Mon-Fri 12am to 9pm
1 (580) 592-4852

The SydCo System

Established since 1990, specializing in the manufacturing of rotating head equipment and hard banding.
10879 Highway 44 Foss, OK 73647
800-392-4797

sydco logo
1 (580) 592-4852

The SydCo System

Established since 1990, specializing in the manufacturing of rotating head equipment and hard banding.
10879 Highway 44 Foss, OK 73647
800-392-4797

sydco logo
1 (580) 592-4852

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Terms & Conditions

TERMS AND CONDITIONS
THESE ARE THE TERMS AND CONDITIONS FOR THE LEASING OF ALL MECHANICAL EQUIPEMENT BY THE SYDCO SYSTEM, INC. (HEREINAFTER, “SYDCO”)
1. INDEPENDENT CONTRACTOR: SydCo acts solely as an independent contractor in relation to the services and equipment provided under this Agreement.
2. EFFECTIVE DATE: The effective date for commencement of equipment rental and lease charges shall be the date the equipment is installed at rig unless a different date in agreed upon in a written rental contract.
3. PAYMENT: SydCo will invoice Lessee monthly for products and services and all other charges allocable to Lessee under this Agreement. Invoices are to be paid within 90 days of receipt. Past due accounts will be charged 1.5% interest, compounded daily, from the date of invoice after the 90 day grace period.
4. TAXES: Any and all taxes imposed by the city, county, state or other governmental entities shall be charged to the Lessee.
5. REBILLING OF GOODS AND SERVICES: All outside expenses incurred by SydCo at Lessee’s request shall be charged to Lessee at cost plus 15%. This includes transportation costs which are based on prevailing truck rates at the time of billing for the services.
6. INSTALLATION: Lessee will be responsible for the installation, removal, and operation at the rig location of all SydCo equipment. Lessee will furnish all labor, welding and supplies necessary for the installation of SydCo equipment at the rig location. Any and all outside expenses incurred by SydCo for installation, modification, and/or removal of equipment will be charged to Lessee at cost plus 15%.
7. SERVICE RATES: SydCo service rate is $100 per man per hour (subject to change without notice). Mileage will be charged at the current rate.
8. CHARGES: Refusal to sign legitimate expense tickets from SydCo does not exempt Lessee from paying any legitimate charges. Lessee’s acceptance of equipment by signing the front of this agreement, binds Lessee for payment of SydCo invoicing.
9. USE: Lessee shall use and operate the equipment in a careful and proper manner, in compliance with all applicable rules, laws, and regulations. SydCo will not be responsible for any damages or claims resulting from any alterations, additions or improvements to the equipment by the Lessee. Lessee shall use the equipment solely at the delivery site and shall not move the equipment from that location without the prior written consent of SydCo. Lessee shall give SydCo the right to inspect the equipment during regular business hours.
10. MAINTENANCE AND REPAIR: Lessee shall only use equipment that is in good operating condition and shall immediately contact a SydCo representative if a malfunction is suspected. Lessee shall not, under any circumstances, attempt to repair or maintenance SydCo equipment (this excludes changing rubber elements). Lessee is responsible for the safe return of all equipment. It is agreed that Lessee will be liable for any damages to equipment leased from SydCo. Lessee agrees to pay for any damaged and/or lost equipment not returned to SydCo at the end of the lease period.
11. WARRANTIES: SydCo warrants only that the equipment leased and supplies sold are free from defects including workmanship and material. SydCo’s liability from breach of this warranty is limited to the replacement of or allowing credit for the equipment or supplies shown to be defective when used for the purpose intended and not subject to misuse. SydCo makes no other warranties and expressly disclaims all such warranties, including by not limited to any implied or expressed (i) warranty of merchantability, (ii) any warranty of fitness for particular purpose, and/or (iii) warranty as to condition.
12. CONSEQUENTIAL DAMAGES: Under no circumstances shall SydCo be liable for any consequential damages. SydCo’s liability is limited to the replacement of any defective equipment or allowing credit for equipment shown to be defective when used for the purpose intended and not subject to misuse.
13. RISK OF LOSS: Lessee agrees that it has complete control of drilling operations, premises and all equipment on location including equipment leased from SydCo. Lessee acknowledges and agrees that many factors enter into the drilling of subterranean wells and that suggestions and statements made by any employees of SydCo pertaining to the use of the equipment shall be construed to be only advisory, and that SydCo cannot and will not be responsible for malfunctions or failures of the equipment or of related equipment while on location. Lessee assumes all risk and liability with respect to the use or application of the equipment and agrees to indemnify, defend and hold SydCo harmless for any and all loss, cost, claims, causes of action, damage and expenses (including attorney’s fees and litigation costs) arising or alleged to have arisen out of any accident or other occurrence resulting from or alleged to have resulted from the equipment or use of the equipment and alleged to have caused claims for personal injuries, including death, and/or property damages regardless of whether the claim arises in favor of Lessee or any third party. This agreement to indemnify and hold SydCo harmless hereunder shall also extend and apply to all divisions, subsidiaries, and suppliers of SydCo. LESSEE AGREES TO INDEMNIFY AND HOLD SYDCO HARMLESS UNDER THIS PARAGRAPH EVEN IF THE ACCIDENT OR OCCURRENCE IS ALLEGED TO BY THE RESULT OF THE NEGLIGENCE OF SYDCO OR ANY SYDCO EMPLOYEE. To the extent this paragraph is found to violate any statute or public policy, the parties agree that any invalid provision shall be severable ant this provision shall be enforced to the fullest extent provided by law.
14. LESSEE DEFAULT: The breach by Lessee of any term, condition, provision, representation or warranty in this Lease shall constitute an event of default under the Lease.
15. ASSIGNMENT AND SUBLETTING: Lessee may not assign this Lease or sublease any or all of the equipment without the prior written consent of SydCo.
16. AMENDMENTS: These terms and conditions shall not be altered or amended by a representative or agent of SydCo unless said alterations is by written instruments duly executed by an authorized officer of SydCo.
17. WAIVERS: Any failure of SydCo to enforce any of the terms and conditions contained herein shall not be construed to be a continuing waiver, nor shall any such failure preclude a subsequent enforcement of any of the terms and conditions hereof.
18. SEVERABILITY: If any part of these Terms and Conditions are held to be invalid or unenforceable, it shall not affect the remaining terms and conditions set forth herein which are deemed to be severable and enforceable to the fullest extent provided by law.
19. ATTORNEYS’ FEES AND COSTS: If it becomes necessary for SydCo to retain legal counsel form breach of this Agreement by Lessee or to collect any amounts owed by Lessee, SydCo shall be entitled to recover its attorney’s fees and costs from Lessee, including attorney’s fees and costs incurred in collecting upon any judgment obtained by SydCo or attorney’s fees or costs incurred in connection with the enforcement of any lien filed by SydCo.
20. COST: Prices are subject to change without notice.
21. GOVERNING LAW: This Agreement between Lessee and SydCo shall be construed in accordance with the laws of the State of Oklahoma, in the State of Oklahoma, and may be filed or recorded, in original form, or as a carbon duplicate as a lease and/or as a Financing Statement.

 

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