Guarantee and Liability Agreement

Our General Terms of Service and Privacy Policy apply to this agreement. This document outlines the terms for lenders in relation to liability and guarantee, reflecting our commitment to fairness and protection for all parties involved in a rental transaction. By using the Vibe Drift Inc. platform, lenders agree to the conditions set forth in this document.

1. What is Covered?

Vibe Drift Inc. will guarantee your listed items against damage or loss/theft occurring during the period of cover and in the course of a rental booking. Each item is covered up to its full value, provided that it falls on or below the threshold and meets the criteria laid out in this document. The threshold in Canada is $40,000 per item. Anything above this amount, as a lender, you will need to ensure your item(s) have valid 3rd party insurance.

2. What is Not Covered?

We will not make any payment for:

2.1. Damage:

  • Caused by mechanical and/or electrical fault or breakdown
  • Caused by inherent defects (e.g., defects caused by corrosion, moth or vermin, humidity, extreme temperature)
  • Caused by previous incidents of damage (e.g., underlying structural weakness from previous impact)
  • Caused by previous alteration (e.g., extension, cleaning, repair, renovation, restoration)
  • Caused by wear and tear (minor damage during normal and proper usage that doesn't affect functionality)
  • Which cannot be proven to have occurred during the rental period
  • Caused to sensitive, delicate, or fragile items without appropriate casing or protective cover
  • Caused by a failure to regularly service or maintain an item
  • Caused to items classified as "vintage"
  • That is minor superficial or cosmetic damage not affecting functionality
  • Caused as a result of war, terrorism, disease, or natural disaster

2.2. Additional Exclusions:

  • Income owed due to late returns or from work you were unable to fulfill
  • Incidents of public or product liability
  • Real estate, campervans, motorhomes, people, persons, or services
  • Chemicals, liquids, consumables, or anything classified as a weapon
  • Items rented out while a claim is ongoing
  • Items handed over to a third party other than the verified Renter
  • Items in transit through a third-party courier service

3. Who is Eligible to Claim?

You are eligible to claim on this guarantee if you meet all of the following criteria:

  • You are the person who created the account on Vibe Drift Inc. which rented out the item
  • You uploaded the correct verification documents when requested
  • You haven't been convicted of, or charged with, any offence other than motoring offences in the past 5 years
  • You have never been subject to a county court judgement (CCJ), a debt relief order (DRO), an individual voluntary arrangement (IVA), or bankruptcy proceedings
  • You have not handed over the item(s) until the transaction has been approved by the Vibe Drift Inc. verification process
  • You must only hand over the item(s) to the person verified to borrow by Vibe Drift Inc.

4. How Much Will We Pay?

  • Vibe Drift Inc. will pay for the cost of repair, replacement value, or the original value with any item depreciation applied, whichever is less
  • The 'original value' is determined by the price you paid for it and must be evidenced by you
  • We will not cover GST/HST if replacement value or original value are used to determine the payment if you are GST/HST registered
  • Our Resolution Team will determine if something can be reasonably repaired or is deemed 'irreparable'
  • The Claims Team will determine when to initiate the Claims process
  • We will cover the cost for the excess for items which you self-insure

5. Your Obligations

We will not make any payment under this guarantee unless you as the Owner:

  • Report theft incidents to the police immediately and obtain a crime reference number
  • Include each item in your original listing used for the rental
  • Ensure the 'Estimated Value' is reasonably accurate (within 10% of the claimed value)
  • Provide all requested documentation to support the claim, including:
    • Itemized breakdown of damaged, lost, or stolen items
    • Evidence of purchase value
    • Serial numbers (particularly for electronics)
    • Pre and post rental evidence of item condition
  • Do not post on social media or make public information about your claim before completion
  • Inform us within 72 hours of the rental end date of any incident requiring a claim
  • Provide all assistance required to pursue recovery of items
  • Submit all required information within 3 months of starting the claims process

6. Fraud

If you or anyone entitled to cover attempts to deceive us by providing false information or making a fraudulent claim:

  • We may refuse to make any payment under the guarantee
  • You must reimburse all payments already made by us
  • We may pursue legal action
  • Your use of the platform will be permanently suspended

7. Borrower Responsibilities

As a borrower using the Vibe Drift Inc. platform, you have the following responsibilities:

  • Treat all rented items with care and return them in the same condition as received
  • Follow all usage instructions provided by the lender
  • Report any damage or issues immediately to both the lender and Vibe Drift Inc.
  • Return items on time as agreed in the rental agreement
  • Do not transfer or sublease rented items to third parties
  • Provide valid identification and payment information as required

8. Insurance Coverage

All items rented through Vibe Drift Inc. are covered by our insurance policies, subject to the terms and conditions outlined in this document. Different terms may apply to various categories, so it's essential to review the specific insurance terms relevant to your items.

9. Payment Security

For everyone's safety:

  • All users are verified with secure identity verification
  • Vibe Drift Inc. uses secure payment solutions
  • Payments are reserved during the rental period and released once the rental is complete
  • Vibe Drift Inc. may conduct credit checks on borrowers (these are soft inquiries and do not impact credit scores)

10. Effective Date

This Guarantee and Liability Agreement is effective as of February 2025 and supersedes all previous versions. Vibe Drift Inc. reserves the right to update these terms with appropriate notice to users.

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