Art Rental

Art Rental Agreement

 

BETWEEN - Rental Agents               AOM Enterprises Ltd t/a ArtworkX of Mann

And - Renter                                ___________________________________________________________

 

The Renter agrees to pay within 14 days of supply, the set rental for a minimum period of three months commencing   _________________________  with quarterly options to renew or purchase at current valuation or advertised price.

 

The Renter must give notice of termination of contract in writing, at least one month prior to the end of the current quarter or pay one further months rental from their last invoice.

 

The Renter must advise in writing if renovations are to be undertaken or relocation of the business premises so that the Lessor can or may be able to remove Artwork or Prints from site, for protection and at a later appointed time or place, replace same as required at no extra charge.

 

The Artwork shall at all times remain on the Renter’s premises at:  __________________________________________________________________________

 

The Artwork shall at all times remain the sole and exclusive property of the Owner be that the Renter, the Artist or Collector.

 

The Renter shall bear the entire risk of loss and/or damage to the Artwork for any cause whatsoever and shall immediately notify the Renter of any loss or damage to the Artwork.

 

Should the Renter fail to pay the rental due within 28 days, the Rental Agent reserves the right to charge interest at the rate of 15% per month on the outstanding amount.

 

If the Renter fails to make any payment due under this agreement or makes any other default there under and such default and continues for a period of 28 days then the Rental Agent shall have the right to exercise one or more of the following remedies:

(a)    Take possession of the Artwork without notice wherever this may be located

(b)   Terminate the agreement

(c)    Take legal action

(d)   Recover from Lessee all costs associated with collection of property and/or debt

 

If any proceedings are commenced by or against the Renter to declare the Renter bankrupt or, in the case where the Renter is a Company. For winding up of that Company or if the Renter makes any assignment for the benefit of creditors or if a writ or attachment or execution is levied on any of the artworks and is not released or satisfied within 14 days thereafter or where a receiver has been appointed with authority to take possession or control of the Artwork. The Rental Agent shall have and may exercise any one or more of the remedies set forth in paragraph 8 hereof and this agreement shall at the option of the Rental Agent without notice immediately terminate and shall not be treated as an asset of the Renter after the exercise of the said option.

 

The Renter shall pay all of the Rental Agent’s costs and expenses, including legal expenses, incurred by the Rental Agent in exercising  any of its rights or remedies thereunder or enforcing any of the terms, conditions or provisions hereof.

 

Service of any notice thereunder shall be sufficient if given personally or mailed to the party involved at its respective address as here set forth or at such address as such party may provide in writing from time to time.

 

For the purpose of this agreement the agreement and the rental payable for them shall be set in the current invoice.

 

Signed  :                               _________________________________________(Rental Agent)

PRINT NAME:                      ___________________________________________

Date of contract:                          /             / 20    

 

 

Signed  :                               _________________________________________( Renter)

PRINT NAME:                      ___________________________________________

Date of contract:                          /             / 20    

 

 

 

RENTAL FEE SCHEDULE

 

Table 1.0

Purchase Price
single/ or multiples Pieces

       Rental price for each 3 Month period

Less than or equal to £249

£85

£250 -  £499

£115

£500 -  £749

£145

£750 -  £999

£210

£1,000 -  £1,499

£225

£2,000 -  £2,499

£265

£2,500 - £2,999

£295

£3,000 - £3,499

£305

£3,500 - £3,999

£350

£4,000 - £4,499

£385

£4,500 - £4,999

£415

£5,000 - £5,499

£445

£5,500 - £5,999

£590

£6,000 - £6,499

£620

£6,500 - £6,999

£675

£7,000 - £7,499

£745

£7,500 - £7,999

£795

£8,000 - £8,499

£840

£8,500 - £8,999

£895

£9,000 - £9,499

£950

£9,500 - £9,999

£995

£10,000 - £10,499

£1,250

£10,500 - £10,999

£1,525

£11,000 - £11,499

£1,625

£11,500 - £11,999

£1,795

£12,000 - £12,499

£1,895

£12,500 - £12,999

£1,990

£13,000 - £15,000

£2,500