{"id":1007,"date":"2017-09-10T00:52:16","date_gmt":"2017-09-10T00:52:16","guid":{"rendered":"http:\/\/www.weblegal.ca\/?page_id=1007"},"modified":"2017-09-10T00:52:16","modified_gmt":"2017-09-10T00:52:16","slug":"equipment-lease-agreement","status":"publish","type":"page","link":"https:\/\/www.weblegal.ca\/templates\/equipment-lease-agreement\/","title":{"rendered":"Equipment Lease Agreement"},"content":{"rendered":"
For your business to be competitive, you need to employ modern technology. Sometimes, buying state of the art equipment may not be a clever idea because of financial constraints. A better alternative can be to lease equipment. This does not only shield you from upfront expenses, it also offers you tax benefits. When you lease equipment for your business, you enter into an equipment lease agreement<\/strong><\/a> with the lessor. Read on to learn more about equipment leasing contracts, and where to purchase a equipment lease agreement template online<\/strong>.<\/p>\n The contract needs to define the equipment that is being leased. Non-specific definitions of equipment are the reason for many rental agreement conflicts. Complicated equipment consist of many parts and attachments, if any of these are removed, you need to note the ones that are missing.<\/p>\n A few leases are based on monthly contracts and do not go for more than a month. Pay attention to the term of the contract.<\/p>\n It is important to determine the amount of rent, the duration, and the acceptable installments. You should also know how a lease is terminated and whether there are any auto-renewal terms.<\/p>\n Rented equipment is subject to wear and tear. This is why it’s necessary for the lessor and lessee to settle on usage limits.<\/p>\n You need to determine what your responsibility is with regards to insurance on the equipment.<\/p>\n The contract needs to state the person responsible for transportation and installation of the equipment.<\/p>\n The contract should outline the equipment’s maintenance<\/a> procedures. It should also indicate the one responsible for executing these procedures and paying for them.<\/p>\n Although the law requires that you get assurances regarding the quality and safety of equipment, additional warranties affecting the performance and state of equipment needs to be considered carefully.<\/p>\nWhat to Look Out for in Equipment Lease Contracts<\/h2>\n
Equipment<\/h3>\n
Terms<\/h3>\n
Rent<\/h3>\n
Usage Limitations<\/h3>\n
Insurance<\/h3>\n
Transportation and Installation<\/h3>\n
Maintenance<\/h3>\n
Warranties<\/h3>\n
Risk Issues Affecting Equipment Lease Agreements<\/h2>\n