For equipment rental, customer must provide Rat Race Productions with a certificate of insurance naming Gerry Polinsky d. b. a. Rat Race Productions(RRP) as loss payee with sufficient value to cover the replacement cost of the equipment rented from RRP and naming Gerry Polinsky d.b.a. Rat Race Productions additional insured with respect to general liability coverage. The customer must deliver to RRP certificate of all such insurance prior to the execution of the rental of equipment. In the event equipment is damaged or destroyed by any casualty or it is lost, stolen or missing whether in transit to or from Lessee or in actual or constructive possession of Lessee, the Lessee shall be liable to the Lessor for the replacement value or cost thereof as determined by the actual cost to the Lessor to replace or repair the same and no allowance will be made for the reason that any part was not used by the Lessee.
During the period such equipment is not available for use by either Lessor or Lessee because of being destroyed, lost or stolen, the rental rate for such equipment may be required to be paid by Lessee to Lessor until it is again available or replaced. Lessee agrees that the value of the equipment lost or damaged during the rental period shall be the replacement cost of the equipment, or cost of comparable equipment in the event such lost or damaged equipment cannot be replaced in kind plus applicable sales or use tax, plus applicable freight charges.
In the event of any item of equipment should break and become unserviceable during the rental period, Lessor shall be the sole arbitrator of whether such break resulted from normal wear and tear, and if so, the rental rate shall not apply after the date such equipment is returned to Lessors possession.