Companies lease equipment all the time. Even if they have the capital to buy equipment, leasing may benefit from better cash flow, higher tax deductions, and improved credit score (at the end of the lease).
However, it may make the most sense to rent the equipment for all temporary needs through the use of an Equipment Rental Agreement.
An Equipment Rental Agreement is a contract between a lessor and a lessee containing all of the rental terms. For example, a company may rent construction tools or vehicles for the duration of a project.
More than that, the Equipment Rental Agreement is also used for smaller items such as event planning equipment, appliances, furniture, and video equipment on a per-project basis. It is also not uncommon for individuals to enter into this type of agreement with a company or another individual.
Depending on your state, an Equipment Rental Agreement may also be known as:
An Equipment Rental Agreement can protect both the lessor and the lessee. The lessor may be entitled to regular payments and insurance coverage, and the lessee can negotiate payment frequency and rental period.
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An Equipment Rental Agreement requires all the necessary clauses and terms to satisfy both parties of the contract. Businesses leasing equipment can significantly take advantage of a proven template.
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In some states, the rental of more expensive equipment on a longer-term basis requires the purchase of insurance. For the less expensive equipment, it is most often up to a lessor to decide if they want to require a lessee to obtain insurance coverage. This could include liability insurance in addition to the standard property damage insurance.
If someone rents equipment to another party without drafting an Equipment Rental Agreement, he or she may be exposed to a range of unnecessary risks. The renter may skip payments and the property owner may have a hard time trying to collect rental payments purportedly agreed upon. In the event of property damage, the responsible party may likewise be in question.
While it is unnecessary to seek legal counsel for something relatively trivial like an Equipment Rental Agreement, either party certainly has a right to do so. For long-term rental of exorbitant equipment, getting a legal review may be particularly reassuring.
The first is the capital lease involving long-term leases where the lessee has a right to buy the equipment in question at the end of the lease agreement. The other category is the operating lease involving a relatively short-term and easily cancelable agreement (with a previously established notice).
This is a contract law term for an implied guarantee from a merchant that the goods sold conform to all the labels, work as intended, and will arrive adequately packaged. This warranty is attached to businesses that trade in goods and equipment, including the leasing of equipment through the use of Equipment Rental Agreements.
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