Tool Purchasing and Payment Information

A. Payment and Ownership of Property

• This agreement is between you and the North Dakota State College of Science (NDSCS). It details the terms under which you lease from NDSCS the property as selected in this agreement, until certain criteria are met in which the ownership is transferred from NDSCS to you.
• The property is and will remain NDSCS' property during the term of this agreement, which begins on the date this agreement is acknowledged and submitted, and ends when: 1) the property is paid-in-full or 2) 30 days after you are no longer an NDSCS student.
• You will pay NDSCS for the property by the Semester Payment Due Date of the semester in which you received the property, unless you qualify for a Tool Deferment*. (Due Dates are listed at NDSCS.edu/payment.)

B. If You Intend to Use Financial Aid to Pay for the Property, Please Note:

(The following details are only applicable to students receiving the property in the fall semester.)

• The property described in this agreement will be charged to your NDSCS account for the fall semester, after the charge slip is signed at the Bookstore.
  • This results in your fall costs being higher than your estimated spring costs.
• You will receive 1/2 of your approved grants/loans during the fall semester and 1/2 during the spring semester, per federal financial aid guidelines.
  • The result for students in your program is that their fall aid is typically not enough to cover their fall costs, due to the cost of the property.
• Past-Due Hold - if your fall aid does not fully pay your fall costs, you will have a past-due hold on your NDSCS account that will restrict your ability to enroll for the spring semester. A Tool Deferment is a work-around for this situation; once you qualify for a Tool Deferment, your past-due hold will be removed and you will be allowed to enroll for the spring semester.
• Tool Deferment Process: This process allows your property costs to be more evenly distributed between the fall and spring semesters, similar to how grants/loans are distributed; the result is that your fall semester balance is reduced to zero and you are able to enroll for the spring semester. Here is how it works:
  • NDSCS account adjustment - when your fall balance is at or below 1/2 of the pre-taxed cost of the property, your NDSCS account will be adjusted by reducing your fall balance to zero (will show as "Bookstore Tool Deferment" and then charging your spring semester for the same amount that was reduced for fall (will show as "Bookstore Tools"). Once you qualify for the deferment, these tool-related account adjustments will occur towards the end of October.
  • Criteria to qualify - you will automatically qualify for this deferment once all of the following criteria is met (separate documentation will NOT need to be signed):
    1. You received the property from the NDSCS Bookstore for an eligible program: Auto Body, Auto Tech, Case IH, Caterpillar, Diesel, John Deere, HVAC/R, Komatsu, Powersports, Precision Agriculture, Precision Machining.
    2. The property was originally charged to your NDSCS account, not paid for out-of-pocket.
    3. The property needs to be part of a package within the NDSCS Bookstore (not as individual tools).
    4. You must be receiving at least the same amount of aid for spring semester as you did for the fall semester.
  • If there is activity on your NDSCS account that causes a new balance for the fall semester AFTER your NDSCS account has been adjusted (fall balance is reduced to zero and the equivalent charges are put into the spring semester), your tool adjustments may be reversed and you will need to re-qualify for the Tool Deferment.
  • You will be assessed a $50.00 setup fee for the deferment (charged to your spring semester).

C. Use, Repairs, Alterations, Loss or Damage

• Until ownership is transferred to you, you may not, except with NDSCS's written consent: 1) assign, sublet, transfer, pledge, or otherwise dispose of this agreement or the property, or any interest in the agreement or the property, or 2) lend the property or permit it to be used by anyone else.
• You will keep & maintain the property in good condition & working order, & will not materially alter the property, with the exception of imprinting your name on assigned tools, without NDSCS's prior written consent. You agree not to hold NDSCS responsible for any & all claims, demands, losses, expenses or cause of action, including legal expenses, arising from your use, maintenance, repair, & operation of the property during the term of the agreement.
• You bear the entire risk of loss, theft, or damage of the property from any cause/circumstance and no loss, theft or damage will relieve you of any obligation under this agreement.

D. Purchase and Transfer of Ownership

• Upon payment of all amounts owed under this agreement (the property is paid-in-full), NDSCS will release full ownership to you.
• If the property is paid-in-full, you will be responsible for the removal of the property within 30 days of your withdrawal, drop-to-zero-credits or graduation date; failure to remove the property within this timeframe grants ownership back to NDSCS.
• If you withdraw or drop to zero credits and a balance is owed on the property, you must leave the property at NDSCS and contact NDSCS within 30 days of the withdrawal/drop to discuss your options: 1) set up an acceptable payment plan with NDSCS Business Affairs or 2) submit a completed "Tool Return Request" form to the NDSCS Bookstore (found online at NDSCSBookstore.com > Tools, or in the Bookstore). If you do not contact either Business Affairs or the Bookstore within this timeframe, the Bookstore will determine if you qualify for a partial credit of the purchase price, using the criteria outlined on the "Tool Return Request" form.

E. Disclosure and Acceptance

• You grant NDSCS permission to apply any excess spring aid towards your remaining fall semester balance, if applicable.
• NDSCS may terminate this agreement upon your failure to comply with any of the terms listed. Upon notice of termination, you will immediately return the property to NDSCS in the same condition as when delivered to you, reasonable wear & tear accepted.
• The NDSCS Payment Priority List will be followed with all payments made, which states that all applicable Tuition & Fees will be paid prior to Bookstore charges (including tool costs) unless otherwise specified.
• Monthly late fees will continue to accrue at a rate of 1.75% of the outstanding balance on your fall costs until the fall balance is either paid-in-full or you have qualified for a Tool Deferment.
• By completing and submitting this document, I acknowledge that I understand and accept the terms of this Tool Purchase/Lease Agreement.