Client/customer : The user of the equipment being rented. In case of company the company is the client/customer and not the user.


Advance Payments : Payments made by the customer at the beginning of a renting transaction.


Delivery Challan : A document that is signed by the customer to acknowledge that the equipment has been received in good condition.


Rental contract : A document that describes the equipment being rented. The contract may include the rental term, commencement date, repayment schedule and location of the equipment.


Hire/rent : A contract through which an owner of the equipment conveys the right to use its equipment to another party (the client) for a specified period of time (the contract term) for specified periodic payments.


Rental charges : The periodic rental payment to APEX for the use of assets.


Upgrade: To trade in rental equipment for a newer, more advanced model during the rental contract.


Early Termination : Occurs when the customer returns the rented equipment to APEX prior to the end of the Contract.


End-of-Term Options: Options stated in the rental agreement that gives the customer flexibility in its treatment of the rented equipment at the end of the contract. These options usually include: returning the equipment and renewing the lease.


Payments in Arrears : Periodic payments are due at the end of each period.

Credit note: This is issued to credit the customer for some portion of the billing value towards early equipment returns (as per policy) or some other similar situation.


Debit note: This is issued to debit the client's account for some upgrade or additional billable service rendered to the customer.