Continuation Payment. 11.1 Without prejudice to the provisions of Clause 10.4 hereof, as from the due termination or expiration (as applicable) of the Hire Period and until such time as the Equipment is returned, the Hirer shall pay by way of recompense for the continued possession of the Equipment a daily sum (payable in arrear) at the same rate per annum as the Rental payments previously due in respect thereof, together with VAT at the rate or rates and in the manner for the time being in force. 11.2 Nothing in this clause 11 shall confer upon the Hirer any right to the continued use or possession of the Equipment beyond the Hire Period. 11.3 If the Hirer retains the Equipment beyond the Hire Period without first obtaining the permission of the Owner then he shall be in breach of this Agreement such that the Owner may exercise his rights of termination under Clause 10 above.
Appears in 3 contracts
Sources: Equipment Hire Agreement, Equipment Hire Agreement, Hire Agreement