Lease of Personal Property

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Summary
All manner of property may be leased to another for various periods of time. Generally, private party leases of personal property are given less attention because of the value of the property. However, it is usually in the best interests of both parties to include specific and broad disclaimers and limitations of liability. These terms protect both parties by detailing the risks involved in operating or using the property and reducing the scope of liability in cases of injury. In other cases, terms related to reimbursement for lost or damaged goods should be included when property is not returned or returned in damaged condition.

Rental Period
This should also indicate that late fees shall apply and that early return will not entitle the party renting the property 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
The party renting the property should assume all liability for the cost of replacing a lost or stolen piece of property. Owner may insure such property against loss or damage and have any premiums paid for by the party renting the property.

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

Failure to Return
Depending on the value of the property, the owner may simply charge the party renting the property for the reasonable value of the unreturned property. 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 property and receive from the party renting the property express acknowledgement of his assumption of risk for such operation.

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

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

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

Exercise of Option - The party renting the property must give owner written notice. The party renting the property 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 the party renting the property 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 the party renting the property fails to fulfill or abide by any obligation or term of the rental agreement. Owner may terminate the agreement and require the party renting the property to pay unpaid fees and costs incurred by owner in curing the default.

Liability & Indemnity
The party renting the property 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 reasons.

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