These Standard Terms & Conditions (as may be updated from time to time) provide a detailed description of the services offered by the Agent as enumerated and agreed upon by the Parties to the NestAway Service Agreements. They are incorporated herewith by reference and form an integral part of the Nestaway Service Agreements.
The Owner engages the Agent on an exclusive basis during the Term of this Agreement to provide services for the Property.
2.1 On the Owner’s behalf, the Agent shall perform all reasonable actions necessary to make the Property available for licensing it out to prospective licensee(s) including advertising, arranging site visits, coordinating licensee move in, License Fee collection, execution of agreements; licensee management; property management; explore revenue generation opportunities; provide value added services; etc.
2.2 The Owner gives the Agent full power and authority to do and perform all and every act and things necessary for the specific purpose of performing its services under this Agreement, including but not limited to, the right to enter the Property at any time during the Term, the right to collect License Fee, the right to perform maintenance and repairs, etc. to agree and accept and acknowledge the Rental Bond issued on behalf of Licensee by Eqaro Surety Private Limited ( Equaro Guarantees ), Claims process & its settlement through Equaro Guarantees, The Owner authorizes the Agent to install/uninstall, at its discretion any meters, locks, including remotely managed digital devices or any other devices that the Agent considers necessary to carry out its duties.
2.3 The Owner authorizes the Agent to perform any/all legal actions in his behalf that may arise incident to the leave and license agreement(s) executed in furtherance of this agreement. The Owner authorizes the Agent to represent the Owner before Eqaro Surety Private Limited for its claim process and settlement, and also before any Court, Tribunal, including an Arbitral Tribunal, or any judicial or quasi judicial body / authority in connection with any legal proceeding(s) relating to termination of license, eviction, recovery of License Fee arrears and/or mesne profits and any other matter relating to the licensing of the Property.
3.1 The Owner authorizes the Agent to collect the Security Deposit or accept the Rental Bond from the licensee. Depending on the plan chosen by the Owner, the refund of the Security Deposit or claim settlement amount collected from the licensees can be of three types:
Instant Deposit Refunds: If no Security Deposit has been paid to the Owner and Agent has retained the Security Deposit received from the licensee(s), the Agent shall retain and manage the receipt/refund of the Security Deposit from the licensee. Agent shall be responsible for refunding this Security Deposit to the licensee after deducting all pending dues. The Owner shall have no liability for licensee Security Deposit refunds.
Owner Managed Refunds: If partial Security Deposit has been paid to the Owner and the remaining has been retained by the Agent, the Owner shall be responsible to refund the Security Deposit to the licensee, through the Agent, to the extent the amount has been paid to the Owner. The remaining Security Deposit, shall be refunded by the Agent to the licensee after deducting all pending dues. On a licensee exit, the Security Deposit or part thereof as recommended per the Agent move-out report, must be refunded by Owner to Agent within 3 days of submission of a move-out report by the Agent. In case the amounts are not refunded, the Agent reserves its right to levy a per day late payment fee as applicable.
Rental Bonds: If no Security Deposit has been paid to the Owner and Agent has accepted the Rental Bond in lieu of the security deposit issued on behalf of the Licensee by Eqaro Surety Private Limited, Agent shall manage all the claim settlement with Eqaro Surety Private Limited and shall also be responsible for refunding such claim amount if received from Equaro Guarantees after deducting its Agent charges or dues if any.
3.2 Owner agrees not to directly accept any payments from the licensee(s). Any payments / Rental Bond claims shall be collected only by the Agent. Owner agrees not to directly make any payments to the licensee(s). Any payments, which need to be made by the Owner to the licensee, shall be made through the Agent.
3.3 Any payment claimed to have been made by the Owner to the Agent will be recognized and binding only if done through a payment link or a VPA account, available after logging into Owner’s account at www.nestaway.com or through an account payee cheque payable to “Nestaway Technologies Private Limited”, provided that the cheque has been cleared irrevocably. Any payment made in cash (including payments in cash to employees of the Agent) or any payment made to any third party’s account (including the accounts of employees of the Agent) will not be recognised by the Agent.
3.4 Any Agent dues may also be set off against any Security Deposit / Rental Bond Claim settlement between Owner and Agent.
3.5 Owner shall refund the Security Deposit paid to him before the effective termination of this Agreement. In case of delay, the Owner shall pay interest @ 24% p.a. from the due date till payment.
4.1 The Owner unequivocally authorizes the Agent to, on behalf of the Owner, sign and execute (register for Maharashtra) the License Fee/Leave and License Agreement and to collect License Fees from licensees. Owner agrees and understands that the Agent signs these agreements digitally.
4.2 Agent is authorized to collect the License Fee from the licensee(s) and deposit it in the Owner’s bank account along with the next rent cycle, post the date of realization from the licensee, after deducting its commission or any other amounts payable by the Owner to the Agent.
4.3 Agent shall collect and remit License Fee only on actual collection from licensee(s). If the property is vacant or no License Fee is collected or the licensee does not pay, no payments shall be made to the Owner. Agent shall perform the License Fee collection services on a best efforts basis, and does not make any guarantee as to successful collection of License Fee.
4.4 Any dispute regarding incorrect/non-receipt of license fee shall be raised by the Owner within six months of the alleged default date. Failure to raise the dispute within this time period shall render it time barred.
5.1 Owner authorizes the Agent to deduct its charges from the actual License Fee collected from the licensee and remit the remainder into the Owner’s bank account. Payments are subject to applicable tax deductions at source.
5.2 Licensee Finding Fee: Licensee Finding Fees, where applicable, shall be paid by the Owner within 5 days of license start date.
6.1 All Owners have access to the Owner’s dashboard (from their registered phone number) for all information and queries and shall also be the sole means of communication and queries. Owner is fully responsible for downloading, accessing, safety and usage of the Dashboard. The Agent shall not be responsible in any manner, if an Owner, knowingly or unknowingly, does not download, use or access the Dashboard or if the Dashboard is misused by anyone else using Owner’s username and password. No claims shall be entertained in this regard.
6.2 The Dashboard shall be the only binding and definitive source of information regarding the Service Agreement and all financial information relating to the Service Agreement. No other document or information source shall be considered binding.
7.1 In order to secure payment of License Fee and be able to perform its part of the obligations effectively, the Agent shall (at its discretion) install a Smart Lock on the door of the Property. Installation and maintenance of the lock during the agreement period shall be the responsibility of the Agent. Owner agrees and understands that such Smart Lock will enable the following among other benefits (i) Contactless visits to the property for interested licensees, (ii) Door management to facilitate timely License Fee collection, (iii) Avoid the hassle of key availability, and (iv) Linking of tenancy with door-access to ensure timely renewal of agreement.
7.2 Installation of Smart lock requires uninstalling the existing lock which will be kept in the Property or handed over to the Owner. Owner authorizes the Agent for such installation and uninstallation and for controlling the Smart Lock during the term of the Agreement. A service fee shall be charged to the Owner at the time of such installation / uninstallation. If the property is off-boarded or the Agreement is terminated within 11 months an additional lock handover fee of INR 1000 per lock will be charged to the Owner. On such payment, the owner shall get full access to the lock and associated physical keys.
8.1 The Owner shall decide the Monthly License Fee and the Minimum License Period. “Minimum License Period” shall mean the period during which the licensee(s) cannot move out and/or terminate the leave and license agreement without paying Early Termination Charges and shall not exceed six months from the License start date. Early Termination charges are applicable for both shared and full houses. The division of such charges between Owner and Agent is as below:
| Description | Owner share | Agent share | Total(per licensee) | ||
|---|---|---|---|---|---|
| A | Early Termination Charge | If the Licensee moves out after the license start date but before end of Minimum License Period. Not applicable if Licensee is being forced to move out due to termination / potential termination of the Agreement or if the owner has asked Licensee to move out. |
50% of monthly license fee | 50% of monthly license fee | 1 month license fee for the licensee |
| B | Internal Transfer Charge | If the Licensee moves out to another Agent managed property after license start date but before end of Minimum License Period | 50% of monthly license fee | Nil | 50% of monthly license fee |
9.1 The Furnishing and Fittings checklist includes new furnishing as well as repair and replacement of existing furnishing and fitting before licensing the Property.
9.2 Owner understands that furnishing and fittings are subject to wear and tear and no damages/depreciation/replacement shall be paid/payable to Owner for reasonable wear and tear expected in a shared/normally licensed accommodation.
9.3 The Owner shall submit receipts, bills, invoices and warranty cards of furnishing and fittings to support any claim of damage/depreciation. If no evidentiary proof is submitted, the best estimate of the Agent or third party appointed by the Agent shall apply.
9.4 After the termination of the Agreement, Owner shall aid and assist the Agent in removing furniture, gadgets, kitchen items, mattresses and all the other belongings installed by the Agent in the Owner's premises. If the Owner puts up any hindrance by not letting the Agent remove the aforesaid items, then Agent shall charge damages equivalent to six months of Agent’s Charges and take legal action against the Owner.
10.1 Either Party can terminate the Agreement by giving advance notice in (i) writing to the other Party; or (ii) off boarding request on app or Website as prescribed below:
Occupied House: 60 days advance notice or notice period provided to the current Licensee under the leave and license agreement, whichever is higher
Unoccupied House: 7 days advance notice
A house will be considered occupied if any licensee is staying in the property at the time of house off-boarding. Any License Fee liability of the Agent shall be maximum till the end of such notice period and will be subject to actual recovery from the licensee, irrespective of whether handover formalities (including key handover) have been completed or not.
10.2 Where the visits/ move in of licensee is restricted by the Association or for any other reason beyond the control of the Agent, then the Agent can withhold the License Fee payable till the issue is resolved and can terminate the Agreement by giving 5 days’ notice and the owner will refund entire security deposit without deduction.
10.3 That Agent reserves the right to adjust the security deposit or any dues payable by the Owner to the Agent from the License Fee.
10.4 Any dues owed by either Party to the other shall be settled before the termination of the Agreement. Failing such settlement, the non-defaulting Party may initiate arbitration as per this Agreement. The losing party in a legal case will bear all costs, which may include costs incurred in initiating arbitrations, suits for recovery, legal proceedings to vacate Property, etc.
10.5 In case of joint ownership, all Owners shall be jointly and severally liable for any dues owed to the Agent.
10.6 The Agent has the right to set-off past or present dues owed by the Owner against any payables by the Agent. This can be done irrespective of the nature of payment, agreement or property in question.
A notice to be issued, including a notice to arbitrate, should be served through email or through a physical letter delivered by registered post to the addresses of the recipient as stated in the agreement. In addition, notices to Agent should be sent to legal@nestaway.com
12.1 Details of prospective licensee(s) will be sent to Owner for approval. The Owner agrees not to discriminate against the licensee(s) on grounds of religion or caste or creed or sexual orientation or marital status, place of Birth in violation of law. The Owner shall within 1 day communicate a decision, failing which licensee will be deemed approved and licensee shall be entitled to occupy the Property.
12.2 The Agent, if requested by the Owner, will assist in (i) collecting KYC documents required for Police Intimation; and (ii) submitting them to the relevant authorities. Costs of Police Intimation shall be borne by the licensee.
13.1 The licensee is responsible for maintaining the furnishings, fixtures, fittings and furniture and minor day to day repairs. Owner agrees and understands that the Property, furnishings, fixtures, fittings and furniture will be subject to wear and tear. Owner is responsible for any structural repairs to the Property.
13.2 In cases of damage caused due to normal wear and tear:
(a) if the repair cost is less than INR 1000 - the licensee shall be charged for it;
(b) if the repair cost is more than INR 1000 - the Owner shall bear the expense
13.3 The licensee shall be charged for all intentional or accidental damages caused by them. In the event of any dispute by either the Owner or the licensee – the Agent shall be empowered to decide. It is further clarified that in all circumstances seepage, structural or other repairs relating to building/apartment/house maintenance/society maintenance which shall be the sole responsibility of the Owner.
13.4 In case of damages caused by the licensees, the Agent’s liability shall be limited to the amounts actually recovered from the licensee(s).
13.5 At no time and for no reason will the Owner have any right of lien on furnishings, fixtures, fittings and furniture not belonging to the Owner. The Agent shall be entitled to enter the Property at any time to retrieve any furnishing, fixture, fittings and furniture which do not belong to the Owner. The Agent shall be entitled to initiate legal action at the cost of the Owner for breach.
13.6 The following table states the utility and other ancillary charging policy of the Agent. It shall be further subject to the leave and license agreement executed between the Owner and the licensee. In case of any dispute between the Agent, Owner or the licensee(s) as to the nature/incidence of these charges, the Agent shall be empowered to decide and resolve such dispute:
| Head | Charging Policy |
|---|---|
| Electricity | The licensees will be required to pay the periodic electricity charges directly to the respective electricity boards. The Owner will be responsible to pay the DG/Diesel Charges (if any). During the period when the property is vacant, the Owner will be responsible to bear electricity and all other associated charges. |
| Water | If water charges are included as part of the society/building maintenance charges then the Owner shall bear the same. However, if a separate bill gets generated and the charges are not included in the maintenance charges then the licensees will be charged separately. During the period when the property is vacant, the Owner will be responsible to bear water consumption and all other associated charges.The licensees shall be responsible to bear and shall be charged for on-demand water sourced from external sources such as tankers etc. |
| Society/Building Maintenance | The license fee charged to the licensees shall be inclusive of the society/building maintenance charges and they shall not be charged separately for these charges. The Owner shall be responsible to bear these charges during both occupancy and vacancy of the property. |
| Garbage Collection | If garbage collection charges are included as part of the society/building maintenance charges then the Owner shall bear the same. However, if a separate bill gets generated and the charges are not included in the maintenance charges then the licensees will be charged separately. During the period when the property is vacant, the Owner will be responsible to bear garbage collection and all other associated charges. |
| Agreement | This Agreement is a digitally generated and executed agreement. If the Owner requires a physical copy or additional stamp duty to be paid - it shall be charged separately as per policy |
14.1 If a licensee vacates the Property due to Uninhabitable Condition then the licensee’s License Fee for that month will be waived and Agent will not pay the Owner for that month.
14.2 Uninhabitable Condition means when the Property is unsuitable for occupation without any fault or negligence of the licensee if any of the reasons mentioned in A below occurs with B;
Any damage to the super structure such as collapsed ceiling or crack in walls or water leakage/seepage in walls/roof; Electrical wiring issues including earthing problem, which cannot be repaired/fixed within 48 hours; Water logging/overflowing/drainage issues inside the Property, which cannot be repaired/fixed within 48 hours; Property being infested with rodents and pests which cannot be repaired/fixed within 48 hours; AND
The Owner has not been able to resolve such major issue even after being informed by the Agent or licensee(s) within 10 days.
15.1 If the Owner terminates the Agreement with the Agent and continues licensing the Property to licensee(s) introduced by the Agent bypassing the Agent, then the agent reserves the right to charge a poach-penalty equal to six months of License Fee for the Property.
15.2 The Owner shall not (a) enter into any other agreement of similar nature with any other party; or (b) with any new or old licensees directly; or (c) give out the Property on License Fee / leave and license unless the amount due to the Agent is fully paid.
The Owner represents:
16.1 That he/she is the absolute and lawful Owner or has been solely and legally authorized by the lawful Owner of the Property to execute the Agreement.
16.2 The Agent is not liable for disputes regarding ownership of the Property or the validity of the Agreement and the Owner indemnifies the Agent, its directors and employees against such events. The Owner hereby undertakes to furnish any/all ownership documents or any other documents related to the property as and when required/requested to be furnished by Nestaway.
16.3 The Property is free from any default, foreclosure, encumbrance, lien, contract for sale, option to purchase, contract for deed or any other obligation in conflict with this Owner’s obligations under the Agreement.
At its sole discretion Agent may assign any of its receivables and/or the right to receive such receivables under the Agreement. Agent may also appoint a third party for recovery of any receivables from licensee/Owner. Further, the Agent shall be entitled to report payment behavior to any credit bureau.
The Owner hereby undertakes to indemnify and keep harmless the Agent against all losses, expenses, damages, costs etc. which may be suffered or sustained by the Agent due to the misrepresentation of the Owner. The owner further undertakes to indemnify and hold Nestaway and all its employees, assignees and representatives harmless against any/all disputes with regard to the ownership of the property, arising between the owners and or any other party whether co-owner or coparceners (in-line to inherit the property) or any other person. The Owner shall undertake to make good the same and if the Owner fails to make good the same then the Agent shall have the right to recover the same from the Owner and / or from any beneficiaries etc. or from the properties of the Owner and the Owner hereby confirms and declares that this indemnity is irrevocable and shall be final and binding on his/her heirs, executors, administrators, legal representatives and assigns.
The Agent’s liability for any claim or loss or damage of any nature will not exceed the Agent Charges paid by the Owner for the preceding three (3) months. In no event will the Agent be liable for any incidental, special, indirect or consequential damages (including lost profits) however caused and under any theory of liability, and whether or not the Agent was or should have been aware or advised.
20.1 In the event of any dispute arising out of or in connection with the Agreement, the Parties shall, at first instance, attempt to amicably resolve the same through settlement discussions (recorded by way of email or telephonic conversations);
20.2 Notwithstanding anything to the contrary contained herein, any dispute or claim arising out of or in relation to this contract, including its existence, construction, meaning, scope or validity, termination or breach shall be referred to and resolved by online arbitration by a sole arbitrator appointed under the institutional rules of the Centre For Alternate Dispute Resolution Excellence, Bengaluru (The CADRE) https://cadreodr.com; +91 80884 16909),as amended from time to time, which rules are deemed to be incorporated by reference herein. A copy of the rules can be obtained by an enquiry email to the Centre For Arbitration Dispute Resolution Excellence at reachus@thecadre.in. CADRE is an independent arbitration institution which provides online arbitration services. CADRE is not connected with any party to this dispute. Either party may approach The CADRE for appointment of an arbitrator in relation to any disputes and differences arising from or in connection to this contract by writing an email to reachus@thecadre.in with a request to appoint an arbitrator and copying the email to the other party. The arbitration shall be conducted in English by a sole arbitrator appointed by The CADRE as per its rules in force at that time. The juridical seat and venue of arbitration shall be Bengaluru, Karnataka and the courts of Bengaluru, Karnataka shall have exclusive jurisdiction for any applications arising out of the arbitration. If for any reason The CADRE refuses to act or does not acknowledge the email for appointment within a period of 15 days from the date of the email containing a request for appointment, then the sole arbitrator shall be appointed by an application made by either party to a court of competent jurisdiction under section 11 of the Arbitration and Conciliation Act, 1996.
20.3 The law governing this arbitration agreement and this agreement shall be the laws of India. The competent courts within the local limits of where the Property is situated shall have exclusive jurisdiction over this Agreement. This arbitration agreement shall survive any cancellation or termination of this Agreement.
This Agreement shall be amended or suspended during the period and to the extent of such period that Agent reasonably believes any party to this Agreement is prevented or hindered from complying with its obligations under any part of it, by any cause beyond its reasonable control including but not restricted to epidemics, pandemic, strikes, war, civil disorder, and natural or man-made disasters. If such a period of suspension exceeds 30 days, then the Agent shall upon giving written notice to the Owners, be able to require them to amend / cancel any part of this Agreement. Force Majeure Clause is subject to amendment.
If the court of law finds any provision or clause or part thereof of the Agreement to be invalid or void in full part or in part, the remainder of the clause and the Agreement shall continue to be valid, enforceable and effective.
Owner agrees that he/she may be contacted via email and/or text messaging on the contact details provided by them, for reminders; to obtain feedback; to provide general information about services and offers and any other purposes ancillary to Services under the Agreement. Providing the Nestaway Services requires collecting and using your information. The Nestaway Privacy Policy explains how we collect, use, and share information across the Nestaway Products. Owner also further agrees that his/her profile shall be listed or shared with RentKarma (https://rentkarma.in). RentKarma is an application for house owners and tenants to review each other and is a product of Nestaway Technologies Pvt Ltd.
No act or omission on part of either of the Parties shall be deemed to a waiver of his/her rights and obligations under this Lease Deed unless such waiver is expressly stated in writing and signed by the party granting the waiver.