loss, theft, or irreparable damage of the instrument. In the event of loss, theft, destruction, or irreparable damage, the value of the instrument will be paid to Bob Murphy’s Violin Shop at a cost totaling the replacement cost of the instrument plus tax. If the rented instrument is stolen and a police report provided, it is the option of Bob Murphy’s Violin Shop to terminate the rental agreement with no further money due or replace the instrument and continue the contract.
7. RENTAL EQUITY The renter will accrue equity each month equal to the monthly rental fee paid on this Agreement (excluding the Damage Waiver and State Tax) toward the purchase of a new instrument. Insurance, tax, and late fees do not add to the renter’s equity. The renter may accrue equity up to a maximum amount equivalent to 60% of the new instrument purchase price. The amount accrued must be applied toward the purchase of an instrument within 10 days of termination of this Agreement, or the rental credit is forfeited. The equity accrued is not held for future use and is non-transferable. Rental instruments can NOT be purchased.
8. TITLE TO THE INSTRUMENTS Bob Murphy’s Violin Shop owns the instrument(s) rented. Should you declare bankruptcy, we retain the title, and the instrument must be surrendered to Bob Murphy’s Violin Shop immediately. Bob Murphy’s Violin Shop reserves the right to charge you the full value of the rented instrument(s) if the account is delinquent 90 Days or more.
