Equipment Lease Agreement 
This document is an agreement between two parties whereby one party leases an equipment it owns to another.

Parties
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

Important Considerations 
This Agreement provides or could provide some options to Lessee to be exercised before the end of the Agreement. The options provided are:

  1. extend the term (duration) of the Agreement with a rent different that the original
  2. continue to rent the Equipment at the same rent on a month-by-month basis
  3. 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:

  1. Equipment ordered for Lessee: this clause would add an approximate shipping date and delivery location for the equipment
  2. Financing: this clause may be added if the Lessee requires a certain amount of time to secure financing for this lease
  3. 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.
  4. 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
  5. 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
  6. 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.
  7. 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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