What's the Equipment Lease Agreement?
An Equipment Lease Agreement, also known as an equipment rental agreement, is a document that individuals or businesses use to rent equipment (such as electronics, medical tools, heavy machinery, etc.) from one party to another party. This agreement defines each party's responsibilities and obligations and allows them to outline important terms and conditions, such as the cost to rent the item, when payments are due, the item's approximate value, and more.
What are included in a Equipment Lease Agreement?
Typically, an Equipment Rental Agreement will involve: The owner of the equipment (the lessor) The person who is renting the equipment (the renter or lessee) A lessor and lessee can either be a person or a business depending on the circumstance of the rental. For example, you could own a small business that handles forklift rentals for companies in the construction industry or you could be planning an event and need to rent audio equipment (like a sound system) from a friend.
When to use the Equipment Lease Agreement?
An Equipment Rental Agreement can be used to outline the terms of rental for a variety of items, such as: Heavy equipment (like forklift, scissor lift, and mini excavator rentals) Construction materials (including scaffolding towers and parts, table saws, jackhammers, etc.) Audio and visual equipment (such as cameras, lights, projectors, microphones, turn tables, etc.) Storage and disposal units (like c cans, bin dumpsters, etc.) IT equipment (such as computers, monitors, hard drives, etc.) Catering equipment (including buffet tables, mixers, barbeques, deep fryers, etc.) Event materials (like tents, banquet tables, outdoor heating systems, etc.)
Creating an agreement allows you to limit your liability and include certain conditions for use (like indicating the item can only be used indoors) to help preserve the value of your equipment. So when you want to rent valuable items, this equipment lease agreement can be helpful. Download the equipment lease agreement and edit it with PDF Reader Pro!