Master Lease of Equipment as Personal Property is a type of contract which allows a business to rent equipment on a long-term basis while retaining ownership of the equipment. This type of lease usually involves the lessee making periodic payments to the lessor in exchange for the use of the equipment. The Master Lease agreement outlines the terms and conditions of the rental, including the duration of the lease, the cost of the equipment, any maintenance or repair obligations, and other important details. There are two types of Master Lease of Equipment as Personal Property: Finance Lease and Operating Lease. A Finance Lease is a form of long-term rental agreement in which the lessee makes regular payments to the lessor in exchange for the use of the equipment. The lessee is usually responsible for the maintenance and repair of the equipment as well as any taxes or fees associated with its use. An Operating Lease is a short-term rental agreement in which the lessee pays only for the use of the equipment, while the lessor is responsible for the maintenance and repair.
Master Lease of Equipment as Personal Property
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