If the renter chooses to purchase the vehicle, his rents are charged to the total purchase price. 7.13 The lessor undertakes to replace the vehicle with a similar vehicle when the vehicle is irreparably damaged or exceeds the costs of economic repair. PandaTip: If you do not wish to include the right to arbitration or wish to choose another arbitrator, please delete or modify this clause. Arbitration is a private agreement (unlike a legal case) and is sometimes involved to show the parties that they cannot obtain benefits by threatening to file a claim, but that they must be prepared to go through a fair arbitration hearing. Rev. 4/11 Vehicle rental agreement this rental agreement, concluded and concluded on this date of , 20 , between , hereinafter referred to as the owner , and , hereinafter referred to as the lessee. .