Lessor Terms

1. Introduction

1.1 These Lessor Terms and Conditions describe:

the relationship between a Lessor and equipal;
who can be a Lessor on the Platform;
how a Lessor can lease Equipment to Lessees; and
the Intermediary Services that equipal provide on the Platform.

1.2 These Lessor Terms and Conditions should be read in conjunction with other important documents and guidance. These include:

our Website Terms of Use;
the Hire Purchase Agreement; and
our Privacy Policy.

1.3 You should keep a copy of these Lessor Terms and Conditions safe for future reference. You can also download the latest version from our Website here.

1.4 In these Lessor Terms and Conditions “we”, “us” or “our” means equipal. “You”, “your”, “it” or “its” means the Lessor. Words and expressions which appear in bold and have a capital letter are defined in the Glossary in condition 18 of these Lessor Terms and Conditions.

1.5 Before you create a Lessor Account on the Platform, you must read these Lessor Terms and Conditions. If, after reading these Lessor Terms and Conditions, you feel you are not able to comply with your obligations under them, or you do not wish be bound by them, then you should not proceed to create a Lessor Account.

1.6 By creating a Lessor Account, you agree to be bound by these Lessor Terms and Conditions. You agree to access and use the Platform and the Website for the purposes of funding Equipment as a Lessor as envisaged by, and in accordance with, these Lessor Terms and Conditions.

1.7 If you have any question or queries, you should contact us by email at funder@equipal.co or by telephone on 07947 540798.

2. The Platform and equipal’s role

The Platform is an introduction platform that matches those who wish to supply and/or fund Equipment with those who wish to lease and use Equipment. Our role is to:

assess the creditworthiness of Lessees;
operate and manage the Website and the Platform;
match Lessors with Lessees;
identify Vendors that are able to provide the relevant Equipment;
facilitate the entry into of Hire Purchase Agreements and Finance Documents; and
produce the Hire Purchase Agreements and Finance Documents via the Platform for electronic signature by the parties.

3. Our agreement with you

3.1 These Lessor Terms and Conditions set out the basis of our relationship with you as a Lessor.

3.2 Each Hire Purchase Agreement sets out your leasing relationship with a Lessee.

4. Lessor Eligibility Criteria

4.1 To access and use the Platform for the purposes of leasing Equipment you must create a Lessor Account. To be eligible to do so, you must satisfy the following Lessor Eligibility Criteria (unless we otherwise agree):

you must be conducting business for the purposes of making a profit (public bodies, charitable organisations and trusts are not eligible unless we have given our specific prior written consent);
you must have, and maintain, a valid bank or building society account in the UK (excluding the Channel Islands and the Isle of Man);
you must answer our reasonable requests for information from time to time; and
you must provide us with all information and documents that we may reasonably request about you and your financial condition, business and affairs from time to time. For example, we may request information from you to allow us to fulfil our legal obligations and to ensure the proper operation of the Platform. You must notify us when any of the information or details you have provided to us changes.

4.2 We may change the Lessor Eligibility Criteria from time to time. We will give you notice if we do so. We will notify you of the change by sending an e-mail to your registered email address in accordance with condition 17.2.

4.3 If you cease to satisfy the Lessor Eligibility Criteria we may close your Lessor Account on the Platform in accordance with the process set out in condition 12 (Ceasing to be a Lessor with equipal and Termination).

5. Registering as a Lessor

5.1 Before you can lease Equipment to a Lessee through the Platform, you must create a Lessor Account (https://app.equipal.co/funder).

5.2 We have absolute discretion whether to accept or reject an application to create a Lessor Account and any subsequent Finance Offer, even if you satisfy the Lessor Eligibility Criteria.

5.3 You confirm and agree that, when you apply to create a Lessor Account and for so long as you maintain that Lessor Account and use the Platform:

you meet the Lessor Eligibility Criteria;
the information you provide to us is true and accurate in all respects and is not misleading;
you shall comply at all times with all Applicable Laws in respect of the services to be performed by you under these Lessor Terms and Conditions including but not limited to your obligations under the Hire Purchase Agreement;
Compliance with the Lessor Terms and Conditions will not cause you to contravene any Applicable Law to which you are subject, or any order or judgement to which you are subject or cause you to be in breach of any agreement to which you are a party;
you will ensure that no unauthorised person can access or use your Lessor Account;
you have the power to enter into these arrangements with us and to deliver and perform your obligations to us and to each relevant Lessee under a Hire Purchase Agreement and the power to carry out the transactions contemplated and that all necessary corporate or other action has been taken by you to authorise the execution, delivery and performance of the same;
you will ensure that all documents we require from you are validly executed and you will comply with all instructions in relation to the review and approval of these documents;
the person creating and maintaining the Lessor Account is properly authorised to represent you and enter into a legally binding agreement with us and each relevant Lessee. You will ensure that only authorised persons are able to access or use your Lessor Account and you will provide us with written evidence of your and their authority to act if and when requested; and
you understand that by entering into a Hire Purchase Agreement through the Platform, you will be leasing Equipment to a Lessee, and you accept that you are fully responsible to comply with your obligations under the Hire Purchase Agreement.

5.4 If any of the statements in condition 5.3 cease to be true while you maintain a Lessor Account you must contact us as soon as possible by email at funder@equipal.co or by telephone on 07947 540798 to tell us.

5.5 You must update your Lessor Account when your details change, or tell us and we will update your details.

5.6 When you create your Lessor Account you must provide a username, a valid e-mail address, a password, phone number and certain security information. Your username and password are unique to your Lessor Account and are non-transferable without our specific prior written consent. You will need them to access certain restricted areas of the Website.

5.7 You must keep your username, password and security information secure and confidential. You are responsible for all activity on or through your Lessor Account, the Platform, and in connection with your Nominated Bank Account, including all activity by anyone that uses your username, password and security information, whether or not they have been authorised by you. You must provide all authorised persons with a copy of these Lessor Terms and Conditions and ensure that they comply with them when accessing and using the Platform and the Lessor Account.

5.8 You must not transfer your Lessor Account to another person, or permit another person to use your Lessor Account, without our specific prior written consent.

5.9 You must notify us immediately if you believe that an unauthorised person is using your Lessor Account or the security of your Lessor Account has been or might be breached.

5.10 We will assume that all Finance Offers, agreements, correspondence, orders, transfers and instructions made by reference to your username and password are made by you.

5.11 We can decline to act on your instructions or suspend your Lessor Account if we suspect illegal or fraudulent activity or unauthorised use of your Lessor Account.

6. Hire Purchase Agreements

6.1 When we receive a Finance Request from a Lessee we will carry out a credit worthiness assessment and identity verification in respect of the Lessee. We will also carry out a security evaluation in respect of the Equipment. You may wish to take into consideration our analysis but this should not be relied on and you should complete your own analysis. If this information together with the information provided in the Finance Request meets our criteria, then we will accept the Finance Request and it becomes a Live Finance Request on the Platform.

6.2 If a Vendor wishes to supply the Equipment listed in a Finance Request it will provide the Vendor Information via the Platform. If the relevant Vendor of the Equipment, the subject of a Finance Request, is not registered with the Platform, we will contact the relevant Vendor in order to obtain the Vendor Information which will then be made available via the Platform. It is your responsibility to ensure you acquire title to the Equipment directly from the Vendor.

6.3 Once a Live Finance Request is listed on the Platform, you will be entitled to make a Finance Offer in respect of the Live Finance Request via the Platform. You must ensure that you carry out an appropriate credit worthiness assessment and identity verification in respect of the relevant Lessee. It is your responsibility to determine the terms of the Finance Offer and to satisfy yourself as to the identity and creditworthiness of the Lessee, the cost of the Equipment and your ability to acquire title to the Equipment from the Vendor. We will ensure that a Finance Offer will be removed from the Platform on its Offer End Date.

6.4 It is at the sole discretion of the Lessee whether to accept or reject a Finance Offer. If the Finance Offer is accepted by the Lessee, a Hire Purchase Agreement will be produced via the Platform containing the Key Contract Terms.

6.5 Once the Hire Purchase Agreement has been entered into by you and the Lessee, you will be able to access the Vendor's invoice via the Platform and you are responsible for making payment to the Vendor in accordance with the payment terms set out on the invoice. You must ensure the relevant Equipment is delivered to the Lessee in accordance with the Hire Purchase Agreement.

6.6 We may:

withdraw Finance Requests if they cannot be fulfilled by Lessors;
withdraw Finance Requests if we consider it necessary to do so; and/or
monitor and regulate the availability and functionality of the Platform.

6.7 We may amend the form of Hire Purchase Agreement from time to time and will give you not less than 30 calendar day’s notice of these changes in the manner set out in condition 17.2. These changes will have no retrospective effect on any existing Hire Purchase Agreement and will only take effect after you have been notified.

7. Payments

7.1 You will be liable to pay all fees, costs, charges and expenses that are referred to in these Lessor Terms and Conditions.

7.2 Neither we nor any company in the equipal Group of Companies guarantee any payments that are due from a Lessee to you under any Hire Purchase Agreement and it is your responsibility to collect the Rental Payments from the Lessee. You will be responsible for liaising with the Vendor via the Platform in respect of the payment of any Deposit and the purchase price of the Equipment.

8. equipal Warranties

In performing the obligations set out under these Lessor Terms and Conditions, we hereby represent, warrant and undertake to the Lessor that:

8.1 We shall have and will ensure that we maintain at all times all necessary authorisations, permissions or licences or similar necessary documentation to carry out any activity under or incidental to the performance of our obligations pursuant to these Lessor Terms and Conditions.

8.2 We shall perform our obligations pursuant to these Lessor Terms and Conditions with appropriate care and skill for a provider of such Intermediary Services and we shall use technically competent and properly trained and qualified staff in the provision and performance of our obligations under these Lessor Terms and Conditions.

8.3 We shall comply at all times with all Applicable Laws governing these Lessor Terms and Conditions and the services to be performed by us under these Lessor Terms and Conditions including but not limited to the form and content of the Hire Purchase Agreement.

8.4 We will inform all relevant individuals that in accordance with your legitimate interests in operating your business and deciding whether to enter into Hire Purchase Agreements, you will process their personal information inter alia by undertaking identity verification and assessment of creditworthiness before and after completion of any Hire Purchase Agreement, and that you may pass that information to credit reference and fraud prevention agencies and otherwise process it in accordance with your Fair Processing Notice which can be found on the Platform.

8.5 To the best of our knowledge and belief (as could reasonably be expected from the diligence conducted by us in accordance with condition 6.1 and the information provided to us in a Finance Request), the information set out in any Live Finance Request is true, complete and accurate in all material respects.

8.6 Each Hire Purchase Agreement produced via the Platform contains the Key Contract Terms and there are no other documents between us and the Lessee that will have a detrimental impact on the Lessor's rights under the Hire Purchase Agreement.

8.7 All material credit or other financial information reasonably relevant to a credit determination concerning the Lessee which has been provided to us by a Lessee will be disclosed by us in the Live Finance Request.

8.8 We have used our best endeavours to ensure that the person or persons who sign a Hire Purchase Agreement or a Finance Document on behalf of the relevant Lessee had the authority to do so.

8.9 We have not participated in nor have knowledge of any fraudulent act in connection with any Hire Purchase Agreement or any Lessee thereunder and we have not made nor will make any misrepresentation or false statement about the Hire Purchase Agreement nor the Equipment.

8.10 Compliance with the Lessor Terms and Conditions will not cause us to contravene any Applicable Law to which we are subject, or any order or judgement to which we are subject or cause us to be in breach of any agreement to which we are a party, nor have we entered into any agreement that could adversely affect your rights under the Hire Purchase Agreement.

8.11 We will on a quarterly basis provide you with an equipal Report.

8.12 We have the power to enter into these arrangements with you and to deliver and perform our obligations to you and under these Lessor Terms and Conditions and that all necessary corporate or other action has been taken by us to authorise the execution, delivery and performance of the same.

8.13 Any transactions or Live Finance Requests which are launched on the Platform shall not have been introduced to us by another broker ("Broker to Broker Business") and we undertake not to introduce any Broker to Broker Business to the Lessor.

For the avoidance of doubt, we have no responsibility to you in respect of the Equipment. It is your responsibility to put arrangements in place with the Vendor in order to pay the purchase price of the Equipment and any Deposit. You must ensure that you acquire good title to the Equipment, free from encumbrances and that the Equipment is fit for purpose and of satisfactory quality and free from defects. We make no warranty in respect of the Equipment.

9. Transfer of Hire Purchase Agreements

You may transfer your rights and obligations under a Hire Purchase Agreement to another Lessor in accordance with the provisions of the Hire Purchase Agreement.

10. Fees and Charges

You will pay us the Origination Fee within 14 days of execution of a Hire Purchase Agreement on the Platform.

11. Amendments

11.1 We may make changes to these Lessor Terms and Conditions from time to time without your consent for any of the following reasons:

to make these Lessor Terms and Conditions clearer or easier to understand;
to make changes which benefit you or do not disadvantage you;
to make changes to the products or services we offer or provide to you, to introduce new products or services or to withdraw products or services we no longer offer;
to change our existing products or services because of changes to technology, systems, processes or our business policies or procedures; or
to reflect changes in law, regulation, industry guidance or a decision of a court or by a regulator or ombudsman.

11.2 We will always try to give you at least not less than 30 calendar days notice of an amendment to these Lessor Terms and Conditions in the manner described in condition 17.2. However, this may not always be possible and we may make changes on shorter notice periods.

11.3 By continuing to access and use the Platform after any changes to these Lessor Terms and Conditions, you accept and agree to be bound by the updated Lessor Terms and Conditions.

12. Ceasing to be a Lessor with equipal and termination

12.1 If you no longer wish to be a Lessor then, provided you are not party to any outstanding Hire Purchase Agreement and there are no amounts outstanding under them or under these Lessor Terms and Conditions, you can notify us at any time and we will close your Lessor Account.

12.2 We may give you not less than 30 calendar day’s notice that we intend to close your Lessor Account.

12.3 Notwithstanding clause 12.2, we may close your Lessor Account at any time if:

you breach any term of these Lessor Terms and Conditions, the Website Terms of Use or the Privacy Policy;
you breach any term of a Hire Purchase Agreement and fail to remedy the breach within any period notified to you or, if no notification is provided, within a reasonable period;
you cease to be an eligible Lessor because you do not satisfy the Lessor Eligibility Criteria;
you do not respond to our reasonable requests for, or fail to provide, information or documentation;
we suspect that you have committed or have been involved in fraud, money laundering or other criminal activities;
we discover that any information you have provided to us is materially incorrect, inaccurate, false or misleading;
you use the Platform or any information obtained or discovered through being a Lessor with us to canvass or solicit any person from equipal;
you use the Platform for a purpose for which it is not intended or other than as a marketplace for leasing Equipment;
you misuse the Platform in any other way; or
we believe that any action you undertake (or fail to take) will have an adverse effect on the Platform or equipal’s reputation.

12.4 If we give you notice under condition 12.2, or terminate under condition 12.3 your Lessor Account will remain active for so long as you have outstanding Hire Purchase Agreements with Lessees, but the functionality of your Lessor Account will be restricted and you will not be able to make any further Finance Offers.

12.5 We will credit your Nominated Bank Account with any remaining funds that are due to you and then close your Lessor Account.

13. Your Liability To Us

13.1 You will be liable to us for any loss or foreseeable damage suffered by us as a result of:

any breach by you of these Lessor Terms and Conditions, any Hire Purchase Agreement or the Website Terms of Use;
your negligence or wilful default;
any fraudulent use of the Platform by you or any of your employees or representatives; and
any and all misuse of your username, password, the Website, the Platform or your Lessor Account (including as provided for under condition 5 (Registering as a Lessor)).

13.2 You will not be liable to us for any loss or damage which is not foreseeable

14. Our Liability To You

14.1 Subject to clause 14.3, we will be liable to you for any foreseeable loss or damage suffered by you as a result of:

any breach by us of these Lessor Terms and Conditions;
our negligence or wilful default; or
fraud committed by us or our employees.

14.2 We will not be liable to you for any loss which is not foreseeable.

14.3 You acknowledge and agree that the Platform may be inaccessible or inoperable from time to time for many reasons, including (but without limitation):

equipment malfunctions;
periodic maintenance procedures or repairs which may be undertaken from time to time; or
causes beyond our control or which are not reasonably foreseeable by us.

We shall not be liable to you for any loss or damage suffered by you as a result of the Platform being in accessible or inoperable.

14.4 Nothing in these Lessor Terms and Conditions will exclude or limit our liability for death or personal injury caused by our negligence or fraud, or for any other liability that cannot lawfully be excluded or limited under Applicable Law.

15. Complaints

15.1 We always try to offer the best service possible. However, if you are unhappy with any service or product offered by us or any equipal Company please contact us by email at funder@equipal.co or by telephone on 07947 540798. We will endeavour to resolve your complaint as quickly and as fairly as possible.

15.2 More information on how to complain and how complaints are dealt with by us can be found on the Website.

15.3 If we receive a complaint from a Lessee in relation to any aspect of our service we will deal with that complaint in accordance with our complaints policy. If the complaint arises after the Hire Purchase Agreement has been entered into, we will advise you within 5 working days of receiving the complaint and where required we shall co-operate with you and provide such assistance as may reasonably be requested to enable you to handle any such complaint.

16. Conducting Business through the Platform

By creating a Lessor account, you consent to the communication and delivery of elections and other communications and the creation of binding contracts, through the Platform, even though such actions are by electronic means rather than in writing on paper. You agree that such actions shall be valid and binding obligations of the parties, as if such actions had been taken in writing on paper. You hereby waive any claim or defence that the elections, contracts and other communications are not binding or enforceable or do not have their intended effect as a result of their being communicated electronically rather than in writing on paper.

17. Other Miscellaneous Terms

17.1 If any provision of these Lessor Terms and Conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, this will not affect the validity and enforceability of the remaining provisions.

17.2 The Platform is an online service and all documents or notices that we wish to send you may be delivered to you through the Website to your Lessor Account. You may also receive by email a prompt from time to time for you to log into your Lessor Account. We may also send you notices to the address you have registered with us, your main registered office or in any other manner we consider appropriate.

17.3 Our rights under these Lessor Terms and Conditions may be exercised as often as necessary, are cumulative and not exclusive of any rights or remedies provided by law. Delay in the exercise of any right granted to us in these Lessor Terms and Conditions is not a waiver of that right.

17.4 We may assign or transfer all or part of our respective rights and obligations under these Lessor Terms and Conditions to any person we reasonably consider capable of performing them. We may also exercise any of our rights through any equipal Company or a service provider we engage. You cannot assign or transfer your rights and obligations under these Lessor Terms and Conditions.

17.5 These Lessor Terms and Conditions are governed by and construed in accordance with English law. If any dispute (whether contractual or non-contractual) arises out of, or in connection with, these Lessor Terms and Conditions, we and the Lessor submit to the non-exclusive jurisdiction of the English courts.

18. Glossary

Capitalised terms used in these Lessor Terms and Conditions have the following meanings:

Applicable Law(s): the laws of England and Wales and, to the extent applicable, Scotland and the European Union, and any other laws or regulations, regulatory policies, guidelines or industry codes which apply to these Lessor Terms and Conditions.

Deposit: the deposit payable under a Hire Purchase Agreement, which may be payable to the Vendor or the Lessor.

Equipment: the goods, equipment and/or software supplied or to be supplied to a Lessee.

equipal Company: equipal and all other companies within the equipal corporate Group.

equipal: Barnsbury Road Finance Limited (company number 10318487) trading as equipal whose registered office is c/o Kings CA, Unit 4 Grovelands, Boundary Way, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7TE

equipal Report: means a quarterly trading update with high-level financial on the equipal business.

Event of Default: any event which gives the Lessor the right to terminate a Hire Purchase Agreement, as set out in paragraph 9 of Schedule 4 of the Hire Purchase Agreement.

Finance Document: any guarantee, indemnity, charge or other security given or proposed to be given in respect of the Lessee's obligations under the Hire Purchase Agreement.

Finance Offer: an offer by a Lessor to enter into a Hire Purchase Agreement in response to a Finance Request which sets out the Key Contract Terms.

Finance Request: an application made by or on behalf of a Lessee to receive offers of finance from Lessors in respect of the Equipment.

Group of Companies: in relation to a party, the holding company of that party, any subsidiaries of that party, and any subsidiaries of any holding company of that party, where "holding company" and "subsidiary" have the meanings given to them in s1159 Companies Act 2006.

Hire Purchase Agreement: the agreement entered into between the Lessor and the Lessee which sets out the terms on which the Lessor will provide hire purchase facilities to the Lessee in respect of the Equipment and which is entered into pursuant to a Live Finance Request.

Intermediary Services: the services equipal provides through it being an intermediary that acts between Lessees and Lessors, as further outlined in condition 2 (The Platform and equipal's Role).

Key Contract Terms: a summary of the terms on which the Lessor is willing to enter into a Hire Purchase Agreement, including details of the relevant Equipment, the relevant Lease Payments and any Special Conditions.

Lease Payments: the standard payments to be made in respect of the hire of Equipment under a Hire Purchase Agreement, including, but not limited to the Deposit, Rental Payments and any Purchase Option Price.

Lessee: a lessee under a Hire Purchase Agreement or, as applicable, a person who is applying to lease Equipment from a Lessor through the Platform.

Lessee Terms and Conditions: the terms and conditions that govern the relationship between a Lessee and equipal, as amended or replaced from time to time.

Lessor: a person who has a Lessor Account on the Platform.

Lessor Account: the account which a Lessor requires to hold with equipal in order for a Lessor to access the Platform.

Lessor Eligibility Criteria: the criteria for eligibility that must be satisfied by a Lessor as specified in condition 4 (Lessor Eligibility Criteria).

Lessor Terms and Conditions: these terms and conditions which govern the relationship between a Lessor and equipal, as amended or replaced from time to time.

Live Finance Request: a Finance Request when accepted by equipal and listed on the Platform.

Nominated Bank Account: the bank account in the name of the Lessor the details of which are registered by the Lessor with equipal during the Lessor Account creation process as the same may be updated via the Platform Website from time to time.

Offer End Date: the date specified as such by the Lessor in a Finance Offer.

Origination Fee: the fee of 2.25% of the amount of credit under the relevant Hire Purchase Agreement (excluding VAT) payable by the Lessor to equipal when a Hire Purchase Agreement is entered into as set out in condition 10 (Fees and charges).

Platform: the online equipment leasing marketplace platform operated by equipal that facilitates the leasing of Equipment between Lessors and Lessees.

Purchase Option: the right (if applicable) of a Lessee under a Hire Purchase Agreement, to purchase the Equipment from the Lessor.

Purchase Option Price: the amount payable by a Lessee under a Hire Purchase Agreement in order to exercise the Purchase Option.

Rental Payments: the rental payments payable by the Lessee to the Lessor under a Hire Purchase Agreement.

Special Conditions: any additional conditions that the Lessor requires to have satisfied before it enters into a Hire Purchase Agreement, including but not limited to the provision of a landlord's waiver or the entry into a Finance Document.

Vendor: the manufacturer and/or supplier of the Equipment.

Vendor Information: the details of the Equipment, the warranties available in respect of the Equipment, its relevant purchase price and other payment details or requirements of the Vendor.

Vendor Terms and Conditions: the terms and conditions that govern the relationship between a Vendor and equipal, as amended or replaced from time to time which can be found https://equipal.co/vendor-terms

Website: https://www.equipal.co and the equipal mobile app.

Website Terms of Use: the terms that govern the use of the Website (including the equipal mobile app) which can be found here: https://equipal.co/terms