Hire or lease equipment

About this business activity

Hiring or leasing equipment can be more cost-effective than purchasing it outright, provide flexibility, and be beneficial when an individual or business needs a piece of equipment that they will not use on a regular basis.

Equipment Lease Agreement (Optional Purchase)

This is an agreement between two businesses for the hiring of equipment, drafted from the perspective of the lessor. It includes an optional clause that gives the lessee the right to purchase the equipment at the end of the term, making it a hire purchase agreement.

What to watch out for

  • The agreement should be between two businesses, from the perspective of the lessor.
  • The agreement should contain an optional clause providing the lessee with a right to purchase the equipment at the end of the term.
  • If this clause is included, the agreement becomes a hire purchase agreement.
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    Relevant Contract Types

    🧰 Equipment hire agreement

    A equipment hire agreement is a legal contract between a company and an individual that outlines the terms of the equipment rental. The agreement should include the length of the rental, the price, the equipment to be rented, and any other pertinent information. The agreement should also outline the responsibilities of both parties, and any legal liability that may arise from the use of the equipment.

    πŸ‘ Equipment Loan Agreement

    An equipment loan agreement is a contract between a lender and a borrower that outlines the terms of a loan for equipment. The agreement should include the amount of the loan, the interest rate, the repayment schedule, and any collateral required by the lender.

    πŸ› οΈ Equipment maintenance agreement

    An equipment maintenance agreement is a legal contract between a company and a service provider that outlines the terms of the service provider maintaining the company's equipment. The agreement should cover the types of services to be performed, the frequency of services, the cost of services, and the length of the agreement.

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