Equipment Lease Agreement
This document is an agreement between two parties whereby one party leases an equipment it owns to another.
Lessor: the party who owns the equipment
Lessee: the party wishing to lease the equipment
When to Use this Equipment Lease Agreement?
When the parties are considering leasing an equipment or a set of equipment
This Agreement provides or could provide some options to Lessee to be exercised before the end of the Agreement. The options provided are:
- extend the term (duration) of the Agreement with a rent different that the original
- continue to rent the Equipment at the same rent on a month-by-month basis
- return all the Equipment
Specifications of this Agreement
The parties to this agreement can be individuals, registered businesses, corporations or partnerships. It is possible to add clauses regarding the following:
- Equipment ordered for Lessee: this clause would add an approximate shipping date and delivery location for the equipment
- Financing: this clause may be added if the Lessee requires a certain amount of time to secure financing for this lease
- Option to buy: You can also choose to include an option for the Lessee to buy the Equipment from the Lessor at the end of this Agreement.
- Pre-authorized rent payments: you can add an obligation for Lessee to provide all information needed to pre-authorize rent payments from Lessee’s bank account
- Prohibition to alter equipment without Lessor’s consent: a provision may be added prohibiting the Lessee from altering the Equipment without the Lessor’s permission
- Patent Infringement: by selecting this option, Lessor will have to defend or settle any claims of patent infringement bought against the Lessee regarding the Equipment.
- Insurance: the addition of this clause compels the Lessee to get insurance for the Equipment for the duration of this Lease.
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