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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.

The definition of a lease in ASC 842 is “a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration.”

Service contracts and lease contracts have different rights and responsibilities. In a lease, the lessor provides the asset to the lessee, who benefits from it throughout the lease term. In a service contract, the customer receives economic benefit from the service provided by the lessor.

A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

Article 2A of the Uniform Commercial Code (“UCC”) applies to leases of personal property and equipment (though notably not real property) and defines and governs lease arrangements that do not create a security interest in the underlying assets and that are not in substance a sale of assets.

Upload your tenant lease agreement to an electronic signature platform, like . Add fields for your signers to fill out like name, date, initials and signature. Send the document out to your tenants directly from the eSignature tool. Tenants electronically sign it and return it to you.

Finalize your lease and rental agreements faster Have access to every rental document online. Create and save tenant lease agreement templates. Allow tenants to sign agreements electronically. They do not need accounts to sign agreements you send to them from eSignature.

The lessor retains ownership of the equipment and bears the risk of obsolescence. A lessee can cancel the equipment lease agreement, with prior notice, at any time before the expiry of the lease period, but usually with a penalty.

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.