Instrument Rental Contract
The Customer and the Center for Young Musicians, Inc., hereafter referred to as CYM, agree to enter a contract for rental of an instrument under the following conditions:
The customer is liable for full retail value or full repair costs, whichever is deemed necessary by CYM, of the instrument, bow, case, and all of their component parts in the event of any damage or loss, unless a maintenance agreement, which covers the limited damage explained below, is in effect. The rental contract may be canceled due to chronic or excessive damage, at CYM's discretion. Customer should notify their homeowner’s insurance agent that the instrument is in their possession.
The customer will leave a deposit in the form of a credit card number that will serve as a guarantee of paragraph (1) above. The customer grants CYM the right to charge this account for any damages incurred as described in paragraph (1) above, and by signing this contract, agrees to pay any assigned charges. Rental customers who do not study at CYM agree to have this account automatically charged at each billing date. Any rental payments not received by the 15th of the month due may also be assigned to this credit card account. CYM will maintain the account number in strictest confidentiality.
The maintenance agreement covers repair costs associated with incidental, minor damage to the instrument, including but not limited to, broken strings, chipped corners or edges, damaged pegs or tailpieces, etc., up to 35% of the instrument's retail value for any single instance. The customer will be liable for any remaining repair cost in excess of 35% of the instrument's retail value. If repair costs exceed 65% of the instrument's retail value, or CYM determines an instrument to be otherwise lost or damaged beyond repair, customer will be liable for 65% of the retail value of the new replacement instrument. The rental contract may be canceled due to chronic or excessive damage, at CYM's discretion. Customers should notify their homeowner's insurance agent that the instrument is in their possession.
Rental Equity Purchases
Throughout your participation in CYM’s rental equity program, a portion of your payment amount is safeguarded so it may be applied at a later date toward the purchase of an instrument. The instruments that are made available for purchase are new instruments. At CYM, you may use your accumulated equity for an instrument purchase at any time. Throughout your participation in the rental program, as much as 30 percent of your annual rental fee may be safeguarded and applied toward future instrument purchases.
When it’s time to purchase, you may select any size or quality of instrument from the CYM selection of fine instruments. The funds set aside in your equity account may be used to cover up to 30 percent of the instrument retail price.
When the customer no longer wishes to rent their instrument, the customer must 1) return the instrument to a CYM staff member in person and 2) obtain written confirmation of the return. No "drop-offs" will be accepted. As faculty members are unable to step away from their teaching to assist with rental questions or returns, CYM encourages the customer to make an appointment with a staff member before returning the instrument at the Wexford location, 120 Lake Drive, by calling 724-935-0505 or emailing firstname.lastname@example.org.
I have read and accept the terms of the Instrument Rental Contract