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When Use an Equipment Rental Agreement Template? EQUIPMENT SUBJECT TO LEASE. The Lessor shall rent the equipment listed herein to the Lessee who must adhere to the terms and conditions within this Agreement. ... PAYMENT TERMS. ... RETURNED CHECKS. ... SECURITY DEPOSIT. ... LEASE TERM. ... LOCATION. ... CARE AND OPERATION. ... INSURANCE.
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.
An equipment use agreement, sometimes called an equipment lease agreement, is a legal contract that allows a lessee to lease a piece of equipment from the owner or lessor. The lessee will be required to make periodic payments for the use of the equipment throughout the duration of the agreement.
An EFA, or equipment finance agreement, is a type of business loan where the customer takes ownership of the equipment upfront, and then pays the lender monthly, annually or under a schedule agreed on by both parties. It's similar to financing a car.
How is Equipments defined in a legal contract? Equipments means an inclusive term covering various types of machineries, accessories, apparatus, instruments, components, manufactured articles and parts that are supplied or provided under the terms of a [contract], unless otherwise specified.