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OWNERS AGREEMENT

TERMS OF CONSIGNMENT

Between:

Modern Lighting Production Services Ltd. 1314 Powell Street, Vancouver, BC, V5L 1G6 ("Modern Lighting")

and

The Owner (as identified above in the signed Owner’s Agreement) ("Owner")

1. Definitions

• Owner refers to the individual or entity identified in the signed Owner’s Agreement who consigns equipment to Modern Lighting.

• Customer refers to the third-party renter who leases consigned equipment from Modern Lighting under separate rental terms.

• Receive Contract refers to the formal intake document executed when the Owner delivers equipment to Modern Lighting for consignment.

• Return Contract refers to the formal document executed when consigned equipment is returned to the Owner, marking the end of the Consignment Period.

• Consignment Period refers to the duration between the execution of a Receive Contract and a Return Contract, during which the equipment remains under consignment with Modern Lighting.

• Rental Revenue refers to the gross income generated from renting consigned equipment to Customers.

• Consignment Fee refers to the portion of Rental Revenue retained by Modern Lighting to cover services such as storage, administration, marketing, and rental management.

• Consignment Earnings refers to the portion of Rental Revenue payable to the Owner after deduction of the Consignment Fee.

2. Agreement Scope and Structure

This Agreement incorporates the signed Owner’s Agreement and all related “Receive” and “Return” contracts. Collectively, these documents govern the consignment of equipment by the Owner to Modern Lighting for rental purposes.

3. Term and Termination

This Agreement is effective as of the date specified in the Owner’s Agreement and remains in effect until terminated by either party with 30 days’ written notice. Equipment currently on rental or reserved must be allowed to complete its scheduled usage and returned before pickup by owner.

4. Equipment Consignment and Use

• Equipment received under a “Receive Contract” is considered consigned until returned via a “Return Contract.”

• Modern Lighting may inspect, label, and package the Equipment to integrate it into its rental inventory in the best way possible.

• Rental Revenue is split per the Owner’s Agreement, typically:

  • 40% to the Owner

  • 60% to Modern Lighting

• In special cases, such as when Equipment is newly released or in high demand, the revenue split may reverse to:

  • 60% to the Owner

  • 40% to Modern Lighting

5. Marketing and Exclusivity

• Modern Lighting will actively market the Equipment.

• Equipment may not be consigned to other rental companies without written consent from Modern Lighting.

6. Rental Pricing and Consignment Services

• Modern Lighting reserves the exclusive right to set and adjust rental prices for consigned Equipment at its own discretion.

• Pricing decisions are based on:

  • Market conditions

  • Demand

  • Replacement cost

• Modern Lighting will make every reasonable effort to maximize rental value and earnings for both parties.

• The Consignment Fee covers:

  • Storage

  • Administration

  • Marketing

  • Other services designed to monetize the Owner’s asset that would otherwise remain idle.

7. Equipment Modifications

• Permanent modifications require Owner approval.

• Necessary modifications for rental purposes will be communicated and approved in advance.

8. Owner’s Personal Use

• The Owner may check out Equipment for personal use up to three times per month, subject to availability.

• Reasonable notice and an estimated return date must be provided.

• Equipment must be returned promptly and during regular warehouse hours.

• Labels and barcodes must remain intact; otherwise, a restocking fee may apply.

9. Inspection, Maintenance, and Repairs

• Modern Lighting will inspect Equipment upon receipt.

• Costs for necessary repairs or modifications are the Owner’s responsibility.

• Modern Lighting may advance these costs at thier own expense and deduct them from future consignment earnings.

• Routine maintenance and minor repair adjustments are covered by Modern Lighting.

• Damage from normal wear and tear is not covered.

• In cases of damage, loss, or destruction during rental:

  • Modern Lighting will seek recovery from the rental customer

  • Cannot guarantee full reimbursement

10. Payment Terms

• Consignment fees are processed monthly and paid via:

  • Interac e-transfer

  • Another agreed method

• Payment of consignment earnings to the Owner is contingent on receipt of funds from the rental Customer.

• A Purchase Order (PO) will serve as the basis for payment unless otherwise instructed.

• Owners may request a statement of earnings at any time.

11. Insurance and Liability

• Equipment is insured while in Modern Lighting’s custody.

• When rented: the Customer must provide a Certificate of Insurance or pre-auth deposit and they become responsible for the equipment until returned.

• Modern Lighting is not liable for losses beyond what can be recovered from the Customer or their insurers.

• Owners are encouraged to maintain their own insurance.

• Owners acknowledge the inherent risks of equipment rental.

12. Theft and Loss

• Theft while in Modern Lighting’s facility is covered by its insurance.

• Theft during rental is the responsibility of the rental customer.

• Modern Lighting will pursue recovery but cannot guarantee full compensation.

• Owners should maintain insurance to cover unrecoverable losses.

• Modern Lighting is not liable for theft outside its custody.

13. Irreparable Damage or Loss

• If Equipment is damaged beyond repair or lost (excluding theft):

  • Modern Lighting will seek compensation from the rental customer

  • If recovery is unsuccessful, Modern Lighting is not financially responsible

14. Confidentiality

Both parties agree to maintain the confidentiality of all proprietary, financial, and operational information disclosed during the term of this Agreement. This obligation shall survive the termination of the Agreement.

15. Digital Signatures

This Agreement may be executed electronically. Digital signatures shall be deemed valid and enforceable as if signed in ink.

16. Dispute Resolution

Any disputes arising under this Agreement shall first be resolved through good-faith negotiation. If unresolved, the parties agree to submit to mediation before pursuing legal remedies.

17. Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of British Columbia, Canada. Any legal proceedings shall be brought in the courts located in Vancouver, British Columbia.

18. Severability

If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. The parties agree to replace any invalid provision with one that closely reflects the original intent.

19. Force Majeure

Neither party is liable for delays or failures caused by events beyond their control, including:

• Natural disasters

• Government actions

• Labor disputes

20. General Provisions

• This Agreement supersedes all prior agreements pertaining to same equipment.

• For questions or concerns, Owners may contact Modern Lighting at the address listed above.

Got equipment sitting unused? Let Modern Lighting help you monetize it. Our consignment program transforms your idle assets into rental income—without the hassle.