Equipment Lease Agreement Form

A lease agreement is a contract in which the lessor, the owner of the equipment, allows the lessee to use it in exchange for periodic payments. Any type of equipment may be the subject of a lease, from vehicles to factory machines.

How do I write a form for an equipment lease agreement?

Below is the information you will need to complete the form:

• In order to provide a complete description of the equipment, provide as much information as possible.
  
• Provide clarification of lease terms - Specify any limitations on how the renter may use the equipment. Using the template's standard restrictions, writing specific terms yourself, or allowing the renter to handle the equipment at his discretion are all options.
  
• Consider insurance and taxes - Some owners require renters to purchase insurance when renting special equipment. In the event that the equipment needs to be repaired, this can help cover the costs.
  
• Provide the equipment owner's name and contact information as well as that of the renter. The parties can be either individuals or businesses.
  

What are the benefits of leasing equipment?

Compared to buying equipment outright, leasing capital equipment lowers upfront costs. If your contract specifies upgrades, you reduce the chance of your company having obsolete equipment. In accordance with your lease agreement, the leasing company is responsible for equipment maintenance.

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