TRYGVE Rent-to-Own Program T & C

1. Introduction Welcome to the TRYGVE Rent-to-Own Program (“Program”). This program enables members to purchase products from the ROFNY platform and subsequently lease them to TRYGVE. TRYGVE then leases these products to B2B (Business-to-Business) customers, such as other leasing companies, or B2C (Business-to-Consumer) customers, who are the end users of the products. Under the terms set forth below, TRYGVE commits to the purchase of these products at the end of the lease term through a Purchase Commitment. Please review these Terms and Conditions (T&Cs) carefully, as they establish a binding contract between TRYGVE and you, the member.

2. Definitions

  • “Member” refers to any individual or entity that engages in purchasing products from the ROFNY platform for the purpose of enrolling them into the TRYGVE Rent-to-Own Program. Members are responsible for fulfilling all the conditions of the enrollment and adhering to the ongoing obligations under this program.
  • “Product” refers to any items that a Member purchases exclusively from the ROFNY platform and subsequently enrolls in the TRYGVE Rent-to-Own Program. These products must meet specific eligibility criteria set forth by TRYGVE and are subject to regular inspections and quality checks to maintain program standards.
  • “Lease-Purchase Program” or “Rent-to-Own Program” refers to the TRYGVE program that allows Members to enroll purchased products for leasing to end users with the option for TRYGVE to buy back the products from Members at the end of the lease term.
  • “Lease Term” is the predefined period during which the enrolled products are leased to TRYGVE. The typical lease term is either 12 or 24 months, depending on the agreement specifics. This term defines the duration for which the products are available for leasing to B2B or B2C customers before the purchase commitment is executed.
  • “Purchase Commitment Price” refers to the predetermined amount that TRYGVE commits to pay at the end of the lease term to buy back the leased products from the Member. This price is calculated as the original purchase price from which applicable taxes, shipping fees, transaction fees, and handling charges have been deducted. The Purchase Commitment Price is designed to ensure Members can recoup a significant portion of their initial investment, adjusted for necessary expenditures incurred during the leasing process.
  • “End User” – Refers to the final recipient of the leased product, whether a B2B (Business-to-Business) or B2C (Business-to-Consumer) customer. This term helps differentiate between various types of lessees and the services they require.
  • “Enrollment” – The process through which a Member registers a purchased product into the TRYGVE Rent-to-Own Program. This definition can clarify what the process involves and any requisite steps or conditions.
  • “Quality Assurance” – Policies and procedures designed to ensure that all products leased through the TRYGVE program meet specified requirements for functionality and condition before being leased out to end users.
  • “Lease Agreement” – A contract outlining the terms under which TRYGVE leases products from Members, including lease duration, payment terms, and obligations of both parties during the lease term.
  • “Early Termination” – Conditions and penalties associated with ending a lease agreement before the agreed-upon lease term expires. This term is crucial for explaining the financial implications of early contract termination.
  • “Renewal Options” – Conditions under which a lease agreement may be extended or renewed, including adjustments to terms, pricing, and duration.
  • “Regular Maintenance” – The scheduled and routine upkeep required to keep leased products in optimal condition, as stipulated in the lease agreement.
  • “Inspection Criteria” – Specific standards and guidelines used by TRYGVE to evaluate the condition of products both before enrolling them into the program and prior to each leasing instance to end users.
  • “Revenue Distribution” – Detailed terms outlining how income generated from the leasing of products is divided between TRYGVE and the Member. This might include percentage shares, payment schedules, and methods.
  • “Dispute Resolution” – The agreed upon process for resolving disputes between TRYGVE and Members or end users, potentially including mediation and arbitration procedures.

3. Membership and Enrollment

Eligibility Requirements:

To be eligible to participate in the TRYGVE Rent-to-Own Program, individuals or entities must meet the following criteria:

  • Age and Legal Capacity: Members must be at least 18 years old or the age of majority as defined in their jurisdiction, whichever is higher, to ensure they have the legal capacity to enter into binding contracts.
  • Creditworthiness: Members must meet TRYGVE’s creditworthiness criteria, which are designed to assess the financial stability and reliability of potential members. This evaluation may involve credit checks and financial history reviews to ensure that members are capable of fulfilling their financial obligations under the program.

Enrollment Process:

  • Product Selection: Members must select and purchase products that are specifically designated as eligible for the Rent-to-Own Program on the ROFNY platform. These products are chosen based on their quality, durability, and market demand to ensure they fit the program’s standards.
  • Registration of Products: Upon purchase, members must enroll their products in the Rent-to-Own Program. This involves specifying TRYGVE’s designated warehouse address for product delivery and selecting the Rent-to-Own option at checkout. This step is crucial for the logistical arrangement and subsequent tracking of the products within the program.
  • Activation: After the products are delivered to TRYGVE’s warehouse, they undergo a rigorous inspection process to ensure they meet all specified quality and functional standards. Once approved, the products are officially registered in the Program, and the member’s account is updated to reflect the active lease potential of the enrolled products.

Account Setup and Management:

  • Account Creation: Upon the first enrollment, members will create a program account where they can manage their enrolled products, track leasing statuses, and view financial statements.
  • Ongoing Account Management: Members are responsible for maintaining their account information, such as contact details and payment preferences. They must also report any changes that could affect their participation in the program, such as changes in bank account details or address updates.

4. Product Standards

Condition:

  • Eligibility: To qualify for the TRYGVE Rent-to-Own Program, products must be new or like-new. This ensures they meet the operational standards required for leasing and possess a longer useful life, thereby remaining attractive to end-users.
  • Defect-Free: All products must be free from defects at the time of purchase. This requirement is essential to maintain high user satisfaction and to minimize the potential for returns or service disruptions.

Quality Assurance:

  • Inspection: Upon arrival at TRYGVE’s designated facility, each product will undergo a thorough inspection. This inspection is crucial to verify that the product is in the required new or like-new condition and functions as expected, ensuring it meets TRYGVE’s quality standards.
  • Proof of Warranty: Documentation of the manufacturer’s warranty is not required for products purchased from the ROFNY platform.

5. Lease Terms

  • Monthly Rent Payments: TRYGVE commits to paying a predetermined monthly rental fee for the use of each product enrolled in the Rent-to-Own Program. This fee is fixed and specified in detail within the lease agreement, ensuring consistency and predictability for both TRYGVE and the member throughout the lease duration. Payments are due on the same day each month, as outlined in the lease agreement, to streamline financial planning for both parties.
  • Lease Duration: Upon enrollment of a product into the Program, the standard lease term is established and will typically be either 12 or 24 months, depending on the agreement between TRYGVE and the member at the time of enrollment. This duration is chosen to optimize the balance between usage value of the leased product and the investment return for the member. The lease term is clearly stated in each lease agreement to ensure transparency and to facilitate end-of-term processes including the Purchase Commitment.
  • Lease Agreement Documentation: Each lease agreement will detail all critical terms, including but not limited to, the monthly rent payment amount, due date, lease term, and conditions under which the lease may be extended or terminated early. This documentation serves to prevent any misunderstandings and provides a clear reference for dispute resolution.
  • Early Termination Options: Members have the option to request early termination of the lease agreement under specific conditions outlined therein. This may include early termination fees or other penalties intended to compensate TRYGVE for potential financial loss due to the abbreviated lease term. These conditions are designed to provide flexibility while maintaining fairness for both parties involved.

6. Purchase Commitment

At the conclusion of the lease term, TRYGVE commits to purchasing the products from members at the agreed Purchase Commitment Price, provided the products meet the acceptable condition standards, with allowances made for normal wear and tear. Below are the detailed stipulations of this commitment, including TRYGVE’s right of first refusal:

  • Right of First Refusal: TRYGVE holds the right of first refusal to purchase any products at the end of the lease term. This right ensures that if TRYGVE chooses to exercise this option, the member cannot refuse to sell the products back to TRYGVE. This priority purchase right is intended to maintain consistency in inventory quality and availability for TRYGVE’s operations.
  • Condition Assessment: Upon return, products will be inspected to determine if they qualify for the full Purchase Commitment Price. This inspection assesses the product’s condition, allowing for normal wear and tear. Extensive damage or functionality issues beyond normal wear and tear may lead to adjustments in the final Purchase Commitment Price or, in certain situations, may result in a refusal of the purchase if the product is deemed unsellable.
  • Purchase Commitment Price Calculation: The Purchase Commitment Price is determined as the original purchase price from which applicable taxes, shipping fees, transaction fees, and handling charges have been deducted. This calculation is based on the initial investment, adjusted for any necessary deductions due to product use and market conditions.
  • Finalization Process and Payment: At the lease term’s end, members must deliver the products to a designated TRYGVE facility for condition verification. Upon acceptance of the product’s condition and TRYGVE’s decision to exercise its right of first refusal, TRYGVE will finalize the Purchase Commitment transaction. Payment of the Purchase Commitment Price will be issued to the member using the predetermined payment method unless another method is agreed upon.

7. Payments

  • Rental Payments: TRYGVE is committed to making consistent monthly payments to the Member for the use of the leased products. These payments will be executed via electronic transfer, the preferred method for its security and efficiency. Alternatively, another payment method may be agreed upon between TRYGVE and the Member, which will be documented in the lease agreement. Each payment will be processed on the same day of each month, as specified in the lease agreement, to ensure regularity and predictability for both parties.
  • Purchase Commitment Execution: At the end of the lease term, TRYGVE will execute the purchase commitment to buy back the products from the Member. The final payment for the purchase commitment will be adjusted for any applicable taxes, shipping costs, transaction fees, and handling charges that were not previously covered. This ensures that the net amount received by the Member accurately reflects the initial agreed-upon Purchase Commitment Price, minus the necessary deductions as stated in the lease agreement.
  • Payment Documentation and Tracking: TRYGVE will provide detailed documentation for each transaction, including monthly rental payments and the final purchase commitment transaction. This documentation will help both parties track payments accurately and will serve as a formal record of all financial transactions between TRYGVE and the Member.
  • Dispute Resolution on Payments: In case of any discrepancies or disputes regarding payments, the Member has the right to raise these issues with TRYGVE. A procedure for addressing payment disputes will be outlined in the lease agreement, ensuring that any concerns are resolved promptly and fairly, in accordance with the agreed terms.

8. Member Obligations

Delivery Responsibilities:

  • Direct Shipping: Members who purchase products from ROFNY must ensure that these products are shipped directly to TRYGVE’s designated warehouse. The direct shipping process reduces the need for members to handle initial maintenance and inspection.
  • Condition Verification: Upon arrival at the warehouse, TRYGVE will conduct all necessary inspections to verify the condition of the products as per the Program’s standards. Members are responsible for ensuring that products shipped directly from suppliers meet the condition requirements of new or like-new without defects.

Account Management:

  • Up-to-Date Information: Members must maintain current and accurate account information on the TRYGVE platform, including contact details and banking information for receiving payments.
  • Security Measures: It is crucial for members to implement adequate security measures to safeguard their account information and access credentials. Prompt reporting of any unauthorized activity is essential to prevent fraud and maintain the integrity of the member’s account.
  • Reporting Obligations: Members are required to report any significant changes in their account status or financial condition that might affect their ongoing participation in the Program.

Compliance with Program Policies:

  • Adherence to Terms and Conditions: Members must comply with all terms and conditions outlined in their agreement with the TRYGVE Rent-to-Own Program, including adherence to payment schedules and end-of-term procedures.
  • Legal Compliance: All activities and transactions associated with the Program must adhere to applicable legal and regulatory requirements.

9. TRYGVE Obligations

  • Lease Management:
    • Operational Oversight: TRYGVE is responsible for the complete management of the leasing process, which includes the selection of eligible end-users, the setting of lease terms, and the execution of lease agreements.
    • Customer Service: TRYGVE will handle all customer service issues, ensuring that end-user inquiries and complaints are resolved promptly and effectively. This responsibility covers the entirety of the lease term, maintaining high levels of customer satisfaction and lease compliance.
  • Maintenance and Repairs:
    • Routine Maintenance: TRYGVE will conduct regular maintenance checks to ensure that all leased products are in optimal operating condition. This includes scheduled servicing and inspections as per the manufacturer’s recommendations or industry standards.
    • Repair Management: In the event of product malfunction or damage during the lease term, TRYGVE will handle repairs as stipulated in the lease agreement. This includes coordinating with authorized service providers to ensure that repairs are completed efficiently and to the required standard.
  • Theft Protection and Safeguarding Mechanisms:
    • Theft Insurance: TRYGVE will secure theft insurance for all leased products to protect against potential loss due to theft. This insurance will cover the replacement costs or the recovery of the stolen items, mitigating financial risks for both TRYGVE and its members.
    • Product Security: In addition to insurance, TRYGVE will implement appropriate security measures to safeguard the leased products. This may include physical security enhancements, tracking devices, or security software, depending on the nature of the product and the assessed risk level.
  • Compliance and Risk Management:
    • Regulatory Compliance: TRYGVE will ensure that all leasing activities comply with applicable laws and regulations, maintaining the legality and integrity of the leasing operations.
    • Risk Assessment: Regular risk assessments will be conducted to identify potential issues in the leasing operations and product lifecycle. Based on these assessments, TRYGVE will adapt its management strategies to mitigate identified risks effectively.

10. Early Termination

Members who wish to terminate their lease agreement with TRYGVE early are subject to specific conditions and fees designed to compensate TRYGVE for potential losses and administrative costs associated with the early termination of the contract:

  • Notice of Termination: Members desiring early termination must notify TRYGVE in writing at least 90 days prior to the desired termination date. This advance notice is required to allow TRYGVE adequate time to prepare for the return of the product and manage its inventory effectively.
  • Early Termination Fee: If a member terminates the lease agreement before the end of the agreed lease term, a penalty equivalent to 40% of the Purchase Commitment Price will be imposed. This fee is assessed to offset potential financial losses and administrative costs incurred by TRYGVE due to the early termination.
  • Product Return Post-Penalty Payment: Once the early termination fee is paid, the leased product will be returned to the member within 60 days. This timeframe ensures that TRYGVE can conduct necessary inspections and processing before returning the product.
  • Request for Early Purchase Commitment Execution: Members have the option to request that TRYGVE execute the Purchase Commitment early. If a member chooses this option, TRYGVE is obligated to purchase the product at the agreed Purchase Commitment Price within 90 days of the request. However, a penalty of 40% of the Purchase Commitment Price will be deducted from the payment to the member to account for the early execution of the purchase agreement.

11. Dispute Resolution

  • Governing Law: These Terms and Conditions (T&Cs) shall be governed by and construed in accordance with the laws of the State of Delaware, United States. This jurisdiction was chosen as it is the state in which TRYGVE is registered, ensuring legal proceedings adhere to known and stable legal frameworks.
  • Arbitration:
    • Mandatory Arbitration: Disputes, controversies, or claims arising from or related to these T&Cs, including but not limited to their interpretation, violation, invalidity, non-performance, or termination, will be settled through binding arbitration, rather than in court.
    • Arbitration Location: The arbitration will take place in the State of Delaware, the state of TRYGVE’s registration, ensuring accessibility and relevance to the legal jurisdiction of TRYGVE’s operations.
    • Arbitration Process: The arbitration will be conducted by a neutral arbitrator according to the Commercial Arbitration Rules of the American Arbitration Association (AAA). These rules are designed to provide a fair and efficient mechanism for resolving disputes. The arbitrator’s decision will be considered final and binding on all parties, with limited opportunities for appeal, based on the restrictions within Delaware’s arbitration statutes.
    • Confidentiality: Proceedings shall remain confidential, with all involved parties agreeing to maintain the privacy of the arbitration process and its outcome, except as required by law.
  • Costs of Arbitration: The member will be responsible for all costs associated with the arbitration process. This includes administrative fees, arbitrator fees, and other expenses incurred during the arbitration. This allocation of costs is designed to ensure members are fully aware of and prepared for the potential expenses related to resolving disputes under these T&Cs.

12. Miscellaneous

  • Amendments: TRYGVE reserves the right to amend these Terms and Conditions (T&Cs) at any time to reflect changes in legal requirements, operational needs, or company policies. Any amendments will be communicated to members effectively and promptly. Notification of these changes will be delivered to members via email or through an official announcement on the TRYGVE platform. Members are encouraged to review the amended T&Cs to understand any new obligations or rights that may affect their participation in the Rent-to-Own Program.
  • Severability: If any provision of these T&Cs is found to be invalid or unenforceable by a court or other binding authority, this will not affect the validity of the remaining provisions, which will continue in full force and effect. This clause ensures that the remainder of the agreement remains operational even if parts of it are deemed legally void.
  • Entire Agreement: These T&Cs, including any appendices and referenced documents, constitute the entire agreement between TRYGVE and the Member regarding the Rent-to-Own Program. This agreement supersedes all prior agreements, representations, or understandings between the parties, whether written or oral, concerning the program. Members should rely solely on the contents of this document for the terms of their participation in the program, acknowledging that no other representations have been made by TRYGVE to induce their agreement beyond what is stipulated herein.
  • Notice: All notices, requests, demands, and other communications under these T&Cs shall be in writing and properly addressed according to the contact information on file. Such communications are considered effective when they are received by the intended recipient in the form of a physical document or electronic communication to an email address provided.

13. Acceptance

  • Consent Through Enrollment: By purchasing products on the ROFNY platform (www.rofny.com) and selecting “I request to join the TRYVGE Rent-to-Own Program”, the Member acknowledges they have read and understood all applicable Terms and Conditions (T&Cs) of the TRYGVE Rent-to-Own Program and the TRYGVE Rent-to-Own Program Lease Agreement. This action represents a binding agreement between TRYGVE and the Member, confirming the Member’s full consent to and understanding of all provisions within these T&Cs.
  • Confirmation of Understanding: The Member acknowledges that they have read, understood, and accepted these T&Cs in full. The Member also confirms that they have been given the opportunity to seek legal advice prior to enrollment, ensuring that they fully comprehend the obligations, rights, and restrictions described in the T&Cs.
  • Continued Agreement: Continued participation in the program following any amendments to these T&Cs, as described in the Miscellaneous section, will also constitute the Member’s acceptance of those changes. It is the responsibility of the Member to regularly review the T&Cs posted on the TRYGVE platform to stay informed of any updates.
  • Electronic Signature and Agreement: The Member agrees that their digital actions associated with the enrollment and ongoing participation in the program, such as clicking “agree” on digital forms or using the TRYGVE platform to manage their enrolled products, serve as a digital signature and bear the same legal weight as a handwritten signature.