Whether you want to open you own Bicycle rental shop, need to use some temporary scaffolding or simply want to rent a car while yours is out for repair, an Equipment Rental Lease Agreement allows you to put the terms and conditions of the rental in writing.
These agreements can cover almost anything, and can be used by anyone who wants to rent equipment, be they renter or owner. No matter if it’s a car, computer or camera, if the owner of the property is letting someone else use that property, and charging them a fee to do it.
This allows two parties to enter into an agreement where one party uses the other party’s property for a specific time on a named condition, such as a monetary payment. It contains terms such as how much the rental costs, how long it lasts and who can use the equipment. It’s a simple, yet essential document whenever you want to rent equipment, vehicles or other non-real estate properties and provides security for both parties.
You can also view our Commercial Equipment Lease Agreement.
It is important to make sure that the document expresses your needs. If you are the renter, you’ll want to keep an eye out for late fees and other clauses that can cost you more money than the first rental amount. If you are the owner of the property, make sure the renters know about and understands everything in the agreement before you rent to them.
Both parties will want to make sure their interests are protected. If you are an owner, you need to protect yourself against liability, make sure you consider potential damage or loss of value of the equipment, as well as many other factors. If you are the renter, you’ll want to know what you need to do if you need extra time or how and when to return the equipment so you don’t incur a late fee.
Verbal agreements are difficult to enforce and often lead to disputes. A well written equipment rental lease agreement will prevent this from happening, ensuring everyone involved knows exactly where they stand.
Verbal agreements are notoriously difficult to enforce, not to mention people will often forget, or remember differently. The number 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 – one that everyone can understand.
Renting equipment for fun or work is a simple, cost-effective way of using something you don’t own. It can also be a great way to start a business. Either way you need to make sure the terms of any agreement are clear and understandable.
DIY Equipment Rental Lease Agreement Kits are a cost effective way to create your own quality and professionally drafted agreement.
RP Emery & Associates has been supplying Australians with quality legal documents since 1990, empowering you to create and implement your own.
For More Information on this DIY Legal Template Kit Click Here
