Updated JAN 2022
Reel Prime provides a personalized service that allows our members to access our development.
You have accepted these Terms of Use, which govern your use of our service. Personally identifying information is subject to our Privacy Statement, the terms of which are incorporated herein. Please review our Privacy Statement to understand our practices.
As used in these Terms of Use, “Reel Prime service”, “our service” or “the service” means the personalized service provided by Reel Prime for discovering and earning commission, including all features and functionalities, recommendations and reviews, the website, and user interfaces, as well as all content and software associated with our service.
YOU AGREE TO THE ARBITRATION AGREEMENT AND CLASS ACTION WAIVER DESCRIBED IN SECTION 7 TO RESOLVE ANY DISPUTES WITH NETFLIX (EXCEPT FOR MATTERS THAT MAY BE TAKEN TO SMALL CLAIMS COURT).
Capitalized Cost Reduction: The Capitalized Cost Reduction is the amount of any trade-in allowance, rebate, non cash credit, or cash you pay that reduces the cost of the Goods.
Estimated Payment Dates and Amounts; Rent Charge: The due dates associated with the monthly payments shown above are estimated. Your monthly payments will be due when stated on your monthly invoice issued after the date of this Contract Agreement. The monthly payment amount shown above includes: (i) the amount accrued for the depreciation of the Goods for the monthly period, plus (ii) the portion of the rent charge earned during the month (if applicable), plus (iii) an additional amount for taxes. The rent charge is the cost associated with making payments over an extended period of time.
The aggregate rent charge for the duration of the Initial Contract Term is $84 .
Late Payments; Returned Check Charge: If we do not receive your payment for the Goods by the due date on your invoice, we may charge you a late fee of the lesser of $5 or 5% of the unpaid portion of the payment due under this Contract Agreement, or as permitted by applicable law. We reserve the right to change these amounts should law, rule or other applicable state provision change during the duration of the Contract. In addition, the REEL PRIME entity that provides your service may also assess late fees in connection with late payment of your service monthly recurring charge. In addition, we may charge you $ 35.00 for returned checks or other payments you make that are denied for any reason by a financial institution.
ENDING THIS CONTRACT AGREEMENT
Options upon Expiration of the Initial Contract Term: Before the Initial Contract Term expires, we will send you a notice that explains your options upon expiration of the Initial Contract Term. Upon the expiration of the Initial Contract Term, you may either:
(i) return the Goods to us in good condition, (ii) purchase the Goods at the Purchase Option Price (except if you are a consumer resident of DE, NJ, NY, ND, PA or PR who is required to pay a rent charge), or (iii) retain the Goods and extend this Contract Agreement on a month-to-month basis under the terms of this Contract Agreement (“Extended Contract Period”). If you do not affirmatively exercise one of these three options, you will be deemed to have chosen option (iii) above. If option (iii) applies, and if you paid a Capitalized Cost Reduction at the start of this Contract Agreement, or were receiving certain promotions or discounts, your monthly payment during the Extended Contract Period may be higher than your monthly payment during the Initial Contract Term. Further, under option (iii), while you have the option of deciding how long you want to keep the Goods, REEL PRIME may demand that you return the Goods at any time. If we demand the return of the Goods, you must return the Goods to us in good condition within 30 days after our demand and, upon REEL PRIME’s receipt of the Goods, this Contract Agreement will terminate. Failure to so return the Goods will constitute an Event of Default (as defined below in the Default section). Consumer residents of the following states/territories will not be entitled to purchase the Goods during the Extended Contract Period: DE, ID, IA, ME, NJ, NY, ND, PA, PR and WI.
Early Termination: You may terminate this Contract Agreement before the end of the Initial Contract Term by notifying us at least 30 days prior to termination, returning the Goods in good condition, paying any outstanding balance or other payments due, and paying an Early Termination Charge (defined below). Failure to return the Goods in good condition and pay the Early Termination Charge will constitute an Event of Default (defined below). We may terminate this Contract Agreement before the end of the Initial Contract Term if there is an Event of Default or if we discontinue the Contract program. If we discontinue the Contract program, you will not be required to pay the Early Termination Charge but you will be obligated to return the Goods to us in good condition within 30 days after we notify you of the discontinuance of the program.
The “Early Termination Charge” is calculated by (i) adding the remaining monthly payments and the amount stated in the “Purchase Option at End of Contract Term” section (whether or not the purchase option applies), (ii) subtracting unearned rent charges from the remaining monthly payments, if any, and then (iii) subtracting the Fair Market Value (defined below) of the Goods. The unearned rent charges are calculated according to the “constant yield” method (see explanation below). If you return the Goods to us and the Purchase Option Price is greater than the Fair Market Value of the Goods, then, as long as the Goods have value, we will subtract the Purchase Option Price instead of subtracting the Fair Market Value for the purposes of calculating the Early Termination Charge (but only for that purpose).
The “Fair Market Value” of the Goods is equal to or greater than the REEL PRIME buyback value of the Goods. Alternatively, at your option, you may choose to have the Fair Market Value of the Goods determined at an appraisal. In this case, you must obtain, at your own expense, an appraisal from a REEL PRIME-approved professional independent appraiser. The appraisal must be submitted within 10 days after returning the Goods to us. If you do not return the Goods to us, or if REEL PRIME or the appraiser determines the Goods have no value, then the Fair Market Value of the Goods is zero.
The “constant yield” method is the way to determine the rent charge portion of each “base monthly payment.” Your “base monthly payment” is the payment before any additional amount for taxes. Using the constant yield method, the rent charge for each period is earned in advance by multiplying the constant rate implicit in this Contract Agreement with the balance “subject to rent charge” as it declines during the Initial Contract Term. At any given time during the Initial Contract Term, the “balance subject to rent charge” is equal to: (i) the original retail price of the Goods, less (ii) the Capitalized Cost
Reduction, less (iii) all depreciation amounts accrued during the previous monthly periods, less (iv) the first base monthly payment. The periodic rent charge calculations are based on the assumption that we will receive your monthly payments on their exact due dates. We determine the unearned rent charge by subtracting (A) the sum of all rent charges earned and paid in monthly periods beginning on or before early termination from (B) the aggregate rent charge disclosed above.
Default: You will be in default (an “Event of Default”) if: (i) you fail to make any payment when due; (ii) you breach any provision of this Contract Agreement; (iii) you breach any provision of the Consumer Terms (if you are a consumer) or the Business Terms (if you are a business lessee) (Consumer and Business Terms defined below); or (iv) you fail to activate and maintain REEL PRIME service for the Goods as described in the REEL PRIME Service section below.
Remedies: If an Event of Default occurs, and prior to the expiration of any cure period, we may immediately utilize electronic means to disable your Goods, including your access to the data stored on the Goods, Wi- Fi, and our network, as permitted by law. You understand that the Goods may include, and we may utilize, a software application or other technological solutions to electronically disable the Goods and locate the Goods in the Event of Default as permitted by law. We will give you any legally required default notice and a right to cure the Event of Default. If you do not timely cure the Event of Default, the device may remain disabled and (i) you must immediately return the Goods to us in good condition, (ii) you must pay any payments that have become due and remain unpaid, and any other amounts due under this Contract Agreement, including the Early Termination Charge if the Event of Default occurs during the Initial Contract term, and (iii) we may terminate this Contract Agreement and all your right to use the Goods. If you do not return the Goods to us, we will require you to pay, in addition to any other charges due or remedies available to us under this Contract Agreement, the REEL PRIME buyback value of the Goods as of the date of the Event of Default. We may require you to pay the expenses we incur for taking any of the above actions, including expenses associated with disabling the Goods, collections, legal costs and reasonable attorneys’ fees; and may pursue any other remedy allowed by law.
Payment Upon Default: You agree that by providing us your credit or debit card information at any time during the Contract term (including any extended lease period), you authorize us to charge your card for all amounts owed as provided above under “Remedies” if you default under this Contract Agreement and fail to cure the default. If you provide us with credit or debit card information and you later receive a new card on the same account (if for example, your previous card expired or was lost), you also authorize us to use information provided by your card issuer to update your account information in our records and to continue using the card or replacement card information.
YOUR DUTIES OF CARE AND OTHER IMPORTANT ISSUES
Risk of Loss; Maintenance; Insurance: Your use of the Goods is at your risk at all times. You are responsible for maintaining and servicing the Goods. You are not released from payment or other performance obligations because of damage to or loss or destruction of the Goods, and, unless you purchase the Goods in accordance with this Contract Agreement, you must return the Goods to us in good condition. For this reason, you may wish to obtain property insurance covering the Goods at your expense. This Contract Agreement does not require you to obtain this insurance. You may obtain insurance from anyone you want, and while we may not provide this insurance, third parties may offer you insurance through us. Your decision to buy or not buy insurance, and your choice of an insurance provider, is not a factor in our decision to lease the Goods to you.
Standards for Wear and Use: The Goods will be considered to have unreasonable wear and therefore will not be considered in good condition, if they have a damaged, scratched or cracked housing or display; display or touch screen malfunctions; cracked camera lens; damaged charger port; damage caused by exposure to liquid; corrosion or discoloration; damage to memory ports; hardware or software alterations; and any other malfunction, failure or damage caused by misuse or mistreatment of the Goods. Unreasonable wear of the Goods may result in a charge when you return the Goods.
Standards for Wear and Use: The Goods will be considered to have unreasonable wear and therefore will not be considered in good condition, if they have a damaged, scratched or cracked housing or display; display or touch screen malfunctions; cracked camera lens; damaged charger port; damage caused by exposure to liquid; corrosion or discoloration; damage to memory ports; hardware or software alterations; and any other malfunction, failure or damage caused by misuse or mistreatment of the Goods. Unreasonable wear of the Goods may result in a charge when you return the Goods.
REEL PRIME Service: Your REEL PRIME service may be provided by a separate REEL PRIME entity. We, as lessor of the Goods, do not provide you REEL PRIME service under this Contract Agreement. You must activate REEL PRIME service within 30 days after the date of this Contract Agreement and maintain REEL PRIME service for the Goods for the duration of the Initial Contract Term and any extended Contract period pursuant to REEL PRIME’s Terms and Conditions of Service (the “Consumer Terms”), if you are a business lessee, pursuant to the services agreement between you and REEL PRIME or REEL PRIME’s Standard Terms and Conditions for Communications Services, (together, the “Business Terms”). Failure to activate and maintain REEL PRIME service will constitute an Event of Default.
Warranties: WE MAKE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING (TO THE EXTENT ALLOWED BY LAW) ANY IMPLIED WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE CONCERNING THE GOODS. WE DO NOT AUTHORIZE ANYONE TO MAKE WARRANTIES ON OUR BEHALF. Unless otherwise required by applicable law, any warranty available for the Goods will be provided by the manufacturer of the Goods. Please review any warranty information provided by the manufacturer for additional details.
APPLICABLE LAW AND RESOLVING LEGAL CLAIMS
Applicable Law: This Contract Agreement is governed by the law of the state of your residence.
Interpretation: Any invalid or unenforceable provision in this Contract Agreement will not make any other provision invalid or unenforceable. This Contract Agreement is intended to benefit and be binding on your and our heirs, administrators, successors and assigns. This Contract Agreement is a single transaction. It does not modify any other contract you have with us.
Complete Agreement: This Contract Agreement constitutes the entire agreement between you and REEL PRIME and may not be contradicted by evidence of any prior or contemporaneous oral agreement between you and REEL PRIME.
Assignment/Sublease: We may, without obtaining your consent or giving you notice, assign or transfer this Contract Agreement or any of our obligations or rights hereunder, including any right to payment for any sums due hereunder. Youare not authorized to assign or sublease this Contract Agreement or any interest in it without our prior written consent. Applicable to Connecticut consumer residents only: We will provide such consent unless we believe in good faith that the assignment or sublease would jeopardize our rights or increase our risk.
Mandatory Arbitration and Class Action Waiver: PLEASE READ THIS CAREFULLY; IT AFFECTS YOUR RIGHTS. Ifyou are a business lessee, dispute resolution and arbitration obligations related to this Contract Agreement will be governed by the Business Terms. If you are a consumer, and if a dispute is not resolved through the Dispute Resolution process outlined in REEL PRIME’s Consumer Terms or through communications with Customer Care, you agree that, instead of suing in court, all disputes must be resolved through an individual arbitration or small claims court. You agree that, by entering into this Contract Agreement, YOU WAIVE THE RIGHT TO A TRIAL BY JURY AND YOU MAY BRING CLAIMS ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A CLASS MEMBER IN ANY PUTATIVE CLASS OR REPRESENTATIVE PROCEEDING. Further, the details of the process, terms and effect of the dispute resolution, arbitration, and waiver of class action provisions set forth in the Consumer Terms are incorporated into this Contract Agreement and you are subject to them. This agreement to arbitrate is intended to be broadly interpreted.
Waiver: The failure by you or us to exercise any right under this Contract Agreement is not a waiver of your or our right to exercise that right or any other right in the future.
Notices: You must provide us notice by calling or writing REEL PRIME as instructed on your invoice. We will provide you notice through one or more of the following: in your invoice, sending correspondence to your last known billing address or to the current fax number or e- mail address you’ve provided us, by calling your current or former REEL PRIME telephone number (if applicable) or any other telephone number you’ve provided us, including leaving a voice message to your REEL PRIME telephone number (if applicable) or any other telephone number you’ve provided us, or by sending a text message to your REEL PRIME telephone number (if applicable), by posting a message to your online account, or directly on the Goods.
Authority: For consumers, by signing below, I certify that I am the Account Owner, or I have been designated as a Delegate by the Account Owner. For business lessees, the person signing below represents that he or she has the authority, on behalf of the Lessee, to sign this Contract Agreement and any other documents required in connection with the Contract of the Goods.
NOTICE: This is a contract. You are not buying the Goods and you may not sell the Goods. Do not sign this Contract before you read it or if it contains any blank spaces. You are entitled to a completed copy of this Contract when you sign it.
The undersigned acknowledges receipt of a completed copy of this Contract Agreement to keep.