- WHAT DOES AN EQUIPMENT LEASE AGREEMENT DO?
Exactly what it sounds like it does. It allows two parties to enter into an agreement where one party uses the other party’s property for a specific time. The Lease Agreement states how much the rental costs, how long it lasts, who can use the equipment and many other provisions. It’s a simple, yet essential document whenever you want to lease equipment or other non-real estate properties.
- WHO CAN ENTER A LEASE?
Usually, anyone can rent or allow to be rented a piece of property. That being said, depending on the equipment involved, there may be age requirements, security deposits, insurance information or other necessary conditions that must be met before the equipment can be used. If more than one person is going to use the equipment, they will probably have to give the rental agent the required information as well.
- HOW DO I USE AN EQUIPMENT RENTAL AGREEMENT?
All you need to do to use these agreements is make sure they express your needs. If you are renting the equipment, you’ll want to keep an eye out for late fees and other clauses that can cost you more money than the first rental amount. If you are the owner of the property, make sure the renters know about and understand everything in the agreement before you rent to them.
- WHAT NEEDS TO BE WRITTEN INTO THE AGREEMENT?
Whenever renting equipment, both parties will want to make sure their interests are protected. If you are an owner, you need to protect yourself against liability, make sure you consider potential damage or loss of value, as well as many other factors.
These professional lease documents and easy to follow instructions give you the confidence that your interests are protected.
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