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The Storage Agreement is a legally binding document that outlines the terms and conditions between the Licensor and the Licensee regarding the use of a designated space for storing goods. This agreement is important as it establishes the rights and responsibilities of both parties, ensuring clarity and avoiding any potential disputes.
The entire document consists of several sections that cover various aspects of the agreement. The first section is the introduction, which provides an overview of the agreement and the parties involved. It states that the Licensor grants permission to the Licensee to use the designated space for storing goods for a specific term.
The second section focuses on the license fee, stating that the Licensee is required to make periodic payments on the first day of each period. It also clarifies that the license fee cannot be increased during the term of the agreement.
The third section discusses the deposit, which is a sum of money paid by the Licensee as security. It explains that the Licensor has the right to retain part or all of the deposit if the Licensee breaches any material part of the contract. However, if there are no breaches and the agreement is not renewed, the deposit will be refunded to the Licensee.
The fourth section addresses the risk and insurance of the goods stored in the designated space. It states that the goods are at the sole risk of the Licensee and must be covered by a suitable insurance policy.
The fifth section outlines the responsibilities of the Licensor, which include ensuring the legality of the premises and maintaining the structural parts of the space in a proper state of repair.
The sixth section details the responsibilities of the Licensee, such as promptly paying the license fee and using the space solely for storing goods. It also prohibits the Licensee from carrying out any alterations to the space without the Licensor's permission.
The seventh section covers the termination of the license, stating that it can be determined by the Licensor if the Licensee fails to make payments or breaches any provision of the agreement.
The eighth section grants the Licensee exclusive rights to the space during the license period, preventing the Licensor from entering the space without permission.
The ninth section includes miscellaneous provisions, such as the entire agreement clause, waiver of breach, and data protection.
The tenth section clarifies that no third party has rights under this agreement.
The eleventh section specifies the governing law and jurisdiction of the agreement, stating that it is governed by the laws of the applicable jurisdiction.
The twelfth section outlines the procedures for giving notices and service, including delivery by hand, email, or post.
The document concludes with the signatures of the duly authorized representatives of both parties.
1. Enter the necessary information: Fill in the names and addresses of both the Licensor and the Licensee in the agreement, ensuring accuracy and completeness.
2. Specify the term and space: Clearly state the term of the license and describe the allocated space in the premises where the goods will be stored.
3. Determine the license fee: Agree on the amount and frequency of the license fee, ensuring that it is payable on the first day of each period.
4. Arrange for the deposit: Settle the deposit payment within 7 business days after signing the agreement, understanding that it may be retained by the Licensor in case of breaches.
5. Obtain suitable insurance: Ensure that the goods stored in the space are covered by a suitable insurance policy, protecting against any potential risks.
6. Understand responsibilities: Familiarize yourself with the responsibilities outlined in the agreement, both for the Licensor and the Licensee, ensuring compliance with the terms.
7. Be aware of termination conditions: Take note of the conditions under which the license may be terminated, such as non-payment or material breach of the agreement.
8. Exercise exclusive rights: Understand that as the Licensee, you have exclusive rights to the designated space during the license period, and the Licensor cannot enter without permission.
9. Comply with legal requirements: Ensure that the agreement complies with the applicable laws and regulations of the jurisdiction.
10. Follow the notice and service procedures: Adhere to the specified methods of giving notices, such as by hand, email, or post, and be aware of the timelines for each method.
11. Seek legal advice if needed: If you have any doubts or concerns about the agreement, consider consulting with a legal professional to ensure a clear understanding of your rights and obligations.