Common Contracts
2 similar Equipment Lease Purchase Agreement contracts
Equipment lease purchase agreement formEquipment Lease Purchase Agreement • July 27th, 2023
This lease can be used to let or lease out spare office equipment, furniture, machines or almost anything else, to another business. It is perfect for use if a director or shareholder lends to his own business, a professional leasing business renting on a commercial basis, a business that wants to make good use of spare equipment, or as an inter-company record within a group of companies. The equipment lease agreement regulates a precise understanding of the arrangement allowing an individual or business to utilize a piece of equipment for a predetermined duration length in exchange for monetary consideration. When a company requires specific hardware to do business, leasing can be a preferable option to buying for several reasons. The financial ramifications may entice a business owner or management to elect to rent rather than purchasing. When leasing, there is generally no need for a large down payment to compensate for acquiring the equipment. Therefore, leasing can especially bene
Equipment lease purchase agreement formEquipment Lease Purchase Agreement • May 24th, 2023
A contractual agreement between a lessor and a lessee to use an equipment for a specified period in exchange for periodic payments An equipment lease agreement is a contractual agreement where the lessor, who is the owner of the equipment, allows the lessee to use the equipment for a specified period in exchange for periodic payments. The subject of the lease may be vehicles, factory machines, or any other equipment. Once the lessor and lessee agree to the terms of the lease, the lessee gets the right to use the equipment and, in return, makes periodic payments during the duration of the lease. However, the lessor retains ownership of the equipment and has the right to cancel the equipment lease agreement if the lessee contravenes the terms of the agreement or engages in an illegal activity using the equipment. Demand for Equipment Lease According to the Equipment Leasing Association of America, more than 80% of American companies lease some equipment rather than purchasing it. There a
