The terms and conditions of this Agreement govern your subscription of the On-Time Rental (“OTR”) services provided by Speedrent Technology Sdn. Bhd. (Company No: 1176587-M) of A-G-23, Eve Suite,
Jalan PJU 1A/41, Ara Damansara,,47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia (“Speedrent”) or (“SPEEDHOME”), a Malaysian entity, either itself or through its subsidiaries or licensees, via various electronic platforms such as the Speedrent mobile application or any other platforms designated by SPEEDHOME.
- OTR is an add-on service only for subscribers who purchased the insurance policy from SPEEDHOME to subscribe to the OTR service. The subscriber must sign or have signed the tenancy agreement via Speedsign. OTR prohibits tenancy agreements which have more than one rental value across the stipulated tenancy period.
- During the insurance policy’s insured period and on a monthly basis (excluding first month and last month), SPEEDHOME will perform OTR transfer to the subscriber for a fixed sum of amount. Each OTR transfer will be equivalent to one month’s rental and will be transferred no later than the monthly rental due date as per stated in the tenancy agreement and only if there’s an unpaid rental invoice. If the subscriber’s tenant pays SPEEDHOME after the due date, the funds will not be transferred to the subscriber as the subscriber has already received payment via OTR.
- “Due date” is referring to the latest amended due date agreed upon by the subscriber and tenant if the due date was amended after the tenancy agreement was signed. Should a particular month’s due date falls on a non-banking day or non-business day, SPEEDHOME will perform the OTR transfer before the rental due date.
- SPEEDHOME will not perform OTR transfer to the subscriber if the tenant has more than two overdue rental invoices.
- SPEEDHOME will issue a rental invoice to the tenant on behalf of the subscriber 7 days before the rental due date.
- In the event that SPEEDHOME fails to perform OTR transfer before the monthly rental due date, SPEEDHOME will refund the pro-rated OTR service fee to the subscriber. OTR will still be in effect until the end of the tenancy period. For the avoidance of doubt, Clause 4 still applies.
- In the event that either tenant or landlord is served an early termination notice, the OTR service will be terminated immediately.
- In the event that the tenant transfers the rental to the subscriber after the OTR transfer is performed according to the unpaid invoice, the subscriber must transfer the unsettled and overdue amount to SPEEDHOME within 3 working days.
- The subscriber must inform SPEEDHOME within 3 business days if:
- The tenant has informed the subscriber that he/she wants to terminate the tenancy early
- The tenant has run away
- The tenant has informed the subscriber that he/she has moved out or the tenant has moved out without notice.
- The tenant has passed away.
- The subscription is subject to 6% Sales and Services Tax (SST) and is to be paid by the subscriber.
- The subscriber must ensure the accuracy of the bank account details as submitted to SPEEDHOME for the purpose of OTR transfer. Any requested change in bank account details will be in effect only after 5 business days upon written notice to Speedrent.
- If the tenant moves out of the house with an overdue rental invoice, the subscriber must lodge a police report against the tenant and cooperate with SPEEDHOME in regards to the submission of documents for insurance claims.
- In the event that the subscriber’s rental default claim proceeds is not approved or only approved partially to repay the unpaid rental amount by the tenant (but limited to the total of two months of rent), the subscriber must transfer the unsettled OTR amount (which offsets the claim proceeds after) back to SPEEDHOME. Please refer to Illustration 1 for further explanation.
Illustration 1 (Scenario: monthly rental as RM1,000 while the tenant has 2 unpaid and overdue rental invoices.
|Insurance Claims Approved Partially||Insurance Claims Not Approved|
|OTR amount (2 times OTR)||RM2,000||RM2,000|
|Rental Default Claim Proceeds||RM1,100||RM0|
|Subscriber Transfer Back to SPEEDHOME||RM900||RM2,000|
- SPEEDHOME will offset the OTR amount which is limited to 2 months’ of rental against the rental default claim proceeds approved by the insurance company.
*Please note that On-Time Rental is a product of SPEEDHOME and NOT Allianz Insurance
Last Updated: 4th March 2019