Equipment Lease Agreement With Option To Purchase Template for Philippines

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Equipment Lease Agreement With Option To Purchase

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Equipment Lease Agreement With Option To Purchase

"I need an Equipment Lease Agreement with Option to Purchase for leasing 3 heavy-duty construction cranes to a manufacturing company in Manila, with a 36-month lease term starting March 1, 2025, and an option to purchase at 70% of market value after 24 months."

Document background
The Equipment Lease Agreement With Option To Purchase is a vital document used in Philippine business transactions where companies or individuals seek to acquire equipment through an initial lease arrangement while maintaining the flexibility to purchase the equipment later. This arrangement is particularly useful when immediate purchase is not feasible or desired, but future ownership is contemplated. The document, governed by Philippine law including the Civil Code and Republic Act No. 9160, provides comprehensive coverage of both the leasing phase and potential purchase, including detailed specifications of the equipment, financial terms, maintenance requirements, and the specific conditions under which the purchase option can be exercised. It serves as a critical tool for asset financing while ensuring compliance with local legal requirements and protecting both lessor and lessee interests.
Suggested Sections

1. Parties: Identification of lessor and lessee with complete legal names and addresses

2. Background: Context of the agreement, including brief description of the business relationship and purpose of the lease

3. Definitions: Definitions of key terms used throughout the agreement

4. Equipment Description: Detailed description of the leased equipment, including make, model, serial numbers, and condition

5. Lease Term and Renewal: Duration of the lease, commencement date, and renewal provisions

6. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and late payment penalties

7. Delivery and Installation: Terms regarding equipment delivery, installation requirements, and acceptance procedures

8. Use and Maintenance: Permitted use of equipment, maintenance responsibilities, and operating conditions

9. Purchase Option: Terms and conditions for exercising the purchase option, including pricing formula and procedure

10. Insurance and Risk: Insurance requirements, risk allocation, and liability provisions

11. Default and Remedies: Events of default, cure periods, and available remedies

12. Return of Equipment: Conditions and procedures for equipment return if purchase option not exercised

13. Representations and Warranties: Standard representations and warranties from both parties

14. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments

Optional Sections

1. Environmental Compliance: Required for equipment that may have environmental impacts or require specific environmental permits

2. Training and Support: Include when the equipment requires specialized training or ongoing technical support

3. Software License: Necessary when the equipment includes software components

4. Multiple Location Use: Required when equipment may be used at different locations

5. Import/Export Compliance: Include for equipment subject to international trade regulations

6. Sublease Rights: Optional section allowing or prohibiting subleasing of equipment

7. Early Purchase Option: Details of any early purchase options before the end of the lease term

8. Equipment Upgrade Rights: Terms for upgrading or exchanging equipment during the lease term

Suggested Schedules

1. Schedule A - Equipment Specifications: Detailed technical specifications and photographs of the equipment

2. Schedule B - Rental Payment Schedule: Detailed breakdown of rental payments, including dates and amounts

3. Schedule C - Purchase Option Pricing: Formula or fixed prices for purchase option at different points in time

4. Schedule D - Maintenance Requirements: Detailed maintenance schedule and procedures

5. Schedule E - Acceptance Certificate: Form for documenting equipment delivery and acceptance

6. Schedule F - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements

7. Schedule G - Return Conditions: Detailed specifications for equipment condition upon return

8. Appendix 1 - Location Requirements: Specific requirements for equipment installation and operation locations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Manufacturing

Construction

Agriculture

Mining

Transportation

Logistics

Healthcare

Information Technology

Telecommunications

Food Processing

Retail

Hospitality

Energy

Industrial Services

Printing and Publishing

Relevant Teams

Legal

Finance

Procurement

Operations

Risk Management

Facilities Management

Asset Management

Treasury

Business Development

Production

Maintenance

Relevant Roles

Chief Financial Officer

Finance Director

Procurement Manager

Operations Manager

Fleet Manager

Equipment Manager

Legal Counsel

Contract Administrator

Risk Manager

Facility Manager

Asset Manager

Treasury Manager

Business Development Manager

Production Manager

Maintenance Supervisor

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Option Agreement For Purchase Of Real Property

A Philippine law-governed agreement granting exclusive rights to purchase real property at predetermined terms within a specified timeframe.

find out more

Option To Renew Contract

A Philippine law-governed agreement that grants one party the right to extend an existing contract under specified terms and conditions.

find out more

Land Purchase Option Agreement

A Philippine law-governed agreement granting exclusive rights to purchase specified land within a set timeframe and price, subject to local property regulations.

find out more

Buy Back Option Contract

A Philippine law-governed contract granting the seller the right to repurchase an asset from the buyer under specified terms and conditions.

find out more

Option Extension Agreement

A Philippine law-governed agreement that extends the duration of an existing option agreement, specifying new terms and expiration date.

find out more

Option Cancellation Agreement

A Philippine law-governed agreement that terminates an existing option agreement and documents the terms of cancellation, including mutual releases and regulatory compliance requirements.

find out more

Option And Purchase Agreement

A Philippine law-governed agreement granting the right to purchase property or assets within a specified timeframe under predetermined conditions.

find out more

Vehicle Lease Agreement With Option To Purchase

A Philippine law-governed agreement for vehicle leasing with a purchase option, combining lease terms with potential ownership transfer provisions.

find out more

Land Lease To Own Contract

A Philippine law-governed agreement enabling property lease with option to purchase, incorporating rental payments toward final purchase price.

find out more

Lease To Own Document

A Philippine law-governed agreement that enables property rental with an option to purchase, combining lease terms with future buying rights.

find out more

Option Sales Contract

A Philippine law-governed contract granting the right to purchase specific assets at predetermined terms within a defined period.

find out more

First Refusal Agreement

A Philippine law-governed agreement granting one party the right to enter into a transaction before third parties, establishing terms and procedures for exercising this right.

find out more

Purchase Agreement With Payment Plan

Philippine law-governed agreement for the sale of goods or property with structured payment terms and consumer protection provisions.

find out more

Non Exclusive Option Agreement

A Philippine law-governed agreement granting non-exclusive rights to enter into a future transaction or secure specific rights, with defined exercise terms and conditions.

find out more

Master Lease With Option To Purchase

A Philippine law-governed agreement combining property lease terms with a future purchase option, establishing rights and obligations for both temporary use and potential ownership transfer.

find out more

Lease With Option To Buy Commercial Property

A Philippine law-governed agreement combining commercial property lease terms with a future purchase option, structured to facilitate potential property acquisition through an initial lease period.

find out more

Lease To Own Land Agreement

A Philippine law-governed agreement combining property lease terms with a purchase option, enabling gradual property acquisition through structured payments.

find out more

Equipment Lease Agreement With Option To Purchase

Philippine-law governed agreement for equipment leasing with purchase option, detailing lease terms and conditions for potential ownership transfer.

find out more

Cash Payment Agreement

A Philippine law-governed agreement establishing terms and conditions for cash-based financial transactions, including payment obligations and regulatory compliance requirements.

find out more

First Option To Buy Agreement

A Philippine law-governed agreement granting exclusive rights to purchase specific property or assets within a defined period, subject to agreed terms and conditions.

find out more

Lease Option Agreement Contract

A Philippine law-governed agreement combining property lease terms with an option to purchase, establishing rights and obligations for both temporary occupation and potential ownership transfer.

find out more

Short Term Investment Agreement

A Philippine law-governed agreement establishing terms and conditions for short-term investments, including investment amount, returns, and regulatory compliance requirements.

find out more

Seller Financing Purchase Agreement

A Philippine law-governed agreement combining property sale and seller-provided financing terms, enabling direct property purchase without traditional bank financing.

find out more

Rental Agreement With Option To Purchase

A Philippine law-governed agreement combining property rental terms with an option for the tenant to purchase the property under specified conditions.

find out more

Residential Lease Agreement With Option To Purchase

A Philippine law-governed agreement combining residential property lease terms with an option for the tenant to purchase the property under specified conditions.

find out more

Real Estate Option To Purchase Agreement

A Philippine law-governed agreement granting an exclusive right to purchase specified real estate at predetermined terms within a defined period.

find out more

Outright Purchase Agreement

A Philippine law-governed agreement for the complete and immediate transfer of ownership of assets from seller to buyer for a defined price.

find out more

Option To Lease Agreement

A Philippine law-governed agreement granting exclusive rights to lease a property within a specified period, including option terms and proposed lease conditions.

find out more

Option To Buy Land Agreement

A Philippine law-governed agreement granting exclusive rights to purchase specified land within a defined period, subject to agreed terms and local property laws.

find out more

Land Option Contract

A Philippine-compliant agreement granting an exclusive right to purchase specified land within a defined period, subject to agreed terms and local property laws.

find out more

Option Agreement Land

A Philippine law-governed agreement granting exclusive rights to purchase specified land at predetermined terms within a set timeframe.

find out more

Option To Buy Contract

A Philippine law-governed agreement granting exclusive rights to purchase specific property or assets under predetermined terms and conditions.

find out more

Vehicle Lease To Own Agreement

A Philippine law-governed agreement establishing terms for vehicle leasing with an eventual purchase option, combining lease and sale elements in compliance with local regulations.

find out more

Option Agreement (Real Estate)

A Philippine law-compliant agreement granting exclusive rights to purchase specified real estate at a predetermined price within a defined period.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.