INTRODUCTION

Tekinverse Private Limited (“Tekinverse”, “Company”, “we”, “our”, “us”) is an electric mobility and energy solutions company providing electric two-wheelers on lease and lease-to-own models for last-mile delivery, fleet operations, and urban commuting.

1.Scope of Services

Tekinverse provides electric two-wheelers along with optional bundled services such as batteries, maintenance support, and digital fleet solutions, strictly in accordance with the commercial terms agreed with the customer (“Lessee”).

2.Lease & Lease-to-Own Model

• All vehicles are offered only on a lease or lease-to-own basis.
• Lease tenure, pricing, lock-in period, payment schedule, and ownership transfer terms (if applicable) are governed by the executed commercial agreement.
• Ownership under a lease-to-own model shall transfer only upon full settlement of all dues and fulfillment of contractual obligations.

3.Ownership & Title

• Legal ownership and title of the vehicles shall remain with Tekinverse at all times, unless expressly transferred under a completed lease-to-own arrangement.
• No rights, title, or interest shall vest in the Lessee during the lease period.

4.Vehicle Handover & Return

• Vehicles are delivered in roadworthy conditions.
• The Lessee shall inspect the vehicle at the time of handover, and failure to report any defect or issue shall be deemed acceptance of the vehicle’s condition.
• Upon lease expiry or termination, vehicles must be returned in good working conditions, subject to normal wear and tear, along with all accessories and equipment provided.
• Tekinverse reserves the right to levy charges for damages, missing components, abnormal wear, or delayed return.

5.Risk, Custody & Use

• Risk and responsibility for the vehicle pass to the Lessee from the time of handover until return or ownership transfer.
• Vehicles must be used strictly for lawful purposes and in compliance with applicable laws.
• Sub-leasing of the vehicle is permitted only with our prior consent. Any sub-leasing without such approval shall constitute a breach of the agreement.
• Any modification, tampering, or alteration of vehicles or branding is not permitted.

6. Maintenance & Charging

• Maintenance coverage, if any, shall be governed by the selected lease plan.
• Charging, daily care, and safe operation of the vehicle shall be the responsibility of the Lessee.
• Repairs shall be carried out only through service centers authorized by Tekinverse.

7.Damage, Theft & Accidents

• Tekinverse shall not be responsible for any loss, theft, accident, or damage occurring during the lease period.
• The Lessee shall immediately notify Tekinverse of any such incident and comply with all legal and insurance requirements.
• The Lessee shall not enter into any settlement or admission of liability with third parties relating to the vehicle without prior written consent of Tekinverse.
• Any costs not covered by insurance shall be recoverable from the Lessee.

8.Insurance & Liability

• Vehicles may be insured at Tekinverse’s discretion and subject to insurer terms, conditions, and exclusions.
• Deductibles and uninsured losses where applicable shall be borne by us.
• Tekinverse shall not be liable for indirect, incidental, or consequential losses, including loss of income or business interruption.

9.Payments & Defaults

• Lease payments shall be made strictly as per the agreed schedule.
• In the event of default, Tekinverse reserves the right to suspend services, immobilize, or repossess the vehicle without prejudice to other legal remedies.
• Outstanding dues may be adjusted against any security deposit held.

10.Termination & Repossession

Tekinverse reserves the right to terminate the lease and repossess the vehicle in case of:

• Payment default
• Breach of agreed terms
• Misuse or unlawful use of the vehicle

All outstanding dues shall become immediately payable upon termination.

11.Indemnity & Limitation of Liability

• The Lessee shall indemnify and hold harmless Tekinverse against all claims, losses, damages, penalties, and expenses arising from possession or use of the vehicle, including losses arising from false, misleading, or inconsistent reporting of incidents.
• Tekinverse’s maximum liability, if any, shall be limited to the lease fees received for the relevant billing period.

12. Force Majeure

Tekinverse shall not be liable for delay or failure in performance due to events beyond its reasonable control, including acts of God, governmental actions, or disruptions.

13. Governing Law & Dispute Resolution

These Terms shall be governed by the laws of India. Any disputes shall be resolved through arbitration in Bengaluru, Karnataka, in accordance with the Arbitration and Conciliation Act, 1996.

14.General

• Tekinverse reserves the right to verify identity and supporting documents and to reject, cancel, or terminate a lease if any information provided is found to be false, misleading, or inconsistent.
• Tekinverse may assign or transfer its rights and obligations under these Terms to affiliates, lenders, or successors without requiring consent from the Lessee.
• If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
• Tekinverse may update these Terms from time to time without prior notice.
• Continued engagement with Tekinverse constitutes acceptance of the revised Terms.
• These Terms do not create any partnership, agency, or employment relationship.