Montana Lease Purchase Agreement for Equipment

State:
Multi-State
Control #:
US-01794BG-1
Format:
Word; 
Rich Text
Instant download

Description

The following lease or rental agreement form is meant to be used by one individual dealing with another individual rather than a dealership situation. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
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FAQ

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.

Definition. An equipment rental agreement (also known as an equipment rental form or an equipment rental contract) is a legally binding document that is used to rent equipment from one party to another for a fixed period of time.

What is equipment leasing? Equipment leasing is a type of financing in which you rent equipment rather than purchase it outright. You can lease expensive equipment for your business, such as machinery, vehicles or computers.

Also known as a lease agreement, the rent agreement is a written contract between the owner of a property (the landlord) and the tenant who takes it on rent.

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.

Contents of a lease agreementAmount of rent and due dates, grace period, late charges. Mode of rent payment. Methods to terminate the agreement prior to the expiration date and charges if any. Amount of security deposit and the account where it is held.

Originally meant to safeguard the interest of the parties, the rent agreement can also be used as an evidence in case of a dispute surfacing out of the property. Rent Agreement is basically a documentation of the terms mutually agreed between the owner and the tenant, to avoid potential disputes in the future.

Equipment rental, also called plant hire in some countries (in the UK for instance), is a service industry providing machinery, equipment and tools of all kinds and sizes (from earthmoving to powered access, from power generation to hand-held tools, etc.)

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Montana Lease Purchase Agreement for Equipment