(8) Frequency of payment. Specify how often the equipment rental amount must be paid by checking the most appropriate box in the list provided. In this way, a one-time payment of the above amount can be requested or a payment can be requested from the tenant each month, week or day. If the landlord is aiming for a different period of time that determines when the payment is due (i.e., every two weeks or once every two weeks), the final option must be chosen because it allows for the registration of such a free-form definition. An equipment lease is between a lessor, the owner of the equipment and a tenant who agrees to pay rent for the equipment to be used for a certain period of time. An equipment lease can be structured with a start and end date or from month to month. According to the agreement, the tenant can make changes or adjustments to the equipment, provided that this does not affect its value. (9) Approved method of payment. The manner in which the equipment rental company wishes to be paid shall be defined in this Agreement. In general, equipment rentals can be paid with credit, money transfers, checks or even cash. This is largely a matter that concerns the equipment rental company and its client (the tenant), but must be documented before signing these documents so that they can be applied to the contract to be drawn up. (6) Monthly rental.
The duration or period of rental of the equipment can be fixed monthly. In general, the rental terms, which are expected to end within one year of the start date, will apply from month to month, but some may last much longer. If this type of lease is selected, it must be assigned a start date on which the tenant takes possession of the equipment for the first time and a predetermined number of termination days must be set. Such a lease may be terminated at any time as long as the number of days prior to termination is communicated by the terminating party. The landlord or lessee may terminate the equipment rental in these circumstances as long as this rental agreement is in effect. (11) Penalty for delay. How punishment is added should also be discussed. Select the appropriate check box to specify when and how often the penalty is added. In this way, a single penalty can be applied if the tenant of the equipment does not pay within the grace period defined above, for each day after the due date on which the amount of the rental of the equipment is unpaid, or can be invoiced in any other way. If the « Other » box is checked, you must indicate the designated space with the frequency of adjustment of the penalty on the tenant`s invoice.
(2) Equipment Rental Company. The party (or business entity) with the legal right to rent the equipment must be identified by name and business mailing address must be documented. In most cases, this is the owner of the equipment to be rented. (21) Signature of the owner. This agreement will only take effect when the landlord and tenant have signed it. The first signature space provided is reserved for the equipment rental company. He or she must provide a binding signature (in his or her own name) as the owner when asked to do so. In the case of a corporation, an elected representative of that corporation may sign this agreement on behalf of the corporation. (15) Purchase opportunity. Indicate whether the option to purchase equipment is available to the tenant or if this option is not applied by selecting one of the declarations in the tenth item.
Remember that if the option to purchase the equipment from the owner is given to the tenant, the dollar amount required for the purchase (i.e. the selling price of the equipment) must be entered upon request. (4) Rented equipment. The equipment at the heart of this agreement must be clearly defined. In many cases, a product name and serial number are sufficient, however, some types of equipment such as trailers or mechanized agricultural equipment may contain additional information such as color, make and model. In addition to this basic description, it should include any changes, improvements or identification markings that can be used to define the equipment to be rented. (20) Necessary provisions. Additional agreements may be made between the landlord and the tenant, both of whom may wish to be included and covered in this contract. Any convenience, obligation or condition that should form part of this Agreement, but which is not mentioned, must be documented directly in its content in order to be enforced. Article XXIII provides for a separate area in which all such additions to this Agreement may be documented. (16) Standard repair obligation. In general, most devices require standard maintenance and even repair work.
The party responsible for paying normal maintenance fees must be defined by checking the box « Owner », « Tenant » or « Shared ». It should be noted that a standard repair is the result of wear, such as. B adjustment of a motorized lawn mower, and not damage caused by the tenant, such as bending the axle of a motorized lawn mower due to an accident or because the renter used the device recklessly. (18) Waiver of the tenant`s insurance obligation. Select the indication « No » in the twelfth article if the tenant is not obliged to wear any insurance contract on the device to be rented. (19) Competence of the State. The state in which the equipment is located is often the jurisdiction that controls the content of this document and determines its legal status, should be documented. (3) Tenants.
The customer who will comply with the obligations under this contract in exchange for the use and (temporary) possession of the rented equipment is a necessary report for the introduction of this document. Also, be sure to attach the tenant`s official mailing or billing address to their identity. (24) Signature of the tenant. If the tenant has reviewed the concluded contract and intends to conclude it, he must sign this document and fill in the rest of the signature area with the requested presentations. (1) Date of the rental agreement. The official date that should be associated with this agreement in the future should be set out in the first article. (5) Fixed lease agreement. The period during which the lessee must be in possession of the leased equipment must be specified in this contract before the equipment is released. The first option looks for a predetermined start date and a termination (or end) date for when the renter must be in possession of the equipment in question.
This term for the lease requires an additional definition by selecting one of the two supporting statements to indicate the results of the termination of the lease. Present this result by choosing the first option if the tenant can continue to own the leased equipment on a monthly basis under the same conditions of this lease, or the second option if the tenant must return the equipment to the owner on the date of termination of the fixed term. It should be mentioned that a fixed term may apply for any reasonable period of time (e.g. B, one day, one week, six months, etc.). (14) Obligation to carry. Sometimes, transporting the equipment for rent can be expensive or take a long time to transport it from their current location to a place where the tenant needs it. This Agreement may be established in such a way that responsibility for transporting the Equipment to and from the Renter is transferred to the Lessor, the Renter or both (« Shared »). (10) Contractual penalty in case of non-payment. Many landlords will try to impose a penalty if the tenant does not pay the rental amount of the equipment on time. If this is the case, the number of days after the due date of a missed payment must be set as the grace period set for the tenant. It is provided that the first day the penalty is credited to the equipment tenant`s account is the last day of the grace period. In addition, a record of the exact amount of the penalty should be recorded in the declaration made.
Once this declaration is made, it is explained that after a certain number of days after the missed payment date, the amount of the penalty will be added to the tenant`s invoice. (13) Status of safety requirements. Equipment rental companies will be interested in ensuring the quality of the rented equipment. For this purpose, a deposit amount may be collected from the tenant and withheld to cover damages or omissions that are the responsibility of the tenant. If this is the case, check the appropriate instructions and note the exact amount of equipment warranty that the tenant must give to the landlord in order to enter into this lease. However, if the security of the device is not required, it is just as important. Choose the statement that best defines the filing requirements that the landlord makes for this agreement. (17) Status of insurance cover. Some devices can cause damage to property or people, resulting in liability payments that must be paid by the operator (tenant) or owner (owner). Therefore, check the first box if the tenant needs to take out insurance.
Then, continue to specify the type of insurance that the tenant must have. .