Terms and Conditions
Terms and Conditions of Lease:
Lessee to be responsible for any loss or damage to the equipment for the duration of the rental period and up to a maximum of the full replacement values shown on the rental order. Insurance coverage is the responsibility of the lessee from the time equipment is received on site until the time it is received back. Proof of adequate insurance coverage will be required prior to shipment of equipment.
Subsea Technologies, Inc. is not liable for data loss, injuries, damages, or delays due to equipment failure or malfunction. This includes but is not limited to physical damage, mechanical or electrical malfunction, power supplies, and physical loss. It is the sole responsibility of lessee to interface the equipment with any mechanical or electrical hardware required for safe deployment and operation.
Rental charges are to commence on the date the equipment is received at destination and cease on the date all equipment is received back at Subsea Technologies' facility in Katy, TX. All return shipping costs are the responsibility of lessee.
Accrued rental charges and any incurred shipping costs will be invoiced monthly and are due and payable within 30 days of receipt of invoice, regardless of any payment terms the lessee may have established with their ultimate client. Past due accounts may be assessed interest at the rate of 1.5% per month.