Equipment Rental Lease Agreement

Information & Benefits:
The following information and benefits is what distinguishes us from other online providers.

Summary
All manner of equipment may be leased to a customer for various periods of time. This summary discusses shorter-term rental periods. In many cases, specific and broad disclaimers and limitations of liability will need to be included where use of equipment may lead to injury. In other cases, terms related to reimbursement for lost or damaged goods should be included where equipment is not returned or returned in damaged condition. However, new laws may require substantial disclosures before entering into an equipment rental agreement.

Federal Consumer Leasing Act
The Federal Consumer Leasing Act applies to any lease of consumer goods for more than four months. (It does not apply to leases of real estate.) This law requires the owner to disclose information before the customer signs the lease. The customer has the right to sue for violations. The Federal Trade Commission helps enforce the CLA, and will take action if there is evidence of a pattern of federal law violations.

Equipment Description
Depending on equipment, this can be described in the provision or pursuant to an attachment.

Rental Period
This should also indicate that late fees shall apply and that early return will not entitle the customer to a refund of any kind. Extensions should be provided for.

Rental Rate
This should also indicate that this rental fee shall be charged in advance and for each successive Rental Period in addition to any late fees which may become due.

Security Deposit
To secure the owner against loss or damage.

Risk of Loss/Theft
Customer should assume all liability for the cost of replacing a lost or stolen piece of equipment. Owner may insure such equipment against loss or damage and have any premiums paid for by Customer.

Loss & Damage
Owner should require that equipment be returned in substantially the same condition as when it was first rented.

Failure to Return
Depending on the value of the equipment, the owner may simply charge the customer for the reasonable value of the unreturned equipment. Otherwise, stipulate that the owner will regard such failure to return as theft and report it as such to local law enforcement.

Risk of Operation
Owner should specifically disclaim liability for injury caused from the operation of the equipment and receive from customer express acknowledgement of his assumption of risk for such operation.

Geographic Restrictions
Removal of rented equipment to areas outside a reasonable geographic region should be strictly prohibited.

Surrender
Owner should require that equipment be returned in substantially the same condition as when it was first rented.

Option to Purchase
This gives customer the option of buying the equipment at any time during the rental term. Option is lost if customer does not otherwise comply with terms of agreement.

Exercise of Option - Customer must give owner written notice. Customer required to pay a down payment and thereafter, owner/owner will prepare standard contract of sale. Usually, if no other interested buyers, owner will allow customer to extend the option (for a price) in conjunction with an extension of the rental term.
Purchase Price - May require financing.
Credit Against Purchase Price - Owner may set aside some portion of rental paid to be credited towards a down payment for the property.

Default
Default occurs when customer fails to fulfill or abide by any obligation or term of the rental agreement. Owner may terminate the agreement and require customer to pay unpaid fees and costs incurred by owner in curing the default.

Liability & Indemnity
Customer indemnifies owner against any personal injury or loss of life to any person or damage to property, which may occur.

Mediation and Arbitration
Mediation and Arbitration should always specify a location in owner's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).

No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.

Entire Agreement
This agreement constitutes the entire agreement of the parties and may be modified only in a writing executed by both parties.

Notices
Notices should always list the current and best addresses where each party may contact the other for whatever reason.

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