Common Contracts
1 similar Equipment Lease Agreement contracts
Standard equipment lease agreementEquipment Lease Agreement • June 11th, 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
