ESRP Policy

TERMS & CONDITIONS – ESRP

These terms and conditions are valid and binding on the Beneficiary by mean of assignment of “Lithium-ion Battery Reserve Cum Sahayak” agreement, executed between the then Sahayak, Beneficiary herein, and ersthile M/s. Cosmo World at the time of reserving the electric vehicle battery, in favour of E-Scoot Rental Solutions, hence, mutandis mutatis applicable on the all past and intended Beneficiaries henceforth.

Now these terms and conditions for “Lithium-ion Battery Reserve” shall constitute valid and binding agreement (hereinafter referred to as “Agreement”) between “E-Scoot Rental Solutions” and the individuals, Companies, Firms etc. (hereinafter referred to as the “Beneficiary/ies”). Both the parties shall be collectively referred to as “Parties” and severally by the names ascribed to them.

This Agreement is a valid and legally enforceable e-contract as per the provisions of Section 10-A of the “Information Technology Act, 2000”. By clicking “Ok” or “I agree” button at the time of sign up and/or continual use of the website www.escootrentals.in including other websites, mobile applications etc. linked with E-Scoot Rental Solutions, the Beneficiary/ies agrees to be bound and governed by this Agreement. Beneficiary/ies is advised to read the terms and conditions carefully before executing this Agreement.

Terms & Conditions

1. In order to collaborate with E-Scoot Rental Solutions for the facilitation of rideshare, delivery, courier, rental etc. business (hereinafter referred to as the “Business Module”), the Beneficiary/ies hereby agrees to hire a Lithium-ion battery from E-Scoot Rental Solutions on future purchase basis, subject to the terms hereof, and pay minimum cost thereof (hereinafter referred to as the “Reserve Price”) as per the prevailing policies. Individual may also request for the transfer of any battery purchase advance paid to the E-Scoot Rental Solutions earlier under the Business Module.

2. Subject to cl.1 above, E-Scoot Rental Solutions will assign a Lithium-ion battery in favour of Beneficiary/ies and Beneficiary/ies hereby unconditionally authorises E-Scoot Rental Solutions to engage the battery so assigned for the purposes of Business Module on his/her behalf for a period of Eighteen (18) months from the date of receipt of the Reserve Price to be run and managed by E-Scoot Rental Solutions inuring to the benefit of Beneficiary/ies (hereinafter referred to as “Assigned Battery”).

3. There shall be a monthly compensation payable to Beneficiary/ies from the rental income accrued from the vehicle fitted with the Assigned Battery as per the prevailing policies of E-Scoot Rental Solutions, which will be updated on www.Escoot.co.in from time to time. Beneficiary/ies is advised to visit the said website for regular updates in the policies and terms hereof. Additionally, Beneficiary/ies may refer the Business Module to other individuals and earn additional incentive upto 2% on the accrued compensation of the referee, which will be always subject to the referee’s exit from Business Module or Agreement (hereinafter collectively referred to as “Beneficiary/ies Compensation”). Beneficiary/ies shall be required to necessary documents including PAN, identity proof etc. towards KYC for processing the compensation failing which E-Scoot Rental Solutions will not be liable to pay any amount till the submission of documents.

4. Besides the Beneficiary/ies Compensation mentioned above, the Reserve Price of the battery will also be amortised in equated monthly amounts along with the Beneficiary/ies’s Compensation during the validity of this Agreement, subject to the terms hereof. Beneficiary/ies Compensation will be paid from the month succeeding the date of receipt of Reserve Price or from such other date as decided by E-Scoot Rental Solutions at its sole discretion. Beneficiary/ies Compensation will be subject to the statutory deductions.

5. It is clarified that the present Agreement shall not in any manner constitute the transfer of title qua the Assigned Battery in favour of Beneficiary/ies until the delivery of the electric vehicle in terms of this Agreement. Beneficiary/ies’s status shall be merely of a beneficiary of the Business Module with limited rights to the extent of his/ her compensation fixed herein till the validity of this Agreement and E-Scoot Rental Solutions will not entertain any request for the personal use or otherwise w.r.t the Assigned Battery from Beneficiary/ies.

6. In case E-Scoot Rental Solutions terminates the Agreement within Eighteen (18) months, E-Scoot Rental Solutions will cancel the Assigned Battery and return the non-amortised Reserve Price amount lying with it as on the date of termination.

7. Beneficiary/ies may terminate the agreement only in case of any exigency. All required documents to be submit and case will be presented in front of the management. Refund may or may not be given as per management discretion after validating the proof.

1. By seeking refund of the Reserve Price, subject to an exit charge of Rs. 700/- computed on each Beneficiary/ies Compensation paid cycle plus other prevailing handling charges as on the date of request for exit and refund. E-Scoot Rental Solutions will refund the remaining Reserve Price amount, less the amortised amount already refunded, within fifteen (15) working days from the date of request/ notice for termination from Beneficiary/ies.

2. By purchasing any new vehicle from E-Scoot Rental Solutions of any model and variant. In such case, the remaining non-amortized Reserve Price will be adjusted against the vehicle/s actual price and differential cost would be borne by the Beneficiary/ies. Delivery of the vehicle shall be subject to the availability of the selected variant at Beneficiary/ies’s nearest dealer location. Applicable taxes and other charges shall be charged extra.
3. Notwithstanding anything to the contrary herein, Beneficiary/ies’s Compensation including the amortization of Reserve Price amount shall be discontinued and cease to accrue and be paid in case of exit/ termination of this Agreement as per cl. 7 (i) or 7 (ii) above from the date of receipt of such request/ notice for termination from Beneficiary/ies and the Agreement shall stand terminated with immediate effect along with Assigned Battery relieved.
7. This Agreement shall be valid and effective upto a period of Eighteen (18) months from the respective date of receipt of Reserved Price from each Beneficiary/ies, unless terminated earlier in accordance to this Agreement.

9. The E-Scoot Rental Solutions shall be relieved from the performance of all duties and obligations under the Agreement due to the event/s of Force Majeure including but not limited to war, calamities, famine, pandemic, sabotage, lockdown, change in policies, fire, Government notifications, orders of judicial authorities etc. or other unforeseen circumstances, now existing or that may occur in future, impairing the timely performance of the obligations herein

10. The relationship between E-Scoot Rental Solutions and Beneficiary/ies hereto shall be non-exclusive and on a Principal-to-Principal basis. Nothing in this Agreement shall be construed to constitute a partnership, agency or employer- employee relationship between the Parties.

11. E-Scoot Rental Solutions shall be entitled to add to, vary or amend any or all of these terms and conditions at any time and Beneficiary/ies shall be bound by such addition, variation or amendment once such addition, variation or amendment are incorporated into these Terms and Conditions or updated on the www.escoot.co.in. Cosmo World may indicate that such addition, variation or amendment is to come into effect.

12. The Business Module of E-Scoot Rental Solutions is neither an opportunity of investment of any kind nor it guarantees any fixed return on the Reserve Price. Notwithstanding anything contained herein, the maximum liability of E-Scoot Rental Solutions in any event shall be restricted and limited to non-amortized Reserve Price only.

13. This Agreement is non-assignable on part of the Beneficiary/ies. E-Scoot Rental Solutions shall be free to assign this Agreement to any third party without any prior notice and consent of Beneficiary/ies, however, this Agreements along with the right and liabilities herein shall stand assigned in favour of an individual who has been authorized to receive the Beneficiary/ies Compensation by a referee Beneficiary/ies. Such authorization shall be irrevocable and irreversible by the referee Beneficiary/ies.

14. If the nature of the constitution of the E-Scoot Rental Solutions changes anytime during this Agreement, then the terms and conditions of this Agreement shall mutatis mutandis apply to such new constitution and the present Agreement shall be deemed assigned for all intent and purposes contained herein. Similarly, the security deposit shall become due and refundable in favour of the assignee constitution.

15. Any disputes or differences arising out of or pertaining to this Agreement,      shall be the courts situate at New Delhi shall have the exclusive jurisdiction to try            and adjudicate upon dispute.