Contract of Lease (Philippines)


This AGREEMENT, made and entered on this ________ day of ______________ 200_ in Quezon
City, Metro Manila, by and between:
The PHILIPPINE NUCLEAR RESEARCH INSTITUTE, DOST, a Government agency under Republic Act 2067 as amended and organized under EQ 128 dated January 30, 1987 represented by its Director, and referred to as the LESSOR:
The , a private entity
operating and doing business in the Philippines, and hereafter, referred to as the LESSEE:
Whereas, the LESSOR is the owner of the following radiation monitoring instrument designated as:
Which is available for lease in order to monitor the work area of the LESSEE’S radiation protection purpose.
Whereas, the LESSEE has requested to utilize the above described instruments of the LESSOR in connection with the former’s safe handling of radioisotopes/radioactive materials and/or radiation sources.
NOW THEREFORE, the LESSOR and the LESSEE agree to the following:
1. That the LESSOR shall transfer the possession of the above described radiation monitoring instrument to the LESSEE, and the LESSEE shall accept and take possession of the said instrument subject to the following terms and conditions:
a) The LESSEE shall use the above-described instrument exclusively for the purpose above-indicated in accordance with more or less the herein schedule:
b) The LESSEE shall pay the LESSOR for the use of said radiation monitoring instrument a weekly lease rental of P1,750.00/unit to be computed from the day of the transfer of possession of said instrument to LESSEE until the day of its return to and acceptance by LESSOR, a fraction of a week being considered a full week; payment of the lease rental shall be made up on the transfer to and acceptance of said instrument by LESSEE;
c). The LESSEE shall return the possession and deliver to the LESSOR said instrument at the end of the stipulated period indicated above without necessity of notice from the latter to the former, failure to return said instrument on the last day of the lease period, the LESSEE shall pay LESSOR the weekly lease rental as specified on the next proceeding paragraph plus a 12% interest per aimum applied for every week of delay;
d) The LESSOR reserves the right after due notice to LESSEE to demand the return of said instrument to the former even before the termination of the lease period and in which case the LESSOR shall refund the LESSEE the amount of lease rental already paid corresponding to the unused portion of the lease period;
e) The LESSEE shall provide and be responsible for the transport and from the indicated place of use;
f) The LESSEE shall be responsible for the loss of and or damage to the instrument or replacement of any of its parts while the same is under its custody; in case of such loss/damage or replacement, the LESSEE shall replace said instrument or parts thereof;
g) The LESSEE shall be responsible for the ordinary repair or maintenance of the instrument and its associated parts; any major repair or repairs that are found to be necessary at the return of the instrument to the LESSOR may be made by the LESSOR at the expense of the LESSEE.

2. Subject paragmph 1 © above, this AGREEMENT shall terminate on ________________________ and shall supersede and revoke any prior contract concerning said instrument which the LESSOR has executed with the LESSEE; and may be amended, modified or earlier terminated at the option of the LESSOR
IN WITNESS WHEREOF, parties aforementioned hereunto affixed their hands on the date herein before written.
By By
ALUMANDA M. DELA ROSA, Ph.D. _________________________
Director signatuit over printed name
signature over printed name signature over printed name
Republic of the Philippines
Quezon City
BEFORE ME, Notary Public of _________________________________________________ Personally appeared __________________________________with Residence Certificate No. _________ issued at _______________ on ____________________
________________________________________ with Residence Certificate No. ___________________________ issued at ___________ on ____________________, 200_ known to me to be the same persons who have executed the above Contract of lease and who acknowledged that the same is their voluntary act and deed. I further certify that this document consists of (3) pages, including this page upon which this acknowledgement is written, and that the parties together with their instrumental witnesses have signed their names on the lefi-hand margin of each page of this document.
WITNESS my hand and seal this _____ day of _________ 200_ at the___________ Philippines.
Until December 31, 200
Doc. No. _______
Page No.__________
Book No.__________
Series of 200


Siril Singh,
Oct 29, 2010, 1:39 AM