TRYGVE | Luxury & Tech Leasing

TRYGVE Leasing Program Terms and Conditions

Definitions

In this section, we expand the list of definitions to include terms such as “Lease Term,” “Security Deposit,” “Maintenance and Replacement Costs,” among others, providing clear and precise explanations for each.

  • Lease Term: The period during which the lease agreement is in effect, typically set at 12 or 24 months from the date a product is enrolled into the TRYGVE Leasing Program. This term determines the duration for which the member commits to leasing their product through TRYGVE.
  • Security Deposit: A monetary deposit collected from the lessee at the beginning of the lease term as a security measure to cover potential damages, theft, or failure to return the leased product. The deposit is equivalent to the product’s value and is intended to protect the leased assets during the rental period.
  • Maintenance and Replacement Costs: Expenses related to the upkeep, repair, or replacement of leased products. Maintenance costs cover routine servicing to ensure the product remains in optimal condition, while replacement costs refer to expenses incurred to replace a product in case of irreparable damage or loss.
  • Member: An individual or entity that has agreed to the terms and conditions of the TRYGVE Leasing Program and has enrolled one or more products into the program. Members are entitled to revenue generated from leasing their products and are responsible for adhering to program policies.
  • Lessee: The individual or entity that enters into a lease agreement with TRYGVE to rent a member’s product. Lessees can be categorized into B2B (Business-to-Business) customers, such as other leasing companies, or B2C (Business-to-Consumer) customers, the end users of the leased products.
  • Lease Agreement: A contract between TRYGVE and the lessee that outlines the terms and conditions of the product lease, including the lease term, payment schedule, responsibilities regarding product care, and conditions for product return.
  • Revenue Sharing: The distribution of income generated from leasing activities between TRYGVE and the member. The specific percentage of revenue allocated to the member is determined by the agreement and is based on factors such as the product type and market demand.
  • B2B Customer: A business entity that leases products from TRYGVE for use in its operations or for sub-leasing to its own customers. B2B customers typically include other leasing companies, businesses in need of equipment, and service providers.
  • B2C Customer: An individual consumer who leases products directly from TRYGVE for personal or household use. B2C customers form the end-user segment of the leasing market.
  • Product Buyback: A provision in the lease agreement where TRYGVE commits to purchasing the leased product back from the member at the end of the lease term, based on predetermined criteria such as the original purchase price minus applicable taxes, shipping, and handling fees.
  • Early Termination Penalty: A fee charged to the member if they choose to retrieve their product or terminate the lease agreement before the completion of the agreed lease term. The penalty is a percentage of the product’s original purchase price, intended to compensate for potential financial losses incurred by TRYGVE due to the early termination.

Acceptance of Terms

To participate in the TRYGVE Leasing Program, members must explicitly agree to comply with these Terms and Conditions. Acceptance can be indicated in one of the following ways:

  1. Electronic Consent: During the registration process on the ROFNY platform or for the TRYGVE Leasing Program, members will encounter an option to acknowledge that they have read, understood, and agreed to these Terms and Conditions. Checking this box and completing the registration process signifies explicit consent.
  2. Written Consent: For those who require or prefer a written agreement, TRYGVE will provide a printed version of the Terms and Conditions, which members must sign and return to indicate agreement. Both electronic signatures and traditional handwritten signatures are considered valid forms of consent.
  3. Actual Use: Choosing to purchase products on the ROFNY platform and enrolling them in the Leasing Program, as well as using TRYGVE’s services at any point, constitutes acceptance of and agreement to these Terms and Conditions.

Members should thoroughly read and understand all terms before acceptance, including but not limited to responsibilities, costs, maintenance, insurance, termination provisions, and dispute resolution mechanisms. Consultation with legal professionals is advised for any questions regarding the terms. By accepting these Terms and Conditions, members confirm their legal capacity and commitment to adhere to these provisions and collaborate with TRYGVE to ensure mutual interests are respected and protected.

Membership Eligibility and Registration

Eligibility Requirements

To ensure the high standards and reliability of the TRYGVE Leasing Program, all individuals or entities wishing to become members must meet the following criteria:

  1. Age and Legal Capacity: Individual members must be at least 18 years old or of legal age to enter into contracts, possessing the ability to enter into legally binding agreements.
  2. Integrity and Creditworthiness: Members should have good commercial reputation and personal credit history. TRYGVE reserves the right to verify applicant information through third-party credit reporting agencies.
  3. Acceptance of Terms and Conditions: Members must fully agree and accept all Terms and Conditions of the TRYGVE Leasing Program, including any future amendments.

Registration Process

Becoming a member of the TRYGVE Leasing Program involves the following steps:

  1. Application Submission: Submit a membership application through TRYGVE’s official website or the ROFNY platform, including necessary personal information, contact details, and payment information.
  2. Document Review: TRYGVE will review the application and may request additional proof documents, such as identification, proof of address, and bank statements.
  3. Confirmation and Activation: Once approved, members will receive a confirmation email with instructions to activate their account. Members must follow these instructions to complete the account activation process.

Account Management

Once a member account is established, members are responsible for maintaining the accuracy and security of their account information. This includes promptly updating contact information, protecting account passwords from unauthorized access, and immediately reporting any unauthorized account activity. TRYGVE will make every effort to protect members’ personal information and privacy, but members are also responsible for taking appropriate security measures to protect their accounts.

By clearly defining these eligibility requirements, the registration process, and account management rules, TRYGVE aims to establish a transparent, secure, and efficient asset and leasing management environment, ensuring all members can participate in the leasing program based on mutual respect and trust.

Product Selection and Leasing Process

Product Selection Standards

The TRYGVE Leasing Program accepts a variety of products purchased from the ROFNY platform for management and leasing. However, to ensure the quality and safety of leased products, all products included in the leasing program must meet the following conditions:

  1. Product Condition: Products must be newly purchased and unused or second-hand but without any damage; signs of use are acceptable.
  2. Quality Assurance: Products should have a manufacturer’s quality guarantee or relevant certification (if available).
  3. Applicability: Certain categories of products may be ineligible for the leasing program due to safety, legal, or brand restrictions.

Contract Term

The lease contract term between TRYGVE and members for each product is set at 24 months, calculated from the date the product is enrolled in the leasing program.

Leasing Process

Joining the TRYGVE Leasing Program involves the following steps:

  1. Product Selection: Members can check if a product qualifies for the leasing program while selecting and purchasing it on the ROFNY platform.
  2. Enrollment in the Leasing Program: At the checkout page, members will see an option to enroll the purchased product in the TRYGVE Leasing Program. Selecting this option and completing the purchase process indicates that the product will be included in the program, and members need to fill in TRYGVE’s warehouse address as the delivery address.
  3. Product Review and Receipt: After the purchase, TRYGVE will review the product upon receipt to ensure it meets all leasing eligibility standards. Once approved, TRYGVE will accept the product, begin the management and maintenance process, and prepare the product for leasing.
  4. Revenue Distribution: When a product is leased and generates revenue, members will receive earnings according to the agreed revenue distribution ratio in this agreement. TRYGVE will make regular payments of these earnings through the payment method specified by members in the system.

Responsibilities of Parties

  • Accurate Information: ROFNY is responsible for providing accurate product information and proof of purchase to enable TRYGVE to review and accept the product.
  • Compliance with Terms: Members participating in the leasing program must ensure compliance with all relevant terms and conditions, including but not limited to product maintenance and damage handling provisions.

By defining a clear product selection and leasing process, TRYGVE aims to provide members with a transparent and efficient platform, allowing them to easily include products in the leasing program while ensuring their earnings and product safety. This process not only boosts members’ confidence in the leasing program but also helps TRYGVE maintain high-quality leasing services.

Financial Terms

Revenue Distribution

The TRYGVE Leasing Program aims to offer members the opportunity to generate passive income through their purchased products. Here are the key terms of revenue distribution:

  1. Revenue Ratio: Members will receive 70%~75% of the revenue from the leasing income of their products.
  2. Payment Cycle: Revenue will be calculated monthly and settled quarterly, with payments made to members on a fixed date each quarter. TRYGVE will make payments through electronic transfer or another payment method chosen by members.
  3. Revenue Report: TRYGVE will provide detailed revenue reports, including the number of leases, the amount of revenue, and deductions for management fees.

Costs and Expenses

Participation in the TRYGVE Leasing Program may involve some additional costs, which members should understand and anticipate:

  1. Management Fee: TRYGVE will charge a certain percentage of management fees to cover the expenses of product management, maintenance, and the leasing process. Management fees will be deducted from the generated leasing revenue.
  2. Maintenance and Replacement Costs: For damage caused by leasing activities, TRYGVE will be responsible for initial repairs. If a product requires significant repair or replacement due to damage, related costs will be borne by TRYGVE, requesting reimbursement from the lessee.

Tax Responsibility

Members are responsible for the tax liability on earnings obtained from the TRYGVE Leasing Program. Members should declare and pay any applicable taxes themselves. TRYGVE recommends consulting with tax experts to ensure compliance with all relevant tax regulations.

Payment Conditions

  • Delayed Payment: In special circumstances, such as payment system failures or banking issues, payments may be delayed. TRYGVE will resolve these issues as quickly as possible and complete the payment.
  • Payment Disputes: If members have disputes regarding the revenue report or payment amount, they should contact their customer relationship manager or TRYGVE within 30 days of receiving the payment.

Buyback at Term Expiration

Contract Expiration Buyback Commitment: At the end of the 12-month or 24-month lease contract term, TRYGVE commits to buy back the product from the member at the price of purchase (after deducting applicable taxes, shipping fees, and handling charges). This buyback clause is intended to provide members with an end-value guarantee, ensuring a certain level of return on their investment. Members may also choose to retrieve the product for their disposal.

Right of First Refusal and Automatic Buyback: TRYVGE reserves the right of first refusal to buy back the product before the lease contract expires. If the member does not request the retrieval of the product within 30 days before the contract’s expiration, it will be automatically assumed that TRYVGE will buy back the product, unless TRYVGE notifies the member via email or postal mail of its decision not to exercise this buyback right. In such cases, the member may retrieve the product. If the member requests product retrieval within 30 days before contract expiration, TRYVGE will assess whether to exercise its right of first purchase. If TRYVGE opts to exercise this right, the member is obligated to sell the product back to TRYVGE.

By setting clear financial terms, the TRYGVE Leasing Program aims to provide members with a transparent and fair opportunity to generate income, while ensuring that the costs of management and operation are reasonably covered. Members should read and understand all financial terms thoroughly to ensure their interests are protected and comply with relevant legal and tax regulations.

Product Management

TRYGVE is committed to providing members with professional product management services to ensure all leased products remain in optimal condition throughout the leasing cycle, maximizing revenue returns. Below are the key aspects of the product management process:

Product Receipt and Inspection

  • Receipt: Upon a member’s product joining the leasing program, TRYGVE will conduct an initial inspection to confirm the product meets leasing quality standards.
  • Inspection: Before each lease and upon return, TRYGVE will conduct detailed inspections, record the product’s condition, and determine if maintenance or repairs are needed.

Maintenance and Repairs

  • Regular Maintenance: TRYGVE will perform regular maintenance on products to ensure they remain in good operational condition and appearance.
  • Repairs: If a product experiences a malfunction or damage during the lease period, TRYGVE will be responsible for arranging necessary repair work. Repair costs will be handled according to terms previously agreed with the member.

Lease Management

  • Leasing Out: TRYGVE will be responsible for leasing products to qualified B2B or B2C customers, ensuring the terms of the lease contract are upheld.
  • Return: Upon the conclusion of the lease period, TRYGVE will take charge of reclaiming the products, conducting necessary cleaning and inspection to ready them for subsequent leasing.

Responsibilities and Obligations

  • Product Management: TRYGVE is tasked with the day-to-day management, maintenance, and repair of the products to maximize their leasing value. TRYGVE assumes responsibility for any damages caused by improper management.
  • Security Deposit: TRYGVE and its partner vendors will ensure that a deposit equivalent to the product’s value is provided by the lessee at the time of leasing. In the event of theft or damage, the deposit will first cover the related losses, with insurance covering any shortfall.

Transparent Communication

  • Reporting: TRYGVE will regularly provide members with reports on the condition of their products, including leasing status, maintenance records, and details of any repair work.
  • Feedback on Issues: Members should promptly report any issues related to product management or the leasing process to TRYGVE for timely resolution.

Through this suite of professional product management practices, TRYGVE aims to ensure the quality and safety of leased products while providing members with a stable source of income. The collaboration between TRYGVE and its members is based on mutual trust and responsibility, ensuring the long-term success and sustainability of the leasing program.

Legal Liability

TRYGVE’s Leasing Program is committed to providing members with professional and transparent product management and leasing services. To protect the interests of both parties and clarify legal responsibilities, the following details on legal liability are provided:

Disclaimer

  • Product Condition: TRYGVE is responsible for ensuring that leased products are in good condition prior to delivery to the lessee. However, TRYGVE is not liable for normal wear and tear during the lease period.
  • Third-Party Actions: TRYGVE is not liable for the actions or breaches of contract by third-party lessees, including but not limited to damage or theft of products.

Insurance

TRYGVE will purchase insurance on behalf of members for their products to cover any damages, theft, or other risks that may occur during the lease period.

Limitation of Liability

  • Direct Damages: TRYGVE is liable for any direct damages caused by a breach of terms and conditions, but such liability shall not exceed the total fees paid by the member for participating in the leasing program.
  • Indirect Damages: Under no circumstances will TRYGVE be liable for any indirect, incidental, special, or consequential damages (including but not limited to loss of profits), even if TRYGVE has been advised of the possibility of such damages.

Amendments and Termination

Amendment of Terms

TRYGVE reserves the right to amend these terms and conditions at any time to reflect changes in company policy, updates to legal requirements, or service changes. Members will be notified of amendments through one of the following methods:

  • Email notification sent to the email address provided by the member at registration.
  • Announcement on the TRYGVE platform.

Members have 30 days from the issuance of the amendment notice to assess these changes. Continued use of TRYGVE’s services by the member constitutes acceptance of the amended terms. If a member disagrees with the amendments, they have the right to terminate the agreement.

Termination Terms

The agreement can be terminated by either party with at least 60 days’ written notice. Responsibilities following termination include:

  • Product Disposal: TRYGVE will buy back the leased product from the member at the purchase price (deducting applicable taxes, shipping, and handling fees), unless otherwise agreed.
  • Financial Settlement: TRYGVE will settle all unpaid earnings up to the termination date and pay the member within 30 days.

Early Termination and Penalties

If a member wishes to retrieve their product or terminate the contract before the completion of the 12-month or 24-month term, TRYGVE will charge a penalty fee equivalent to 40% of the product’s purchase price (after deducting applicable taxes, shipping, and handling fees). This clause aims to protect TRYGVE from economic losses due to early contract termination and encourages members to fulfill the contract term.

Dispute Resolution

Applicable Law

The interpretation, validity, and enforcement of these terms and conditions are governed by the laws of the jurisdiction where TRYGVE is registered, without regard to its conflict of law provisions.

Dispute Resolution

Any disputes arising from or related to these terms and conditions or their execution should first be attempted to be resolved through friendly negotiation between the parties. If the dispute cannot be resolved within 60 days, it should be submitted to the arbitration institution in TRYGVE’s registered jurisdiction and conducted according to its arbitration rules. The arbitration award is final and binding on both parties.

Miscellaneous

Entire Agreement

These terms and conditions constitute the entire agreement between the parties regarding the subject matter of the leasing program, superseding all prior communications, proposals, and agreements, whether oral or written.

Severability

If any provision of these terms and conditions is found to be invalid or unenforceable, that provision will be removed, and the remaining provisions will remain in full effect.

Signature

The electronic confirmation or electronic signature of these terms and conditions is considered a signature of both parties, with the same legal effect as a handwritten signature.