It allows two parties to agree to the terms of the rental and sets out any conditions. Terms and conditions may include the period of the rental, the cost to rent the equipment and who may use it.
Limitation of liability clauses can also be included, under which the renter agrees not to hold the owner liable for any loss or damage that may be caused by their use of the equipment and to use it at their own risk.
You must ensure that it is clear, concise and your intentions are clearly expressed. It will need to be specific to your unique situation.
If you are the one renting the equipment, you will want to keep an eye out for late fees and other charges that can cost you more money than the original rental amount. You will also need to be aware of what you need to do to extend the rental period and how and when to return the equipment so you don’t incur a late fee.
If you are the owner of the property, make sure the renter understands everything in the agreement before you rent to them. You will need to protect yourself against potential liability, so make sure you consider potential damage or loss of value of the equipment, as well as many other factors.
Yes, you can, but a written agreement has many benefits. Verbal agreements can be difficult to enforce. People often forget things or they remember things differently. The amount of disputes that have come from two people remembering an event differently is many. All you have to do to prevent this from happening is make sure you have a proper written agreement that everyone understands.
…whether for fun or work renting equipment is a simple, cost effective way of using something you don’t want to buy. It can be a great way to start a business. Either way, if you are renting to others or renting something for your own use, you need to make sure the terms are clear and understandable.
You will be glad you did.Equipment Lease Agreement Template Download Available