Equipment Rental Agreement Printable With Utilities Included In Hillsborough
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The primary differences between leasing and renting equipment lie in the duration of the agreement, financial commitments, and ownership options. Leasing is a longer-term commitment, typically involving contracts that last several years. In contrast, renting is short-term, often on a daily, weekly, or monthly basis.
In a rental agreement, the tenant pays a fixed monthly rent, and utilities and some services may be included. In a leasing agreement, the lessee pays a fixed monthly lease payment, and they may have additional expenses such as utilities, maintenance, and repairs.
At the end of the lease agreement, you may continue leasing the equipment and continue making payments, upgrade the equipment and get new technology into your business or return the equipment, depending upon the type of agreement in place.
A critical factor in any equipment lease agreement is determining what happens at the end of the lease term. Depending on the type of equipment lease, options may include: Returning the equipment to the lessor (common in an operating lease) Purchasing the equipment at fair market value (common in a finance lease)