Lease-to-Own Agreement

Terms and Conditions

 

Key Information

• The Lease-to-Own Period commences on the Activation Date and continues for the duration set out in your order confirmation.

• At the end of the Lease-to-Own Period, ownership of the Goods will automatically transfer to you upon payment of $1 (One Dollar) as a final purchase consideration.

• We may charge a late payment fee if any payment due under this agreement is not made on time. Missing payments could have severe consequences and may make obtaining credit more difficult.

• If you wish to cancel this agreement after the Activation Date, you must pay all remaining Lease Payments for the full Lease-to-Own Period plus $1 to complete the Ownership Transfer. Goods cannot be returned after the Activation Date.

• If the Goods are lost or stolen during the Lease-to-Own Period, we have the right to seek adequate compensation.

• We may charge you for all reasonable costs and expenses incurred as a result of you breaching this agreement. See Clause 4 (Payments).

• The Aircon Installation Terms and Conditions set out in Section 27 of the PRISM+ Terms of Service shall apply to this Agreement. In the event of any inconsistency between those terms and this Agreement, the terms in Section 27 of the PRISM+ Terms of Service shall prevail unless otherwise stated.

Terms last updated: 29 April 2026

1.   Definitions and Interpretation

1.1   In these Terms and Conditions, the following words and expressions shall have the following meanings:

1.2   "Terms and Conditions" means the terms and conditions in this document which you agree to abide by when entering into the Lease-to-Own arrangement for the Goods.

1.3   "Activation Date" means the date that the Goods are delivered to you or when the Goods are installed at your home. The Lease-to-Own Period commences on this date.

1.4   "Lease-to-Own Period" means the minimum period for which you must make Lease Payments, as specified in Clause 3, at the end of which ownership of the Goods automatically transfers to you.

1.5   "Goods" means the goods meeting the specification set out in your order confirmation, renewal or substitution that we may agree with you.

1.6   "Late Payment Fee" means the charge you may have to pay if you do not make a payment due under this agreement on time.

1.7   "Early Cancellation Charge" means the charge you may have to pay if you choose to end the lease early, as described in Clause 12 (Cancellation).

1.8   "Lease Payment" means the monthly payment set out on the first page of this agreement.

1.9   "Ownership Transfer" means the transfer of legal title in the Goods from us to you upon payment of $1 at the end of the Lease-to-Own Period, or upon full settlement of all remaining Lease Payments and $1 in the event of early cancellation.

1.10   The words and expressions used in these Terms and Conditions which are not defined shall be read and interpreted according to their plain and ordinary meaning unless the context otherwise requires.

1.11   The headings or titles to the clauses in these Terms and Conditions are to facilitate reference and shall not be relied upon in the construction of any provision.

2.   Credit and Other Checks

2.1   You authorise us to conduct checks, validations and risk assessments through third parties and allow us to make the inquiries necessary to verify your identity, to assess your capability to make payments under the Lease-to-Own arrangement, and as required by applicable laws or regulatory requirements. You further agree and authorise us to share such information with authorised third parties, affiliates, or service partners as may be relevant and/or necessary for the provision of the lease arrangement.

3.   Lease-to-Own Period and Ownership Transfer

3.1   Unless cancelled in accordance with Clause 12 (Cancellation) or terminated in accordance with Clause 11 (Default and Termination), we agree to lease, and you agree to take on hire, the Goods described above for the Lease-to-Own Period as set out in the key terms, calculated from the Activation Date.

3.2   The Goods remain our property throughout the Lease-to-Own Period. You shall not become the owner of the Goods until the Ownership Transfer is completed.

3.3   At the end of the Lease-to-Own Period, provided all Lease Payments have been made and this agreement has not been terminated, ownership of the Goods will automatically transfer to you upon payment of $1 (One Dollar) as a final purchase consideration. We will issue written confirmation of the Ownership Transfer upon receipt of the $1 payment.

3.4   Once Ownership Transfer is completed, you will have full legal title to the Goods and this agreement will terminate, save for any obligations that have accrued prior to termination.

4.   Payments

4.1   You agree to pay to us, without previous demand, the Lease Payments in the amount set out in the key terms, and any other sums due from you at the times shown, for the duration of the Lease-to-Own Period.

4.2   The Lease Payments will continue to be due notwithstanding any temporary unavailability of the Goods (for example, where they are being repaired).

4.3   We may charge you an Establishment Fee at the start of your agreement, as set out in the key terms.

4.4   Punctual payment by you is an essential term of this agreement.

4.5   If GST is payable on any sums due by you under this agreement, you will pay that GST at the applicable rate. If the rate of GST changes, corresponding changes in the amounts payable will be made.

4.6   We may request you to provide credit or debit card details. In providing these, you irrevocably authorise us to charge to such card any amounts due under this agreement in the event that an attempt to obtain them by direct debit fails.

4.7   You shall agree to indemnify us for:

• all reasonable costs and expenses incurred by us (both before and after judgment) as a result of you breaching this agreement and/or in our enforcing any term of this agreement; and

• all reasonable costs and expenses incurred by us for any administrative work carried out by us at your request in connection with this agreement. We shall tell you the amount that we are going to charge for such administrative work before we carry it out, and obtain your consent before the fee is incurred.

5.   Deposit

5.1   We may charge a Deposit as part of this Agreement.

5.2   Any Deposit will be refunded at the end of the Lease-to-Own Period upon completion of the Ownership Transfer, provided all obligations under this agreement have been fulfilled.

5.3   Any Deposit may be applied to cover outstanding Lease Payments or other fees and charges set out in this Agreement.

6.   Late Payment

6.1   We may apply a Late Payment Fee every time that a payment is not paid or made under this agreement by its due date.

6.2   In the event that a Lease Payment is not received by us by the due date, we shall be entitled to employ an outside debt collection agency or institution to collect any or all sums due but unpaid by you, which includes all overdue Lease Payments and any applicable Early Cancellation Charges. You shall fully indemnify us for all reasonable costs and expenses incurred in employing such agency and all legal fees and disbursements reasonably incurred in recovery thereof.

7.   Delivery

7.1   We will use reasonable endeavours to deliver the Goods to you on the date specified when you placed your order.

7.2   If delivery of the Goods is delayed by an event outside our control, we will contact you as soon as possible to let you know and take the appropriate steps to minimise the effect of the delay where possible. Provided we do this, we will not be liable for delays caused by the event, but you may contact us to end this agreement if the delay is longer than 30 days from the date specified when you placed your order.

8.   Your Obligations

8.1   You must:

• use the Goods in accordance with the manufacturer's instructions;

• take reasonable care of the Goods. You are responsible for any loss or damage during the Lease-to-Own Period. In the event of damage, you must notify us promptly and take reasonable steps to have the Goods assessed and repaired. We may, at our sole discretion, contribute towards the costs of repair, but shall have no obligation to do so;

• allow us or our appointed representatives to assess, collect, or arrange servicing of the Goods when reasonably requested to do so during the Lease-to-Own Period (for example, where a repair, replacement, or inspection is required); and

• immediately notify us if the Goods have been lost, stolen, or significantly damaged.

8.2   You must not:

• sell, trade-in, part with, pledge, pawn or otherwise dispose of the Goods (or attempt to do so) during the Lease-to-Own Period, nor permit them to be seized by any third party, or allow third party rights to be created over them; or

• make any modifications or alterations to the Goods or attempt to alter or replace any installed operating software of the Goods (other than by applying manufacturer-supplied software updates).

8.3   The agreement will commence when it is electronically signed by both you and us. It will continue for the Lease-to-Own Period ending 24 months from the Activation Date, subject to termination/cancellation pursuant to Clauses 11 and 12 and your statutory rights.

9.   Return of the Goods

9.1   You have no right to return the Goods at any time during the Lease-to-Own Period, save as required by us at our sole discretion under Clause 11 (Default and Termination).

9.2   Where we request the return of the Goods under Clause 11, you must comply promptly. Prior to return, you must ensure all personal data has been erased, all personal accounts have been logged out of, and the Goods have been reset to factory settings where applicable. Failure to comply may result in additional charges.

9.3   Where you are unable to return the Goods as requested because they have been lost, stolen, or damaged beyond repair, we may at our discretion agree an alternative arrangement. We reserve the right to take legal steps to recover the Goods or seek compensation where the Goods are not returned as required.

10.   Device Ownership and Warranty Coverage

10.1   The Goods remain our asset throughout the Lease-to-Own Period. You have no right, title or interest in the Goods except as expressly set forth in this Agreement, until Ownership Transfer is completed.

10.2   We will register the serial number of the Goods with loss and theft databases. In the event the Goods are reported lost or stolen, we will make appropriate notifications to prevent use or resale.

10.3   The Goods are covered by a warranty or servicing arrangement for the Lease-to-Own Period which begins from the Activation Date, covering defects in quality and materials under normal, non-commercial use. Such warranty or servicing coverage may be provided by us or by an appointed third party service provider, as we may determine from time to time.

10.4   You are responsible for any loss of or damage to the Goods from the date they are delivered to you until the date of Ownership Transfer. You must take reasonable steps to have the Goods repaired in the event of damage. We may, at our sole discretion, contribute towards the costs of such repair, but shall have no obligation to do so. We strongly suggest that you consider insuring the Goods accordingly.

10.5   We do not guarantee uninterrupted or error-free operation of the Goods. Product performance is affected by system configuration, software, applications, and other factors.

10.6   In the event of sending in the Goods for a warranty or servicing claim, we reserve the right to replace or repair the Goods and return them to you.

10.7   The Goods are not transferable at any time during the Lease-to-Own Period. The Goods cannot be sold, transferred, or redeemed in cash under any circumstances. An audit check will be conducted periodically via email and/or WhatsApp, and failure to provide evidence of possession will be considered a breach of contract.

11.   Default, Termination and Other Things We May Do

11.1   We have the right to terminate this agreement if any of the events specified below occur:

• We reasonably believe that the Goods have been used in a way which is not allowed under this agreement;

• You have provided unauthorised payment or other details or we have reasonable grounds to suspect fraud, attempted fraud or any other unauthorised activity;

• You or anyone you authorise to deal with your account acts in a way towards our staff or agents which we reasonably consider to be inappropriate and sufficiently serious to justify ending your right to lease the Goods;

• You have not paid any Lease Payment within 7 days of its due date;

• You break any of the conditions of this contract (for serious breaches we will normally exercise this right immediately);

• You have provided us with information that is false or misleading in a material respect;

• Any judgment is obtained against you and remains unsatisfied for more than 7 days;

• You die;

• You cease to be a resident of Singapore;

• You fail to provide us with the location of the Goods or proof of possession when requested; or

• We reasonably believe there is a credible risk that the Goods will not be maintained as required under this agreement.

11.2   If any of the events specified above apply and we terminate the agreement, we may:

• Demand the prompt return of the Goods;

• Prevent the use or resale of the Goods (by notifying the serial number of the Goods);

• Where the Goods have not yet been delivered, withhold or withdraw such delivery; and

• Recover from you the sum equal to: any sums in arrears; any other sums due under the agreement; an Early Termination Charge equal to the balance of Lease Payments that would be payable up to the end of the Lease-to-Own Period; and where applicable, any costs associated with recovery of the Goods as set out in Clause 9.

12.   Early Cancellation

12.1   You may cancel this agreement at any time by paying an Early Cancellation Charge equal to the total of all remaining Lease Payments for the full Lease-to-Own Period, plus $1 as the final Ownership Transfer consideration. Upon receipt of such payment, ownership of the Goods will transfer to you and this agreement will terminate. Goods cannot be returned after the Activation Date.

13.   Management of System, Device and Data

13.1   We reserve the right to manage and control access to any devices operated or used by us or linked to any computer or other electronic or telecommunications system operated or used by us, and any data stored therein, in a manner deemed appropriate by us, and to delete any data notwithstanding that such storage is a requirement of the lease arrangement.

13.2   In the event that we request the return of the Goods under Clause 11, it is your responsibility to back up your data, and carry out a factory reset to erase all data created by you prior to returning the Goods. We shall not be responsible for any data loss in such circumstances.

14.   Change of Lease Plan

14.1   You shall not change the Lease Plan without first notifying us in writing and obtaining our written consent. Any change consented to by us shall take effect on the date specified by us, or failing any such specification, on the thirtieth (30th) day after the date of our written consent. Early Cancellation Charges or other one-time charges may apply for a change or downgrade of the Lease Plan.

14.2   If the Lease Payment is revised by us at any time during the Lease-to-Own Period, such revised fee shall not apply during the current Lease-to-Own Period. You will continue to pay the fee agreed upon at the time of entering into this agreement.

15.   Consent to Use and Disclose Information and Data

15.1   You agree that we shall be entitled to collect, use or disclose any information or data collected from you in accordance with the Privacy Policy located on our website at https://prismplus.sg/pages/privacy-policy. You are entitled to withdraw such consent in the procedure as prescribed by the Privacy Policy from time to time, unless there is outstanding payment payable to us.

15.2   We may disclose information about you and any debt you owe us to:

• A debt collection service we engage; and

• Anyone who takes, or is considering taking, an assignment of any debt you owe us.

16.   General

16.1   Recovery of Legal Costs

   If we commence legal action to enforce the provisions of these Terms and Conditions against you, we are entitled to recover the costs and expenses incurred on an indemnity basis, in addition to any other relief to which we are entitled.

16.2   Waiver

   The failure of either party to enforce any provisions of this Agreement shall not be deemed a waiver of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.

16.3   Liability and Indemnification

   You, to the extent permitted by law, will indemnify and hold us harmless from any liability for losses, claims, injury to or death of any person, or for damage to property arising from your using and possessing the Goods during the Lease-to-Own Period.

16.4   Severability

   If any part of this Agreement shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect.

16.5   Assignment

   Neither this Agreement nor your rights hereunder are assignable except with our prior, written consent.

16.6   Governing Law

   This Agreement shall be governed by and construed in accordance with the laws of the Republic of Singapore.

16.7   Entire Agreement

   This Agreement, and any Agreements incorporated by reference, constitute the entire agreement between us and you and supersede any prior understanding or representation of any kind preceding the date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement.