While leasing houses and cars is very common, there may occasionally come up a time when you may need to rent an equipment like a printing press, or even a karaoke machine. In such a case, you will be expected to sign an equipment lease agreement. Like a rental agreement for a house or a car, an equipment rental agreement will also detail out all the terms and conditions under which you can rent the equipment in question. Like any other contract, remember that a lease agreement for equipment needs to be made in consultation with a lawyer, as it has to be a legally valid document. Studying a template will help you understand how such a document should be drafted.
Template for Equipment Rental Agreement
There are many websites that will allow you access to a template for an equipment rental agreement for free. Like a rental agreement template for a house, there are some conditions that are specific to equipment rentals. Given below is a template for an equipment rental that will allow you to understand how such a document should be drafted.
|Equipment Rental Agreement Template
|The very first section of the agreement needs to specify the names of the two people between whom this document is being signed. The name of the person renting out the equipment will be referred to as the Lessor, and the person renting the equipment is known as Lessee. Other details that need to be specified in this section include the address of both the parties, the date on which the document is being signed, and the address of the place where the document is being signed.
Terms and Conditions
- The first condition should specify that the Lessor is leasing the Lessee the equipment specified, which will be referred to as the Property hereon. The details of the same also need to be mentioned.
Model and Make:
All the accessories that are supplied with the Property are also covered by the document.
- The next condition specifies the reason for which the Lessee is renting the equipment from the Lessor.
- Another important condition that needs to be specified is the term for which the Lessee will have possession of the equipment specified. It is important to include the exact dates.
- The next condition will specify the rent amount that the Lessor and the Lessee have agreed upon, according to their discussions. This condition also needs to specify the date by which the Lessee has to pay this specified amount.
- The agreement needs to specify that at all times proper care will be taken of the equipment in question, and if any part is damaged, then the Lessee will be held responsible.
- Another important condition that needs to be specified is that at all times the Lessee will follow all rules, regulations, and laws as specified by the government, and pay all necessary charges and taxes as applicable.
- It is important to mention that during the period that the Lessee has possession of the equipment, he will be expected to maintain it as it is in its present condition, and will repair any damage at his own cost.
- The Lessor is not liable for any damage or personal injury that is caused to others due to the negligent use of the equipment that has been leased by the Lessee.
- Upon the end of the equipment rental agreement period, the Lessee will hand over the equipment to the Lessor in good condition.
- If any of the above conditions or terms are violated, then the Lessor may terminate the agreement as he deems fit.
Signature of Lessor
Signature of Lessee
In any form of business writing, it is important that you follow the correct format, which is why while renting an equipment, it may be a good idea to make yourself aware of the proper template. Hopefully, the format given in this article has helped you understand the proper way in which this contract should be drafted.