As you are aware, we recently entered into an agreement with XYZ in respect of the equipment specified in Annexure A (the “Equipment”) for a term of one year.
At the end of the 1-year lease agreement, should the employee elect to return the Equipment to us, we shall offer the Equipment for sale to the employee on a first option basis, subject to the following terms and conditions:
(a) The purchase price for the Equipment (the “Purchase Price”) shall be as specified in Annexure A, payable on the date specified in the invoice raised by us.
(b) Title to the Equipment shall not pass to you until we have received payment of the Purchase Price (plus any GST or applicable taxes) in full in immediately available funds.
(c) The Equipment will be sold to you “as is, where is, with all faults,” and we make no representations or warranties, express or implied, whatsoever in respect of the Equipment except that we represent and warrant that we shall transfer good and marketable title to the Equipment to you, free and clear of any liens or encumbrances created by or through us.
(d) We shall not be responsible for the confidentiality and security of any proprietary data, including personal data, remaining on the Equipment at the end of the lease and you expressly acknowledge and agree that we shall not have any liability to you, or any third party, for any damages, claims or losses of any kind whatsoever, whether direct, incidental, indirect, special or consequential, arising out of or in connection with the sale of the Equipment to you.
(e) We may, by notice in writing to you, terminate this offer to sell with effect from the date of sending such notice, if:
(i) You fail to pay the Purchase Price to us in accordance with paragraph (a) above;
(ii) You become insolvent, are unable to pay your debts, enter into liquidation or a receiver or an administrator is appointed over your business or assets;
(iii) The lease is terminated for any reason arising due to the default of the Lessee.
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Please confirm your acknowledgement and agreement to the terms of this letter by signing and returning a copy to us which shall constitute your binding agreement to purchase the Equipment.
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Please confirm your acknowledgement and agreement to the terms of this letter by signing and returning a copy to us which shall constitute your binding agreement to purchase the Equipment.
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